Cover
Cover - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | May 07, 2024 | Sep. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2024 | ||
Current Fiscal Year End Date | --03-31 | ||
Document Transition Report | false | ||
Entity File Number | 814-00704 | ||
Entity Registrant Name | GLADSTONE INVESTMENT CORPORATION\DE | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 83-0423116 | ||
Entity Address, Address Line One | 1521 WESTBRANCH DRIVE | ||
Entity Address, Address Line Two | SUITE 100 | ||
Entity Address, City or Town | MCLEAN | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 22102 | ||
City Area Code | 703 | ||
Local Phone Number | 287-5800 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 420,365,931 | ||
Entity Common Stock, Shares Outstanding | 36,688,667 | ||
Documents Incorporated by Reference | Portions of the Registrant’s definitive proxy statement relating to the Registrant’s 2024 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A are incorporated by reference into Part III of this Annual Report on Form 10-K as indicated herein. Such proxy statement will be filed with the Securities and Exchange Commission no later than 120 days following the end of the Registrant’s fiscal year ended March 31, 2024. | ||
Entity Central Index Key | 0001321741 | ||
Document Fiscal Year Focus | 2024 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock, $0.001 par value per share | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $0.001 par value per share | ||
Trading Symbol | GAIN | ||
Security Exchange Name | NASDAQ | ||
5.00% 2026 Notes | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 5.00% Notes due 2026 | ||
Trading Symbol | GAINN | ||
Security Exchange Name | NASDAQ | ||
4.875% 2028 Notes | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 4.875% Notes due 2028 | ||
Trading Symbol | GAINZ | ||
Security Exchange Name | NASDAQ | ||
8.00% Notes due 2028 | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 8.00% Notes due 2028 | ||
Trading Symbol | GAINL | ||
Security Exchange Name | NASDAQ |
Audit Information
Audit Information | 12 Months Ended |
Mar. 31, 2024 | |
Audit Information [Abstract] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Washington, District Of Columbia |
CONSOLIDATED STATEMENTS OF ASSE
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 | |||
ASSETS | |||||
Investments at fair value | $ 920,504 | [1] | $ 753,543 | [2] | |
Cash and cash equivalents | 2,460 | 2,683 | |||
Restricted cash and cash equivalents | 760 | 565 | |||
Interest receivable | 7,627 | 3,038 | |||
Due from administrative agent | 3,427 | 3,899 | |||
Deferred financing costs, net | 1,643 | 431 | |||
Other assets, net | 1,662 | 1,485 | |||
TOTAL ASSETS | 938,083 | 765,644 | |||
Borrowings: | |||||
Line of credit at fair value (Cost of $67,000 and $35,200, respectively) | 67,000 | 35,171 | |||
Notes payable, net | 331,345 | 257,436 | |||
Total borrowings | 398,345 | 292,607 | |||
Accounts payable and accrued expenses | 732 | 786 | |||
Interest payable | 3,465 | 2,309 | |||
Other liabilities | 759 | 565 | |||
TOTAL LIABILITIES | 445,372 | 325,902 | |||
Commitments and contingencies | [3] | ||||
TOTAL NET ASSETS | [4] | 492,711 | 439,742 | ||
ANALYSIS OF NET ASSETS | |||||
Common stock, $0.001 par value per share, 100,000,000 shares authorized; 36,688,667 and 33,591,505 shares issued and outstanding, respectively | 37 | 34 | |||
Capital in excess of par value | 444,706 | 401,798 | |||
Cumulative net unrealized appreciation of investments | 66,214 | 32,913 | |||
Cumulative net unrealized depreciation of other | 0 | 29 | |||
Overdistributed net investment income | (19,562) | (5,527) | |||
Accumulated net realized gain in excess of distributions | 1,316 | 10,495 | |||
Total distributable earnings | 47,968 | 37,910 | |||
TOTAL NET ASSETS | [4] | $ 492,711 | $ 439,742 | ||
NET ASSET VALUE PER SHARE (in USD per share) | $ 13.43 | $ 13.09 | |||
Related Party | |||||
Borrowings: | |||||
Fees due to related party | $ 42,071 | $ 29,635 | |||
Adviser | Related Party | |||||
Borrowings: | |||||
Fees due to related party | [5] | 41,344 | 28,919 | ||
Administrator | Related Party | |||||
Borrowings: | |||||
Fees due to related party | [5] | 727 | 716 | ||
Non-Control/Non-Affiliate investments | |||||
ASSETS | |||||
Investments at fair value | 622,233 | [6] | 496,875 | [7] | |
Affiliate investments | |||||
ASSETS | |||||
Investments at fair value | 295,366 | [8] | 255,955 | [9] | |
Control investments | |||||
ASSETS | |||||
Investments at fair value | $ 2,905 | [10] | $ 713 | [11] | |
[1] Cumulative gross unrealized appreciation for federal income tax purposes is $180.5 million; cumulative gross unrealized depreciation for federal income tax purposes is $115.8 million. Cumulative net unrealized appreciation is $64.7 million, based on a tax cost of $855.8 million. Cumulative gross unrealized appreciation for federal income tax purposes is $150.4 million; cumulative gross unrealized depreciation for federal income tax purposes is $119.3 million. Cumulative net unrealized appreciation is $31.1 million, based on a tax cost of $722.4 million. Refer to Note 11 — Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information. Refer to Note 9 — Distributions to Common Stockholders in the accompanying Notes to Consolidated Financial Statements for additional information. Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information. Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities. Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities. Affiliate investments, as defined by the 1940 Act, are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities. Affiliate investments, as defined by the 1940 Act, are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities. Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities. Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities. |
CONSOLIDATED STATEMENTS OF AS_2
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 | ||
Cost | $ 854,290 | [1] | $ 720,630 | [2] |
Line of credit at cost | $ 67,000 | $ 35,200 | ||
Common stock, par value (in USD per share) | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | ||
Common stock, shares, issued (In shares) | 36,688,667 | 33,591,505 | ||
Common stock, shares, outstanding (in shares) | 36,688,667 | 33,591,505 | ||
Non-Control/Non-Affiliate investments | ||||
Cost | $ 544,799 | [3] | $ 429,305 | [4] |
Affiliate investments | ||||
Cost | 292,082 | [5] | 276,055 | [6] |
Control investments | ||||
Cost | $ 17,409 | [7] | $ 15,270 | [8] |
[1] Cumulative gross unrealized appreciation for federal income tax purposes is $180.5 million; cumulative gross unrealized depreciation for federal income tax purposes is $115.8 million. Cumulative net unrealized appreciation is $64.7 million, based on a tax cost of $855.8 million. Cumulative gross unrealized appreciation for federal income tax purposes is $150.4 million; cumulative gross unrealized depreciation for federal income tax purposes is $119.3 million. Cumulative net unrealized appreciation is $31.1 million, based on a tax cost of $722.4 million. Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities. Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities. Affiliate investments, as defined by the 1940 Act, are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities. Affiliate investments, as defined by the 1940 Act, are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities. Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities. Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities. |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | ||
INVESTMENT INCOME | ||||
Interest income: | $ 81,794 | $ 60,276 | $ 59,649 | |
Dividend income: | 1,907 | 10,865 | 2,595 | |
Success fee income: | 3,605 | 10,402 | 10,308 | |
Total investment income | 87,306 | 81,543 | 72,552 | |
EXPENSES | ||||
Base management fee | [1] | 17,500 | 14,798 | 14,113 |
Loan servicing fee | [1] | 9,118 | 7,880 | 7,178 |
Incentive fee | [1] | 21,047 | 8,880 | 26,360 |
Administration fee | [1] | 1,789 | 1,811 | 1,806 |
Interest expense on borrowings | 24,121 | 15,877 | 13,078 | |
Dividends on mandatorily redeemable preferred stock | 0 | 0 | 2,306 | |
Amortization of deferred financing costs and discounts | 2,305 | 1,802 | 1,803 | |
Professional fees | 1,382 | 1,916 | 1,431 | |
Other general and administrative expenses | 2,981 | 3,270 | 3,162 | |
Expenses before credits from Adviser | 80,243 | 56,234 | 71,237 | |
Credits to base management fee – loan servicing fee | [1] | (9,118) | (7,880) | (7,178) |
Credits to fees from Adviser - other | [1] | (5,596) | (3,811) | (6,497) |
Total expenses, net of credits to fees | 65,529 | 44,543 | 57,562 | |
NET INVESTMENT INCOME | 21,777 | 37,000 | 14,990 | |
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss): | 30,256 | 10,753 | 12,444 | |
Net unrealized appreciation (depreciation): | 33,272 | (12,206) | 74,882 | |
Net realized and unrealized gain (loss) | 63,528 | (1,453) | 87,326 | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ 85,305 | $ 35,547 | $ 102,316 | |
BASIC AND DILUTED PER COMMON SHARE: | ||||
Net investment income, basic (in USD per share) | $ 0.63 | $ 1.11 | $ 0.45 | |
Net investment income, diluted (in USD per share) | 0.63 | 1.11 | 0.45 | |
Net increase in net assets resulting from operations, basic (in USD per share) | 2.47 | 1.07 | 3.08 | |
Net increase in net assets resulting from operations, diluted (in USD per share) | $ 2.47 | $ 1.07 | $ 3.08 | |
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING: | ||||
Basic (in shares) | 34,466,724 | 33,311,785 | 33,205,023 | |
Diluted (in shares) | 34,466,724 | 33,311,785 | 33,205,023 | |
Cash and cash equivalents | ||||
INVESTMENT INCOME | ||||
Interest income: | $ 792 | $ 81 | $ 1 | |
Non-Control/Non-Affiliate investments | ||||
INVESTMENT INCOME | ||||
Interest income: | 56,424 | 41,872 | 34,531 | |
Dividend income: | 0 | 4,847 | 6 | |
Success fee income: | 2,285 | 9,801 | 2,647 | |
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss): | 43,749 | 7,561 | 256 | |
Net unrealized appreciation (depreciation): | 9,864 | 14,218 | 52,529 | |
Affiliate investments | ||||
INVESTMENT INCOME | ||||
Interest income: | 24,578 | 18,323 | 24,617 | |
Dividend income: | 1,907 | 6,018 | 2,589 | |
Success fee income: | 1,320 | 601 | 7,661 | |
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss): | 275 | 3,469 | 14,186 | |
Net unrealized appreciation (depreciation): | 10,317 | (23,792) | 25,378 | |
Control investments | ||||
INVESTMENT INCOME | ||||
Interest income: | 0 | 0 | 500 | |
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss): | (13,768) | (277) | 0 | |
Net unrealized appreciation (depreciation): | 13,120 | (2,661) | (3,025) | |
Other | ||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss): | 0 | 0 | (1,998) | |
Net unrealized appreciation (depreciation): | $ (29) | $ 29 | $ 0 | |
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS - USD ($) $ in Thousands | 12 Months Ended | |||||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | ||||
Investment Company, Net Assets [Roll Forward] | ||||||
NET ASSETS, BEGINNING OF YEAR | $ 439,742 | [1] | $ 445,830 | [1] | $ 382,364 | |
OPERATIONS | ||||||
Net investment income | 21,777 | 37,000 | 14,990 | |||
Net realized gain on investments | 30,256 | 10,753 | 14,442 | |||
Net realized loss on other | 0 | 0 | (1,998) | |||
Net unrealized appreciation (depreciation) of investments | 33,301 | (12,235) | 74,882 | |||
Net unrealized (appreciation) depreciation of other | (29) | 29 | 0 | |||
Net increase in net assets from operations | 85,305 | 35,547 | 102,316 | |||
DISTRIBUTIONS | ||||||
Distributions to common stockholders from net investment income ($1.08, $0.92, and $0.91 per share, respectively) | [1] | (37,509) | (30,833) | (30,244) | ||
Distributions to common stockholders from cumulative realized gains ($1.12, $0.49, and $0.26 per share, respectively) | [1] | (38,552) | (16,217) | (8,606) | ||
Net decrease in net assets from distributions | [1] | (76,061) | (47,050) | (38,850) | ||
CAPITAL ACTIVITY | ||||||
Issuance of common stock | 44,508 | 5,492 | 0 | |||
Discounts, commissions, and offering costs for issuance of common stock | (783) | (77) | 0 | |||
Net increase in net assets from capital activity | 43,725 | 5,415 | 0 | |||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 52,969 | (6,088) | 63,466 | |||
NET ASSETS, END OF YEAR | [1] | $ 492,711 | $ 439,742 | $ 445,830 | ||
[1] Refer to Note 9 — Distributions to Common Stockholders in the accompanying Notes to Consolidated Financial Statements for additional information. |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Parentheticals) - $ / shares | 12 Months Ended | |||||||||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||||||||||
Net investment income (loss) (in USD per share) | $ 1.08 | $ 0.92 | $ 0.91 | $ 0.83 | $ 0.75 | $ 0.69 | $ 0.84 | $ 0.75 | $ 0.64 | $ 0.77 |
Gain (loss) on investment (in USD per share) | $ 1.12 | $ 0.49 | $ 0.26 | $ 0.10 | $ 0.28 | $ 0.24 | $ 0.05 | $ 0 | $ 0.11 | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net increase in net assets resulting from operations | $ 85,305 | $ 35,547 | $ 102,316 | |
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities: | ||||
Purchase of investments | (183,924) | (133,756) | (92,738) | |
Principal repayments of investments | 28,000 | 52,300 | 51,398 | |
Net proceeds from the sale and recapitalization of investments | 52,228 | 35,533 | 50,018 | |
Net realized gain (loss) | (30,256) | (10,753) | (12,444) | |
Net unrealized (appreciation) depreciation of investments and other | (33,272) | 12,206 | (74,882) | |
Amortization of premiums, discounts, and acquisition costs, net | 0 | (12) | (18) | |
Amortization of deferred financing costs and discounts | 2,305 | 1,802 | 1,803 | |
Bad debt expense, net of recoveries | 1 | 362 | 792 | |
Changes in assets and liabilities: | ||||
(Increase) decrease in interest receivable | (4,589) | 4 | (131) | |
Decrease (increase) in due from administrative agent | 472 | 2,507 | (5,242) | |
(Increase) decrease in other assets, net | (181) | (446) | 209 | |
(Decrease) increase in accounts payable and accrued expenses | (54) | (13) | 236 | |
Increase in interest payable | 1,156 | 119 | 1,599 | |
Increase in other liabilities | 485 | 442 | 45 | |
Net cash (used in) provided by operating activities | (69,938) | (4,504) | 36,599 | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from issuance of common stock | 44,508 | 5,492 | 0 | |
Discounts, commissions, and offering costs for issuance of common stock | (609) | (77) | 0 | |
Proceeds from line of credit | 242,300 | 102,500 | 111,700 | |
Repayments on line of credit | (210,500) | (67,300) | (134,100) | |
Proceeds from issuance of notes payable | 74,750 | 0 | 134,550 | |
Redemption of mandatorily redeemable preferred stock | 0 | 0 | (94,371) | |
Deferred financing and offering costs | (4,478) | (308) | (3,431) | |
Distributions paid to common stockholders | (76,061) | (47,050) | (38,850) | |
Net cash provided by (used in) by financing activities | 69,910 | (6,743) | (24,502) | |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS | (28) | (11,247) | 12,097 | |
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR | 3,248 | 14,495 | 2,398 | |
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF YEAR | 3,220 | 3,248 | 14,495 | |
CASH PAID FOR INTEREST | 21,978 | 14,103 | 9,837 | |
Adviser | ||||
Changes in assets and liabilities: | ||||
Increase (decrease) in fees due to related party | [1] | 12,375 | (435) | 13,588 |
Administrator | ||||
Changes in assets and liabilities: | ||||
Increase (decrease) in fees due to related party | [1] | 11 | 89 | 50 |
Investment, Unaffiliated and Affiliated Issuer, Excluding Other | ||||
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities: | ||||
Net realized gain (loss) | (30,256) | (10,753) | (14,442) | |
Net unrealized (appreciation) depreciation of investments and other | (33,301) | 12,235 | (74,882) | |
Other | ||||
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities: | ||||
Net realized gain (loss) | 0 | 0 | 1,998 | |
Net unrealized (appreciation) depreciation of investments and other | $ 29 | $ (29) | $ 0 | |
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information. |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands | 1 Months Ended | ||
Dec. 31, 2022 USD ($) | Aug. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | |
Ginsey Home Solutions, Inc. | |||
Payment to extinguish secured borrowing liability | $ 5,100 | ||
Cost | $ 12,200 | ||
The Mountain Corporation | |||
Net realized gain (loss): | $ (10,000) | ||
Cost | 13,200 | ||
Purchase of investments | $ 3,200 | ||
J.R. Hobbs Co. | |||
Net realized gain (loss): | $ (10,000) | ||
Cost | 36,000 | ||
Purchase of investments | $ 26,000 |
CONSOLIDATED SCHEDULE OF INVEST
CONSOLIDATED SCHEDULE OF INVESTMENTS - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 | |||
Schedule of Investments [Line Items] | |||||
Cost | $ 854,290 | [1] | $ 720,630 | [2] | |
Fair value | 920,504 | [1] | 753,543 | [2] | |
Buildings and Real Estate | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 60,431 | 60,571 | |||
Diversified/Conglomerate Services | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 264,535 | 268,954 | |||
Healthcare, Education, and Childcare | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 49,638 | 37,445 | |||
Home and Office Furnishings, Housewares, and Durable Consumer Products | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 160,038 | 143,685 | |||
Hotels, Motels, Inns, and Gaming | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 77,366 | 58,713 | |||
Leisure, Amusement, Motion Pictures, and Entertainment | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 39,350 | 47,616 | |||
Oil and Gas | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 51,171 | 0 | |||
Printing and Publishing | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 14,238 | 0 | |||
Aerospace and Defense | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 29,064 | 22,215 | |||
Cargo Transport | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 13,500 | 14,707 | |||
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 92,781 | 20,088 | |||
Mining, Steel, Iron and Non-Precious Metals | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 30,537 | 25,998 | |||
Telecommunications | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 9,002 | 18,987 | |||
Chemicals, Plastics, and Rubber | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 20,363 | 24,891 | |||
Secured First Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Cost | 513,425 | 471,439 | |||
Fair value | 474,856 | 437,517 | |||
Secured Second Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Cost | 144,958 | 84,158 | |||
Fair value | 138,703 | 75,734 | |||
Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Cost | 145,070 | 149,099 | |||
Fair value | 213,480 | 222,585 | |||
Common Equity/ Equivalents | |||||
Schedule of Investments [Line Items] | |||||
Cost | 50,837 | 15,934 | |||
Fair value | 93,465 | 17,707 | |||
Non-Control/Non-Affiliate investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | 544,799 | [3] | 429,305 | [4] | |
Fair value | 622,233 | [3] | 496,875 | [4] | |
Non-Control/Non-Affiliate investments | Secured First Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Cost | 324,731 | [3] | 281,631 | [4] | |
Fair value | 324,348 | [3] | 279,748 | [4] | |
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Cost | 5,950 | [3] | 5,750 | [4] | |
Fair value | 5,567 | [3] | 5,391 | [4] | |
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Diversified/Conglomerate Services | |||||
Schedule of Investments [Line Items] | |||||
Cost | 82,950 | [3] | 110,450 | [4] | |
Fair value | 82,950 | [3] | 110,450 | [4] | |
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Home and Office Furnishings, Housewares, and Durable Consumer Products | |||||
Schedule of Investments [Line Items] | |||||
Cost | 36,750 | [3] | 36,750 | [4] | |
Fair value | 36,750 | [3] | 35,226 | [4] | |
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Hotels, Motels, Inns, and Gaming | |||||
Schedule of Investments [Line Items] | |||||
Cost | 65,100 | [3] | 42,450 | [4] | |
Fair value | 65,100 | [3] | 42,450 | [4] | |
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Oil and Gas | |||||
Schedule of Investments [Line Items] | |||||
Cost | [3] | 34,750 | |||
Fair value | [3] | 34,750 | |||
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Printing and Publishing | |||||
Schedule of Investments [Line Items] | |||||
Cost | [3] | 13,000 | |||
Fair value | [3] | 13,000 | |||
Non-Control/Non-Affiliate investments | Secured Second Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Cost | 93,340 | [3] | 54,340 | [4] | |
Fair value | 93,340 | [3] | 50,842 | [4] | |
Non-Control/Non-Affiliate investments | Secured Second Lien Debt | Aerospace and Defense | |||||
Schedule of Investments [Line Items] | |||||
Cost | 25,696 | [3] | 25,696 | [4] | |
Fair value | 25,696 | [3] | 22,215 | [4] | |
Non-Control/Non-Affiliate investments | Secured Second Lien Debt | Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) | |||||
Schedule of Investments [Line Items] | |||||
Cost | [4] | 15,644 | |||
Fair value | [4] | 15,644 | |||
Non-Control/Non-Affiliate investments | Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Cost | 82,110 | [3] | 79,240 | [4] | |
Fair value | 162,522 | [3] | 164,534 | [4] | |
Non-Control/Non-Affiliate investments | Preferred Equity | Diversified/Conglomerate Services | |||||
Schedule of Investments [Line Items] | |||||
Cost | 11,206 | [3] | 18,201 | [4] | |
Fair value | 19,759 | [3] | 51,170 | [4] | |
Non-Control/Non-Affiliate investments | Preferred Equity | Home and Office Furnishings, Housewares, and Durable Consumer Products | |||||
Schedule of Investments [Line Items] | |||||
Cost | 16,236 | [3] | 16,236 | [4] | |
Fair value | 49,650 | [3] | 33,969 | [4] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | |||||
Schedule of Investments [Line Items] | |||||
Cost | 44,618 | [3] | 14,094 | [4] | |
Fair value | 42,023 | [3] | 1,751 | [4] | |
Affiliate investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | 292,082 | [5] | 276,055 | [6] | |
Fair value | 295,366 | [5] | 255,955 | [6] | |
Affiliate investments | Secured First Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Cost | 179,484 | [5] | 185,258 | [6] | |
Fair value | 147,603 | [5] | 157,769 | [6] | |
Affiliate investments | Secured First Lien Debt | Diversified/Conglomerate Services | |||||
Schedule of Investments [Line Items] | |||||
Cost | 100,498 | [5] | 100,498 | [6] | |
Fair value | 77,351 | [5] | 77,964 | [6] | |
Affiliate investments | Secured First Lien Debt | Telecommunications | |||||
Schedule of Investments [Line Items] | |||||
Cost | 17,736 | [5] | 16,800 | [6] | |
Fair value | 9,002 | [5] | 16,800 | [6] | |
Affiliate investments | Secured Second Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Cost | 51,618 | [5] | 26,618 | [6] | |
Fair value | 45,363 | [5] | 24,892 | [6] | |
Affiliate investments | Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Cost | 54,761 | [5] | 62,960 | [6] | |
Fair value | 50,958 | [5] | 58,051 | [6] | |
Affiliate investments | Preferred Equity | Diversified/Conglomerate Services | |||||
Schedule of Investments [Line Items] | |||||
Cost | 24,309 | [5] | 24,309 | [6] | |
Fair value | 8,033 | [5] | 14,126 | [6] | |
Affiliate investments | Common Equity/ Equivalents | |||||
Schedule of Investments [Line Items] | |||||
Cost | 6,219 | [5] | 1,219 | [6] | |
Fair value | 51,442 | [5] | 15,243 | [6] | |
Control investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | 17,409 | [7] | 15,270 | [8] | |
Fair value | 2,905 | [7] | 713 | [8] | |
Control investments | Secured First Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Cost | 9,210 | [7] | 4,550 | [8] | |
Fair value | 2,905 | [7] | 0 | [8] | |
Control investments | Secured Second Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Cost | [8] | 3,200 | |||
Fair value | [8] | 0 | |||
Control investments | Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Cost | 8,199 | [7] | 6,899 | [8] | |
Fair value | $ 0 | [7] | 0 | [8] | |
Control investments | Common Equity/ Equivalents | |||||
Schedule of Investments [Line Items] | |||||
Cost | [8] | 621 | |||
Fair value | [8] | $ 713 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Common Stock Warrants | |||||
Schedule of Investments [Line Items] | |||||
Units | 3.50% | [9],[10],[11],[12],[13] | 3.50% | [14],[15],[16],[17],[18] | |
Cost | $ 0 | [9],[11],[13] | $ 0 | [14],[16],[18] | |
Fair value | 0 | [9],[11],[13] | 0 | [14],[16],[18] | |
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [14],[15],[17],[18] | 2,800 | |||
Cost | [14],[18] | 2,800 | |||
Fair value | [14],[18] | 2,800 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Line of Credit 1 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[10],[12],[13] | 3,080 | |||
Cost | [9],[13] | 3,080 | |||
Fair value | [9],[13] | 3,080 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Line of Credit 2 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[10],[12],[13] | 656 | |||
Cost | [9],[13] | 656 | |||
Fair value | [9],[13] | $ 656 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | [9],[10],[11],[12],[13] | 14,304 | |||
Cost | [9],[11],[13] | $ 4,722 | |||
Fair value | [9],[11],[13] | 0 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [14],[15],[17],[18] | 14,000 | |||
Cost | [14],[18] | 14,000 | |||
Fair value | [14],[18] | $ 14,000 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[10],[12],[13] | 14,000 | |||
Cost | [9],[13] | 14,000 | |||
Fair value | [9],[13] | $ 5,266 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.– Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | [14],[15],[16],[17],[18] | 14,304 | |||
Cost | [14],[16],[18] | $ 4,722 | |||
Fair value | [14],[16],[18] | $ 2,187 | |||
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 6,653 | [10],[11],[12],[13] | 6,653 | [15],[16],[17],[18] | |
Cost | $ 6,653 | [11],[13] | $ 6,653 | [16],[18] | |
Fair value | 48,759 | [11],[13] | 33,969 | [16],[18] | |
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 17,700 | [10],[12],[13] | 17,700 | [15],[17],[18] | |
Cost | 17,700 | [13] | 17,700 | [18] | |
Fair value | 17,700 | [13] | 17,700 | [18] | |
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 6,850 | [10],[12],[13] | 6,850 | [15],[17],[18] | |
Cost | 6,850 | [13] | 6,850 | [18] | |
Fair value | $ 6,850 | [13] | $ 6,850 | [18] | |
Investment, Identifier [Axis]: Counsel Press, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | [15],[16],[17],[18] | 6,995 | |||
Cost | [16],[18] | $ 6,995 | |||
Fair value | [16],[18] | 27,885 | |||
Investment, Identifier [Axis]: Counsel Press, Inc. – Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [15],[17],[18] | 21,100 | |||
Cost | [18] | 21,100 | |||
Fair value | [18] | 21,100 | |||
Investment, Identifier [Axis]: Counsel Press, Inc. – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [15],[17],[18] | 6,400 | |||
Cost | [18] | 6,400 | |||
Fair value | [18] | $ 6,400 | |||
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc. - Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Shares | [10],[11],[12],[13] | 21,000 | |||
Cost | [11],[13] | $ 21,000 | |||
Fair value | [11],[13] | 22,181 | |||
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc. – Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Shares | [15],[16],[17],[18] | 21,000 | |||
Cost | [16],[18] | $ 21,000 | |||
Fair value | [16],[18] | 22,321 | |||
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 38,250 | [10],[12],[13] | 38,250 | [15],[17],[18] | |
Cost | 38,250 | [13] | 38,250 | [18] | |
Fair value | $ 38,250 | [13] | $ 38,250 | [18] | |
Investment, Identifier [Axis]: Diligent Delivery Systems – Common Stock Warrants | |||||
Schedule of Investments [Line Items] | |||||
Units | 8% | [10],[11],[12],[19] | 8% | [15],[16],[17],[18] | |
Cost | $ 500 | [11],[19] | $ 500 | [16],[18] | |
Fair value | 500 | [11],[19] | 1,724 | [16],[18] | |
Investment, Identifier [Axis]: Diligent Delivery Systems – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 13,000 | [10],[12],[19] | 13,000 | [15],[17],[20] | |
Cost | 13,000 | [19] | 13,000 | [20] | |
Fair value | $ 13,000 | [19] | $ 12,983 | [20] | |
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 8,199 | [9],[10],[11],[12],[13] | 8,199 | [14],[15],[16],[17],[18] | |
Cost | $ 8,199 | [9],[11],[13] | $ 8,199 | [14],[16],[18] | |
Fair value | 0 | [9],[11],[13] | 0 | [14],[16],[18] | |
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[10],[12],[13],[21] | 9,210 | |||
Cost | [9],[13],[21] | 9,210 | |||
Fair value | [9],[13],[21] | $ 2,905 | |||
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc.– Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [4],[15],[17],[18],[22] | 9,210 | |||
Cost | [4],[18],[22] | 9,210 | |||
Fair value | [4],[18],[22] | $ 4,255 | |||
Investment, Identifier [Axis]: Educators Resource, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 8,560 | [10],[11],[12],[13] | 8,560 | [15],[16],[17],[18] | |
Cost | $ 8,560 | [11],[13] | $ 8,560 | [16],[18] | |
Fair value | 29,638 | [11],[13] | 17,445 | [16],[18] | |
Investment, Identifier [Axis]: Educators Resource, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 20,000 | [10],[12],[13] | 20,000 | [15],[17],[18] | |
Cost | 20,000 | [13] | 20,000 | [18] | |
Fair value | $ 20,000 | [13] | $ 20,000 | [18] | |
Investment, Identifier [Axis]: Funko Acquisition Holdings, LLC – Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares | 4,239 | [9],[10],[11],[12],[23] | 4,239 | [4],[15],[16],[17],[24] | |
Cost | $ 21 | [9],[11],[23] | $ 21 | [4],[16],[24] | |
Fair value | $ 18 | [9],[11],[23] | $ 27 | [4],[16],[24] | |
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 16,957 | [10],[11],[12],[13] | 16,957 | [15],[16],[17],[18] | |
Cost | $ 11,513 | [11],[13] | $ 11,513 | [16],[18] | |
Fair value | 3,368 | [11],[13] | 0 | [16],[18] | |
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 6,900 | [10],[12],[13] | 6,900 | [15],[17],[18] | |
Cost | 6,900 | [13] | 6,900 | [18] | |
Fair value | 6,900 | [13] | 5,965 | [18] | |
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 18,796 | [10],[12],[13] | 18,796 | [15],[17],[18] | |
Cost | 18,796 | [13] | 18,796 | [18] | |
Fair value | $ 18,796 | [13] | $ 16,250 | [18] | |
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 63,747 | [10],[11],[12],[13] | 63,747 | [15],[16],[17],[18] | |
Cost | $ 8 | [11],[13] | $ 8 | [16],[18] | |
Fair value | $ 0 | [11],[13] | $ 0 | [16],[18] | |
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 19,280 | [10],[11],[12],[13] | 19,280 | [15],[16],[17],[18] | |
Cost | $ 9,583 | [11],[13] | $ 9,583 | [16],[18] | |
Fair value | 891 | [11],[13] | 0 | [16],[18] | |
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 12,200 | [10],[12],[13] | 12,200 | [15],[17],[18] | |
Cost | 12,200 | [13] | 12,200 | [18] | |
Fair value | 12,200 | [13] | $ 10,676 | [18] | |
Investment, Identifier [Axis]: Gladstone SOG Investments, Inc. - Common Stock( | |||||
Schedule of Investments [Line Items] | |||||
Shares | [15],[16],[17],[18] | 100 | |||
Cost | [16],[18] | $ 620 | |||
Fair value | [16],[18] | $ 713 | |||
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc. – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[12],[13] | 1,000 | |||
Cost | [13] | 1,000 | |||
Fair value | [13] | $ 1,000 | |||
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | [10],[11],[12],[13] | 3,275,000 | |||
Cost | [11],[13] | $ 3,275 | |||
Fair value | [11],[13] | 1,238 | |||
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[12],[13] | 12,000 | |||
Cost | [13] | 12,000 | |||
Fair value | [13] | $ 12,000 | |||
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 10,080 | [10],[11],[12],[13] | 10,080 | [15],[16],[17],[18] | |
Cost | $ 0 | [11],[13] | $ 0 | [16],[18] | |
Fair value | 0 | [11],[13] | 12,345 | [16],[18] | |
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 57,700 | [10],[12],[13] | 57,700 | [15],[17],[18] | |
Cost | 57,700 | [13] | 57,700 | [18] | |
Fair value | $ 57,700 | [13] | $ 57,700 | [18] | |
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 67,490 | [10],[11],[12],[13] | 67,490 | [15],[16],[17],[18] | |
Cost | $ 6,749 | [11],[13] | $ 6,749 | [16],[18] | |
Fair value | 2,607 | [11],[13] | 10,926 | [16],[18] | |
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [15],[17],[18] | 22,000 | |||
Cost | [18] | 22,000 | |||
Fair value | [18] | 22,000 | |||
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[12],[13] | 22,000 | |||
Cost | [13] | 22,000 | |||
Fair value | [13] | 22,000 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 16,500 | [10],[12],[13],[21] | 16,500 | [15],[17],[18],[22] | |
Cost | 16,500 | [13],[21] | 16,500 | [18],[22] | |
Fair value | 8,852 | [13],[21] | 9,054 | [18],[22] | |
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[12],[13],[21] | 26,000 | |||
Cost | [13],[21] | 26,000 | |||
Fair value | [13],[21] | 13,949 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 3 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[12],[13],[21] | 2,438 | |||
Cost | [13],[21] | 2,438 | |||
Fair value | [13],[21] | 1,308 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 5,000 | [10],[12],[13],[21] | 5,000 | [15],[17],[18],[22] | |
Cost | 5,000 | [13],[21] | 5,000 | [18],[22] | |
Fair value | $ 2,682 | [13],[21] | 2,744 | [18],[22] | |
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [15],[17],[18],[22] | 26,000 | |||
Cost | [18],[22] | 26,000 | |||
Fair value | [18],[22] | 14,268 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 3 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [15],[17],[18],[22] | 2,438 | |||
Cost | [18],[22] | 2,438 | |||
Fair value | [18],[22] | $ 1,338 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 10,920 | [10],[11],[12],[13] | 10,920 | [15],[16],[17],[18] | |
Cost | $ 10,920 | [11],[13] | $ 10,920 | [16],[18] | |
Fair value | $ 0 | [11],[13] | $ 0 | [16],[18] | |
Investment, Identifier [Axis]: Mason West, LLC – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 11,206 | [10],[11],[12],[13] | 11,206 | [15],[16],[17],[18] | |
Cost | $ 11,206 | [11],[13] | $ 11,206 | [16],[18] | |
Fair value | 19,759 | [11],[13] | 10,940 | [16],[18] | |
Investment, Identifier [Axis]: Mason West, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 25,250 | [10],[12],[13] | 25,250 | [15],[17],[18] | |
Cost | 25,250 | [13] | 25,250 | [18] | |
Fair value | 25,250 | [13] | 25,250 | [18] | |
Investment, Identifier [Axis]: Nocturne Luxury Villas, Inc. – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [15],[17],[18] | 0 | |||
Cost | [18] | 0 | |||
Fair value | [18] | $ 0 | |||
Investment, Identifier [Axis]: Nocturne Luxury Villas, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | [15],[16],[17],[18] | 6,600 | |||
Cost | [16],[18] | $ 6,600 | |||
Fair value | [16],[18] | 16,263 | |||
Investment, Identifier [Axis]: Nocturne Luxury Villas, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [15],[17],[18] | 42,450 | |||
Cost | [18] | 42,450 | |||
Fair value | [18] | $ 42,450 | |||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[12],[13] | 4,000 | |||
Cost | [13] | 4,000 | |||
Fair value | [13] | $ 4,000 | |||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | [10],[11],[12],[13] | 6,600 | |||
Cost | [11],[13] | $ 6,600 | |||
Fair value | [11],[13] | 12,266 | |||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[12],[13],[25] | 61,100 | |||
Cost | [13],[25] | 61,100 | |||
Fair value | [13],[25] | $ 61,100 | |||
Investment, Identifier [Axis]: Nth Degree Investment Group, LLC – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 17,216,976 | [10],[11],[12],[13] | 14,360,000 | [15],[16],[17],[18] | |
Cost | $ 6,219 | [11],[13] | $ 1,219 | [16],[18] | |
Fair value | 51,442 | [11],[13] | $ 15,243 | [16],[18] | |
Investment, Identifier [Axis]: Nth Degree, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[12],[26] | 25,000 | |||
Cost | [26] | 25,000 | |||
Fair value | [26] | $ 25,000 | |||
Investment, Identifier [Axis]: Old World Christmas, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 6,180 | [10],[11],[12],[13] | 6,180 | [15],[16],[17],[18] | |
Cost | $ 0 | [11],[13] | $ 0 | [16],[18] | |
Fair value | 30,638 | [11],[13] | 33,990 | [16],[18] | |
Investment, Identifier [Axis]: Old World Christmas, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 43,000 | [10],[12],[13] | 40,500 | [15],[17],[18] | |
Cost | 43,000 | [13] | 40,500 | [18] | |
Fair value | $ 43,000 | [13] | $ 40,500 | [18] | |
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 158,598 | [10],[11],[12],[13] | 158,598 | [14],[15],[16],[17] | |
Cost | $ 19,730 | [11],[13] | $ 19,730 | [14],[16] | |
Fair value | 0 | [11],[13] | 0 | [14],[16] | |
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 26,618 | [10],[12],[13] | 26,618 | [15],[17],[18] | |
Cost | 26,618 | [13] | 26,618 | [18] | |
Fair value | $ 20,363 | [13] | 24,892 | [18] | |
Investment, Identifier [Axis]: Phoenix Door Systems, Inc – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [15],[17],[20] | 2,550 | |||
Cost | [20] | 2,550 | |||
Fair value | [20] | $ 2,391 | |||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 4,221 | [10],[11],[12],[13] | 4,221 | [15],[16],[17],[18] | |
Cost | $ 1,830 | [11],[13] | $ 1,830 | [16],[18] | |
Fair value | 0 | [11],[13] | 0 | [16],[18] | |
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[12],[13] | 2,750 | |||
Cost | [13] | 2,750 | |||
Fair value | [13] | 2,750 | |||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 3,200 | [10],[12],[13] | 3,200 | [15],[17],[20] | |
Cost | 3,200 | [13] | 3,200 | [20] | |
Fair value | $ 2,817 | [13] | $ 3,000 | [20] | |
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 18,721 | [10],[11],[12],[13] | 221,500 | [15],[16],[17],[18] | |
Cost | $ 30,746 | [11],[13] | $ 222 | [16],[18] | |
Fair value | 38,137 | [11],[13] | $ 0 | [16],[18] | |
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | [15],[16],[17],[18] | 29,577 | |||
Cost | [16],[18] | $ 4,643 | |||
Fair value | [16],[18] | 4,444 | |||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[12],[13] | 54,644 | |||
Cost | [13] | 54,644 | |||
Fair value | [13] | $ 54,644 | |||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [15],[17],[18] | 3,128 | |||
Cost | [18] | 3,128 | |||
Fair value | [18] | 3,128 | |||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [15],[17],[18] | 12,516 | |||
Cost | [18] | 12,516 | |||
Fair value | [18] | $ 12,516 | |||
Investment, Identifier [Axis]: Schylling, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 4,000 | [10],[11],[12],[13] | 4,000 | [15],[16],[17],[18] | |
Cost | $ 4,000 | [11],[13] | $ 4,000 | [16],[18] | |
Fair value | 11,369 | [11],[13] | 18,922 | [16],[18] | |
Investment, Identifier [Axis]: Schylling, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 27,981 | [10],[12],[13] | 27,981 | [15],[17],[18] | |
Cost | 27,981 | [13] | 27,981 | [18] | |
Fair value | 27,981 | [13] | $ 27,981 | [18] | |
Investment, Identifier [Axis]: The E3 Company, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[12],[13] | 1,000 | |||
Cost | [13] | 1,000 | |||
Fair value | [13] | $ 1,000 | |||
Investment, Identifier [Axis]: The E3 Company, LLC – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | [10],[11],[12],[13] | 11,233 | |||
Cost | [11],[13] | $ 11,233 | |||
Fair value | [11],[13] | 16,421 | |||
Investment, Identifier [Axis]: The E3 Company, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[12],[13] | 33,750 | |||
Cost | [13] | 33,750 | |||
Fair value | [13] | $ 33,750 | |||
Investment, Identifier [Axis]: The Maids International, LLC – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 6,640 | [10],[11],[12],[13] | 6,640 | [15],[16],[17],[18] | |
Cost | $ 6,640 | [11],[13] | $ 6,640 | [16],[18] | |
Fair value | 5,426 | [11],[13] | 3,200 | [16],[18] | |
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[12],[13] | 28,560 | |||
Cost | [13] | 28,560 | |||
Fair value | [13] | $ 28,560 | |||
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [15],[17],[18] | 28,560 | |||
Cost | [18] | 28,560 | |||
Fair value | [18] | $ 28,560 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | [15],[16],[17],[18] | 751,000 | |||
Cost | [16],[18] | $ 1 | |||
Fair value | [16],[18] | 0 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [15],[17],[18],[22] | 4,550 | |||
Cost | [18],[22] | 4,550 | |||
Fair value | [18],[22] | $ 0 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | [15],[16],[17],[18] | 6,899 | |||
Cost | [16],[18] | $ 6,899 | |||
Fair value | [16],[18] | 0 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [15],[17],[18],[22] | 3,200 | |||
Cost | [18],[22] | 3,200 | |||
Fair value | [18],[22] | $ 0 | |||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd. - Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 6,000 | [10],[11],[12],[13] | 6,000 | [15],[16],[17],[18] | |
Cost | $ 6,000 | [11],[13] | $ 6,000 | [16],[18] | |
Fair value | 12,287 | [11],[13] | 7,748 | [16],[18] | |
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd. - Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 18,250 | [10],[12],[13] | 18,250 | [15],[17],[18] | |
Cost | 18,250 | [13] | 18,250 | [18] | |
Fair value | $ 18,250 | [13] | $ 18,250 | [18] | |
[1] Cumulative gross unrealized appreciation for federal income tax purposes is $180.5 million; cumulative gross unrealized depreciation for federal income tax purposes is $115.8 million. Cumulative net unrealized appreciation is $64.7 million, based on a tax cost of $855.8 million. Cumulative gross unrealized appreciation for federal income tax purposes is $150.4 million; cumulative gross unrealized depreciation for federal income tax purposes is $119.3 million. Cumulative net unrealized appreciation is $31.1 million, based on a tax cost of $722.4 million. Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities. Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities. Affiliate investments, as defined by the 1940 Act, are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities. Affiliate investments, as defined by the 1940 Act, are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities. Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities. Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities. One of our affiliated funds, Gladstone Capital Corporation, co-invested with us in this portfolio company pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission. Represents the principal balance, presented in thousands, for debt investments and the number of shares/units held for equity investments. Warrants are represented as a percentage of ownership, as applicable. Security is non-income producing. Where applicable, aggregates all shares of a class of stock owned without regard to specific series owned within such class (some series of which may or may not be voting shares) or aggregates all warrants to purchase shares of a class of stock owned without regard to specific series of such class of stock such warrants allow us to purchase. Fair value was based on the total enterprise value of the portfolio company, which is generally allocated to the portfolio company’s securities in order of their relative priority in the capital structure. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. One of our affiliated funds, Gladstone Capital Corporation, co-invested with us in this portfolio company pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission. Represents the principal balance, presented in thousands, for debt investments and the number of shares/units held for equity investments. Warrants are represented as a percentage of ownership, as applicable. Security is non-income producing. Where applicable, aggregates all shares of a class of stock owned without regard to specific series owned within such class (some series of which may or may not be voting shares) or aggregates all warrants to purchase shares of a class of stock owned without regard to specific series of such class of stock such warrants allow us to purchase. Fair value was based on the total enterprise value of the portfolio company, which is generally allocated to the portfolio company’s securities in order of their relative priority in the capital structure. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Fair value was based on the expected exit or payoff amount, where such event has occurred or is expected to occur imminently. Fair value was based on internal yield analysis or on estimates of value submitted by a third-party valuation firm. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Debt security is on non-accrual status. Debt security is on non-accrual status. Our investment in Funko was valued using Level 2 inputs within the ASC 820 fair value hierarchy. Our common units in Funko are convertible into class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Our investment in Funko was valued using Level 2 inputs within the ASC 820 fair value hierarchy. Our common units in Funko are convertible into class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Debt security is subject to an interest rate ceiling. Fair value was based on internal yield analysis or on estimates of value submitted by a third-party valuation firm. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. |
CONSOLIDATED SCHEDULE OF INVE_2
CONSOLIDATED SCHEDULE OF INVESTMENTS (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | ||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 186.80% | [1],[2],[3],[4],[5] | 171.40% | [6],[7],[8],[9],[10] | |
Fair value | $ 920,504 | [3] | $ 753,543 | [10] | |
Percentage threshold of qualified assets representing total assets in order to acquire non-qualified assets | 70% | 70% | |||
Investment, interest rate, paid in cash | 5.30% | 4.90% | |||
Cumulative net unrealized appreciation | $ 180,500 | $ 150,400 | |||
Cumulative gross unrealized depreciation | 115,800 | 119,300 | |||
Cumulative gross unrealized appreciation for federal income tax purposes | 64,700 | 31,100 | |||
Based on a tax cost | $ 855,800 | $ 722,400 | |||
Funko Acquisition Holdings, LLC | |||||
Schedule of Investments [Line Items] | |||||
Percentage of acquired non-qualifying assets of total assets | 0.10% | 0.10% | |||
Collateral Pledged | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 717,300 | $ 639,500 | |||
Buildings and Real Estate | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 60,431 | 60,571 | |||
Diversified/Conglomerate Services | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 264,535 | 268,954 | |||
Healthcare, Education, and Childcare | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 49,638 | 37,445 | |||
Home and Office Furnishings, Housewares, and Durable Consumer Products | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 160,038 | 143,685 | |||
Hotels, Motels, Inns, and Gaming | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 77,366 | 58,713 | |||
Leisure, Amusement, Motion Pictures, and Entertainment | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 39,350 | 47,616 | |||
Oil and Gas | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 51,171 | 0 | |||
Aerospace and Defense | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 29,064 | 22,215 | |||
Cargo Transport | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 13,500 | 14,707 | |||
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 92,781 | 20,088 | |||
Mining, Steel, Iron and Non-Precious Metals | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 30,537 | 25,998 | |||
Telecommunications | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 9,002 | 18,987 | |||
Chemicals, Plastics, and Rubber | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 20,363 | 24,891 | |||
Printing and Publishing | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 14,238 | 0 | |||
Secured First Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 474,856 | 437,517 | |||
Secured Second Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 138,703 | 75,734 | |||
Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 213,480 | 222,585 | |||
Common Equity/ Equivalents | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 93,465 | 17,707 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Common Stock Warrants | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 0 | [11],[12],[13] | $ 0 | [14],[15],[16] | |
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[14],[16] | 11% | |||
Investment interest rate | [6],[7],[8],[9],[14],[16] | 15.90% | |||
Line of credit facility, available | [6],[7],[8],[9],[14],[16] | $ 0 | |||
Fair value | [14],[16] | $ 2,800 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Line of Credit 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[4],[5],[11],[13] | 2% | |||
Investment interest rate | [1],[2],[4],[5],[11],[13] | 7.30% | |||
Line of credit facility, available | [1],[2],[4],[5],[11],[13] | $ 0 | |||
Fair value | [11],[13] | $ 3,080 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Line of Credit 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[4],[5],[11],[13] | 2% | |||
Investment interest rate | [1],[2],[4],[5],[11],[13] | 7.30% | |||
Line of credit facility, available | [1],[2],[4],[5],[11],[13] | $ 394 | |||
Fair value | [11],[13] | 656 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [11],[12],[13] | $ 0 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[14],[16] | 11% | |||
Investment interest rate | [6],[7],[8],[9],[14],[16] | 15.90% | |||
Fair value | [14],[16] | $ 14,000 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment interest rate | [1],[2],[4],[5],[11],[13] | 7.30% | |||
Fair value | [11],[13] | $ 5,266 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.– Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [14],[15],[16] | 2,187 | |||
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 48,759 | [12],[13] | $ 33,969 | [15],[16] | |
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 10% | [1],[2],[4],[5],[13] | 10% | [6],[7],[8],[9],[16] | |
Investment interest rate | 15.30% | [1],[2],[4],[5],[13] | 14.90% | [6],[7],[8],[9],[16] | |
Fair value | $ 17,700 | [13] | $ 17,700 | [16] | |
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 10% | [1],[2],[4],[5],[13] | 10% | [6],[7],[8],[9],[16] | |
Investment interest rate | 15.30% | [1],[2],[4],[5],[13] | 14.90% | [6],[7],[8],[9],[16] | |
Fair value | $ 6,850 | [13] | $ 6,850 | [16] | |
Investment, Identifier [Axis]: Counsel Press, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [15],[16] | $ 27,885 | |||
Investment, Identifier [Axis]: Counsel Press, Inc. – Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[16] | 11.80% | |||
Investment interest rate | [6],[7],[8],[9],[16] | 16.60% | |||
Fair value | [16] | $ 21,100 | |||
Investment, Identifier [Axis]: Counsel Press, Inc. – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[16] | 13% | |||
Investment interest rate | [6],[7],[8],[9],[16] | 17.90% | |||
Fair value | [16] | $ 6,400 | |||
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc. - Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [12],[13] | $ 22,181 | |||
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc. – Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [15],[16] | $ 22,321 | |||
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 11% | [1],[2],[4],[5],[13] | 11% | [6],[7],[8],[9],[16] | |
Investment interest rate | 16.30% | [1],[2],[4],[5],[13] | 15.90% | [6],[7],[8],[9],[16] | |
Fair value | $ 38,250 | [13] | $ 38,250 | [16] | |
Investment, Identifier [Axis]: Diligent Delivery Systems – Common Stock Warrants | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 500 | [12],[17] | $ 1,724 | [15],[16] | |
Investment, Identifier [Axis]: Diligent Delivery Systems – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 9% | [1],[2],[4],[5],[17] | 9% | [6],[7],[8],[9],[18] | |
Investment interest rate | 14.30% | [1],[2],[4],[5],[17] | 13.90% | [6],[7],[8],[9],[18] | |
Fair value | $ 13,000 | [17] | $ 12,983 | [18] | |
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 0 | [11],[12],[13] | $ 0 | [14],[15],[16] | |
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[4],[5],[11],[13],[19] | 5.50% | |||
Investment interest rate | [1],[2],[4],[5],[11],[13],[19] | 10.80% | |||
Fair value | [11],[13],[19] | $ 2,905 | |||
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc.– Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[16],[20],[21] | 5.50% | |||
Investment interest rate | [6],[7],[8],[9],[16],[20],[21] | 10.40% | |||
Fair value | [16],[20],[21] | $ 4,255 | |||
Investment, Identifier [Axis]: Educators Resource, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 29,638 | [12],[13] | $ 17,445 | [15],[16] | |
Investment, Identifier [Axis]: Educators Resource, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 10.50% | [1],[2],[4],[5],[13] | 10.50% | [6],[7],[8],[9],[16] | |
Investment interest rate | 15.80% | [1],[2],[4],[5],[13] | 15.40% | [6],[7],[8],[9],[16] | |
Fair value | $ 20,000 | [13] | $ 20,000 | [16] | |
Investment, Identifier [Axis]: Funko Acquisition Holdings, LLC – Common Units | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 18 | [11],[12],[22] | 27 | [15],[21],[23] | |
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 3,368 | [12],[13] | $ 0 | [15],[16] | |
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 4.10% | [1],[2],[4],[5],[13] | 4.10% | [6],[7],[8],[9],[16] | |
Investment interest rate | 9.40% | [1],[2],[4],[5],[13] | 9% | [6],[7],[8],[9],[16] | |
Fair value | $ 6,900 | [13] | $ 5,965 | [16] | |
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 7% | [1],[2],[4],[5],[13] | 7% | [6],[7],[8],[9],[16] | |
Investment interest rate | 12.30% | [1],[2],[4],[5],[13] | 11.90% | [6],[7],[8],[9],[16] | |
Fair value | $ 18,796 | [13] | $ 16,250 | [16] | |
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 0 | [12],[13] | 0 | [15],[16] | |
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 891 | [12],[13] | $ 0 | [15],[16] | |
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 10% | [1],[2],[4],[5],[13] | 10% | [6],[7],[8],[9],[16] | |
Investment interest rate | 15.30% | [1],[2],[4],[5],[13] | 14.90% | [6],[7],[8],[9],[16] | |
Fair value | $ 12,200 | [13] | $ 10,676 | [16] | |
Investment, Identifier [Axis]: Gladstone SOG Investments, Inc. - Common Stock( | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [15],[16] | 713 | |||
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc. – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[4],[5],[13] | 6% | |||
Investment interest rate | [1],[2],[4],[5],[13] | 11.30% | |||
Line of credit facility, available | [1],[2],[4],[5],[13] | $ 1,000 | |||
Fair value | [13] | 1,000 | |||
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [12],[13] | $ 1,238 | |||
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[4],[5],[13] | 9% | |||
Investment interest rate | [1],[2],[4],[5],[13] | 14.30% | |||
Fair value | [13] | $ 12,000 | |||
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 0 | [12],[13] | $ 12,345 | [15],[16] | |
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 7.50% | [1],[2],[4],[5],[13] | 7.50% | [6],[7],[8],[9],[16] | |
Investment interest rate | 12.80% | [1],[2],[4],[5],[13] | 12.40% | [6],[7],[8],[9],[16] | |
Fair value | $ 57,700 | [13] | $ 57,700 | [16] | |
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 2,607 | [12],[13] | $ 10,926 | [15],[16] | |
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[16] | 11% | |||
Investment interest rate | [6],[7],[8],[9],[16] | 15.90% | |||
Fair value | [16] | $ 22,000 | |||
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[4],[5],[13] | 11% | |||
Investment interest rate | [1],[2],[4],[5],[13] | 16.30% | |||
Fair value | [13] | $ 22,000 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 6% | [1],[2],[4],[5],[13],[19] | 6% | [6],[7],[8],[9],[16],[20] | |
Investment interest rate | 11.30% | [1],[2],[4],[5],[13],[19] | 10.90% | [6],[7],[8],[9],[16],[20] | |
Fair value | $ 8,852 | [13],[19] | $ 9,054 | [16],[20] | |
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[4],[5],[13],[19] | 10.30% | |||
Investment interest rate | [1],[2],[4],[5],[13],[19] | 15.60% | |||
Fair value | [13],[19] | $ 13,949 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[4],[5],[13],[19] | 6% | |||
Investment interest rate | [1],[2],[4],[5],[13],[19] | 11.30% | |||
Fair value | [13],[19] | $ 1,308 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 6% | [1],[2],[4],[5],[13],[19] | 6% | [6],[7],[8],[9],[16],[20] | |
Investment interest rate | 11.30% | [1],[2],[4],[5],[13],[19] | 10.90% | [6],[7],[8],[9],[16],[20] | |
Line of credit facility, available | $ 0 | [1],[2],[4],[5],[13],[19] | $ 0 | [6],[7],[8],[9],[16],[20] | |
Fair value | 2,682 | [13],[19] | $ 2,744 | [16],[20] | |
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[16],[20] | 10.30% | |||
Investment interest rate | [6],[7],[8],[9],[16],[20] | 15.10% | |||
Fair value | [16],[20] | $ 14,268 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[16],[20] | 6% | |||
Investment interest rate | [6],[7],[8],[9],[16],[20] | 10.90% | |||
Fair value | [16],[20] | $ 1,338 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 0 | [12],[13] | 0 | [15],[16] | |
Investment, Identifier [Axis]: Mason West, LLC – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 19,759 | [12],[13] | $ 10,940 | [15],[16] | |
Investment, Identifier [Axis]: Mason West, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 10% | [1],[2],[4],[5],[13] | 10% | [6],[7],[8],[9],[16] | |
Investment interest rate | 15.30% | [1],[2],[4],[5],[13] | 14.90% | [6],[7],[8],[9],[16] | |
Fair value | $ 25,250 | [13] | $ 25,250 | [16] | |
Investment, Identifier [Axis]: Nocturne Luxury Villas, Inc. – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[16] | 8% | |||
Investment interest rate | [6],[7],[8],[9],[16] | 12.90% | |||
Line of credit facility, available | [6],[7],[8],[9],[16] | $ 2,000 | |||
Fair value | [16] | 0 | |||
Investment, Identifier [Axis]: Nocturne Luxury Villas, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [15],[16] | $ 16,263 | |||
Investment, Identifier [Axis]: Nocturne Luxury Villas, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[16] | 10.50% | |||
Investment interest rate | [6],[7],[8],[9],[16] | 15.40% | |||
Fair value | [16] | $ 42,450 | |||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[4],[5],[13] | 8% | |||
Investment interest rate | [1],[2],[4],[5],[13] | 13.30% | |||
Line of credit facility, available | [1],[2],[4],[5],[13] | $ 0 | |||
Fair value | [13] | 4,000 | |||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [12],[13] | $ 12,266 | |||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[4],[5],[13],[24] | 10.50% | |||
Investment interest rate | [1],[2],[4],[5],[13],[24] | 14.50% | |||
Fair value | [13],[24] | $ 61,100 | |||
Investment, Identifier [Axis]: Nth Degree Investment Group, LLC – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 51,442 | [12],[13] | 15,243 | [15],[16] | |
Investment, Identifier [Axis]: Nth Degree, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[4],[5],[25] | 8.50% | |||
Investment interest rate | [1],[2],[4],[5],[25] | 13.80% | |||
Fair value | [25] | $ 25,000 | |||
Investment, Identifier [Axis]: Old World Christmas, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 30,638 | [12],[13] | $ 33,990 | [15],[16] | |
Investment, Identifier [Axis]: Old World Christmas, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 9.50% | [1],[2],[4],[5],[13] | 9.50% | [6],[7],[8],[9],[16] | |
Investment interest rate | 14.80% | [1],[2],[4],[5],[13] | 14.40% | [6],[7],[8],[9],[16] | |
Fair value | $ 43,000 | [13] | $ 40,500 | [16] | |
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 0 | [12],[13] | $ 0 | [14],[15] | |
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 5.50% | [1],[2],[4],[5],[13] | 5.50% | [6],[7],[8],[9],[16] | |
Investment interest rate | 10.80% | [1],[2],[4],[5],[13] | 10.40% | [6],[7],[8],[9],[16] | |
Fair value | $ 20,363 | [13] | $ 24,892 | [16] | |
Investment, Identifier [Axis]: Phoenix Door Systems, Inc – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[18] | 7% | |||
Investment interest rate | [6],[7],[8],[9],[18] | 11.90% | |||
Line of credit facility, available | [6],[7],[8],[9],[18] | $ 0 | |||
Unused fee percentage | [6],[7],[8],[9],[18] | 0.30% | |||
Fair value | [18] | $ 2,391 | |||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 0 | [12],[13] | $ 0 | [15],[16] | |
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[4],[5],[13] | 7% | |||
Investment interest rate | [1],[2],[4],[5],[13] | 12.30% | |||
Line of credit facility, available | [1],[2],[4],[5],[13] | $ 0 | |||
Unused fee percentage | [1],[2],[4],[5],[13] | 0.30% | |||
Fair value | [13] | $ 2,750 | |||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 11% | [1],[2],[4],[5],[13] | 11% | [6],[7],[8],[9],[18] | |
Investment interest rate | 16.30% | [1],[2],[4],[5],[13] | 15.90% | [6],[7],[8],[9],[18] | |
Fair value | $ 2,817 | [13] | $ 3,000 | [18] | |
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 38,137 | [12],[13] | 0 | [15],[16] | |
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [15],[16] | $ 4,444 | |||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[4],[5],[13] | 7% | |||
Investment interest rate | [1],[2],[4],[5],[13] | 12.50% | |||
Fair value | [13] | $ 54,644 | |||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[16] | 7% | |||
Investment interest rate | [6],[7],[8],[9],[16] | 11.90% | |||
Fair value | [16] | $ 3,128 | |||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[16] | 7% | |||
Investment interest rate | [6],[7],[8],[9],[16] | 11.90% | |||
Fair value | [16] | $ 12,516 | |||
Investment, Identifier [Axis]: Schylling, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 11,369 | [12],[13] | $ 18,922 | [15],[16] | |
Investment, Identifier [Axis]: Schylling, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 11% | [1],[2],[4],[5],[13] | 11% | [6],[7],[8],[9],[16] | |
Investment interest rate | 16.30% | [1],[2],[4],[5],[13] | 15.90% | [6],[7],[8],[9],[16] | |
Fair value | $ 27,981 | [13] | $ 27,981 | [16] | |
Investment, Identifier [Axis]: The E3 Company, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[4],[5],[13] | 5.50% | |||
Investment interest rate | [1],[2],[4],[5],[13] | 10.80% | |||
Line of credit facility, available | [1],[2],[4],[5],[13] | $ 1,000 | |||
Fair value | [13] | 1,000 | |||
Investment, Identifier [Axis]: The E3 Company, LLC – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [12],[13] | $ 16,421 | |||
Investment, Identifier [Axis]: The E3 Company, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[4],[5],[13] | 9% | |||
Investment interest rate | [1],[2],[4],[5],[13] | 14.30% | |||
Fair value | [13] | $ 33,750 | |||
Investment, Identifier [Axis]: The Maids International, LLC – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 5,426 | [12],[13] | $ 3,200 | [15],[16] | |
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[4],[5],[13] | 10.50% | |||
Investment interest rate | [1],[2],[4],[5],[13] | 15.80% | |||
Fair value | [13] | $ 28,560 | |||
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[16] | 10.50% | |||
Investment interest rate | [6],[7],[8],[9],[16] | 15.40% | |||
Fair value | [16] | $ 28,560 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [15],[16] | $ 0 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[16],[20] | 5% | |||
Investment interest rate | [6],[7],[8],[9],[16],[20] | 9.90% | |||
Line of credit facility, available | [6],[7],[8],[9],[16],[20] | $ 150 | |||
Fair value | [16],[20] | 0 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [15],[16] | $ 0 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[16],[20] | 4% | |||
Investment interest rate | [6],[7],[8],[9],[16],[20] | 8.90% | |||
Fair value | [16],[20] | $ 0 | |||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd. - Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 12,287 | [12],[13] | $ 7,748 | [15],[16] | |
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd. - Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 10% | [1],[2],[4],[5],[13] | 10% | [6],[7],[8],[9],[16] | |
Investment interest rate | 15.30% | [1],[2],[4],[5],[13] | 14.90% | [6],[7],[8],[9],[16] | |
Fair value | $ 18,250 | [13] | $ 18,250 | [16] | |
Non-Control/Non-Affiliate investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 126.30% | [1],[2],[4],[5],[26] | 113% | [6],[7],[8],[9],[21] | |
Fair value | $ 622,233 | [26] | $ 496,875 | [21] | |
Non-Control/Non-Affiliate investments | Secured First Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 65.90% | [1],[2],[4],[5],[26] | 63.60% | [6],[7],[8],[9],[21] | |
Fair value | $ 324,348 | [26] | $ 279,748 | [21] | |
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Buildings and Real Estate | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 7.80% | [1],[2],[4],[5],[26] | 8.70% | [6],[7],[8],[9],[21] | |
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 1.10% | [1],[2],[4],[5],[26] | 1.20% | [6],[7],[8],[9],[21] | |
Fair value | $ 5,567 | [26] | $ 5,391 | [21] | |
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Diversified/Conglomerate Services | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 16.80% | [1],[2],[4],[5],[26] | 25.10% | [6],[7],[8],[9],[21] | |
Fair value | $ 82,950 | [26] | $ 110,450 | [21] | |
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Healthcare, Education, and Childcare | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 4.10% | [1],[2],[4],[5],[26] | 4.50% | [6],[7],[8],[9],[21] | |
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Home and Office Furnishings, Housewares, and Durable Consumer Products | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 7.50% | [1],[2],[4],[5],[26] | 8% | [6],[7],[8],[9],[21] | |
Fair value | $ 36,750 | [26] | $ 35,226 | [21] | |
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Hotels, Motels, Inns, and Gaming | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 13.20% | [1],[2],[4],[5],[26] | 9.70% | [6],[7],[8],[9],[21] | |
Fair value | $ 65,100 | [26] | $ 42,450 | [21] | |
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Leisure, Amusement, Motion Pictures, and Entertainment | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 5.70% | [1],[2],[4],[5],[26] | 6.40% | [6],[7],[8],[9],[21] | |
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Oil and Gas | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [1],[2],[4],[5],[26] | 7.10% | |||
Fair value | [26] | $ 34,750 | |||
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Printing and Publishing | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [1],[2],[4],[5],[26] | 2.60% | |||
Fair value | [26] | $ 13,000 | |||
Non-Control/Non-Affiliate investments | Secured Second Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 18.90% | [1],[2],[4],[5],[26] | 11.60% | [6],[7],[8],[9],[21] | |
Fair value | $ 93,340 | [26] | $ 50,842 | [21] | |
Non-Control/Non-Affiliate investments | Secured Second Lien Debt | Aerospace and Defense | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 5.20% | [1],[2],[4],[5],[26] | 5% | [6],[7],[8],[9],[21] | |
Fair value | $ 25,696 | [26] | $ 22,215 | [21] | |
Non-Control/Non-Affiliate investments | Secured Second Lien Debt | Cargo Transport | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 2.60% | [1],[2],[4],[5],[26] | 3% | [6],[7],[8],[9],[21] | |
Non-Control/Non-Affiliate investments | Secured Second Lien Debt | Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 11.10% | [1],[2],[4],[5],[26] | 3.60% | [6],[7],[8],[9],[21] | |
Fair value | [21] | $ 15,644 | |||
Non-Control/Non-Affiliate investments | Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 33% | [1],[2],[4],[5],[26] | 37.40% | [6],[7],[8],[9],[21] | |
Fair value | $ 162,522 | [26] | $ 164,534 | [21] | |
Non-Control/Non-Affiliate investments | Preferred Equity | Buildings and Real Estate | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 4.50% | [1],[2],[4],[5],[26] | 5.10% | [6],[7],[8],[9],[21] | |
Non-Control/Non-Affiliate investments | Preferred Equity | Diversified/Conglomerate Services | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 4% | [1],[2],[4],[5],[26] | 11.60% | [6],[7],[8],[9],[21] | |
Fair value | $ 19,759 | [26] | $ 51,170 | [21] | |
Non-Control/Non-Affiliate investments | Preferred Equity | Healthcare, Education, and Childcare | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 6% | [1],[2],[4],[5],[26] | 4% | [6],[7],[8],[9],[21] | |
Non-Control/Non-Affiliate investments | Preferred Equity | Home and Office Furnishings, Housewares, and Durable Consumer Products | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 10.10% | [1],[2],[4],[5],[26] | 7.70% | [6],[7],[8],[9],[21] | |
Fair value | $ 49,650 | [26] | $ 33,969 | [21] | |
Non-Control/Non-Affiliate investments | Preferred Equity | Hotels, Motels, Inns, and Gaming | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 2.50% | [1],[2],[4],[5],[26] | 3.70% | [6],[7],[8],[9],[21] | |
Non-Control/Non-Affiliate investments | Preferred Equity | Leisure, Amusement, Motion Pictures, and Entertainment | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 2.30% | [1],[2],[4],[5],[26] | 4.30% | [6],[7],[8],[9],[21] | |
Non-Control/Non-Affiliate investments | Preferred Equity | Oil and Gas | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [1],[2],[4],[5],[26] | 3.30% | |||
Non-Control/Non-Affiliate investments | Preferred Equity | Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [6],[7],[8],[9],[21] | 1% | |||
Non-Control/Non-Affiliate investments | Preferred Equity | Printing and Publishing | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [1],[2],[4],[5],[26] | 0.30% | |||
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 8.50% | [1],[2],[4],[5],[26] | 0.40% | [6],[7],[8],[9],[21] | |
Fair value | $ 42,023 | [26] | $ 1,751 | [21] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0% | [1],[2],[4],[5],[26] | 0% | [6],[7],[8],[9],[21] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | Home and Office Furnishings, Housewares, and Durable Consumer Products | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0% | [1],[2],[4],[5],[26] | 0% | [6],[7],[8],[9],[21] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | Aerospace and Defense | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.70% | [1],[2],[4],[5],[26] | 0% | [6],[7],[8],[9],[21] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | Cargo Transport | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.10% | [1],[2],[4],[5],[26] | 0.40% | [6],[7],[8],[9],[21] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 7.70% | [1],[2],[4],[5],[26] | 0% | [6],[7],[8],[9],[21] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | Personal and Non-Durable Consumer Products (Manufacturing Only) | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0% | [1],[2],[4],[5],[26] | 0% | [6],[7],[8],[9],[21] | |
Affiliate investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 59.90% | [1],[2],[4],[5],[27] | 58.20% | [6],[7],[8],[9],[28] | |
Fair value | $ 295,366 | [27] | $ 255,955 | [28] | |
Affiliate investments | Secured First Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 30% | [1],[2],[4],[5],[27] | 35.80% | [6],[7],[8],[9],[28] | |
Fair value | $ 147,603 | [27] | $ 157,769 | [28] | |
Affiliate investments | Secured First Lien Debt | Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [6],[7],[8],[9],[28] | 1% | |||
Affiliate investments | Secured First Lien Debt | Diversified/Conglomerate Services | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 15.70% | [1],[2],[4],[5],[27] | 17.70% | [6],[7],[8],[9],[28] | |
Fair value | $ 77,351 | [27] | $ 77,964 | [28] | |
Affiliate investments | Secured First Lien Debt | Home and Office Furnishings, Housewares, and Durable Consumer Products | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 8.70% | [1],[2],[4],[5],[27] | 9.20% | [6],[7],[8],[9],[28] | |
Affiliate investments | Secured First Lien Debt | Mining, Steel, Iron and Non-Precious Metals | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 3.70% | [1],[2],[4],[5],[27] | 4.10% | [6],[7],[8],[9],[28] | |
Affiliate investments | Secured First Lien Debt | Telecommunications | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 1.90% | [1],[2],[4],[5],[27] | 3.80% | [6],[7],[8],[9],[28] | |
Fair value | $ 9,002 | [27] | $ 16,800 | [28] | |
Affiliate investments | Secured Second Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 9.20% | [1],[2],[4],[5],[27] | 5.70% | [6],[7],[8],[9],[28] | |
Fair value | $ 45,363 | [27] | $ 24,892 | [28] | |
Affiliate investments | Secured Second Lien Debt | Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [1],[2],[4],[5],[27] | 5.10% | |||
Affiliate investments | Secured Second Lien Debt | Chemicals, Plastics, and Rubber | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 4.10% | [1],[2],[4],[5],[27] | 5.70% | [6],[7],[8],[9],[28] | |
Affiliate investments | Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 10.30% | [1],[2],[4],[5],[27] | 13.20% | [6],[7],[8],[9],[28] | |
Fair value | $ 50,958 | [27] | $ 58,051 | [28] | |
Affiliate investments | Preferred Equity | Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [6],[7],[8],[9],[28] | 0% | |||
Affiliate investments | Preferred Equity | Diversified/Conglomerate Services | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 1.60% | [1],[2],[4],[5],[27] | 3.20% | [6],[7],[8],[9],[28] | |
Fair value | $ 8,033 | [27] | $ 14,126 | [28] | |
Affiliate investments | Preferred Equity | Home and Office Furnishings, Housewares, and Durable Consumer Products | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 6.20% | [1],[2],[4],[5],[27] | 7.70% | [6],[7],[8],[9],[28] | |
Affiliate investments | Preferred Equity | Mining, Steel, Iron and Non-Precious Metals | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 2.50% | [1],[2],[4],[5],[27] | 1.80% | [6],[7],[8],[9],[28] | |
Affiliate investments | Preferred Equity | Telecommunications | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0% | [1],[2],[4],[5],[27] | 0.50% | [6],[7],[8],[9],[28] | |
Affiliate investments | Preferred Equity | Chemicals, Plastics, and Rubber | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0% | [1],[2],[4],[5],[27] | 0% | [6],[7],[8],[9],[28] | |
Affiliate investments | Common Equity/ Equivalents | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 10.40% | [1],[2],[4],[5],[27] | 3.50% | [6],[7],[8],[9],[28] | |
Fair value | $ 51,442 | [27] | $ 15,243 | [28] | |
Affiliate investments | Common Equity/ Equivalents | Diversified/Conglomerate Services | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 10.40% | [1],[2],[4],[5],[27] | 3.50% | [6],[7],[8],[9],[28] | |
Affiliate investments | Common Equity/ Equivalents | Telecommunications | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0% | [1],[2],[4],[5],[27] | 0% | [6],[7],[8],[9],[28] | |
Control investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.60% | [1],[2],[4],[5],[29] | 0.20% | [6],[7],[8],[9],[30] | |
Fair value | $ 2,905 | [29] | $ 713 | [30] | |
Control investments | Secured First Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.60% | [1],[2],[4],[5],[29] | 0% | [6],[7],[8],[9],[30] | |
Fair value | $ 2,905 | [29] | $ 0 | [30] | |
Control investments | Secured First Lien Debt | Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [1],[2],[4],[5],[29] | 0.60% | |||
Control investments | Secured First Lien Debt | Personal and Non-Durable Consumer Products (Manufacturing Only) | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [6],[7],[8],[9],[30] | 0% | |||
Control investments | Secured Second Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [6],[7],[8],[9],[30] | 0% | |||
Fair value | [30] | $ 0 | |||
Control investments | Secured Second Lien Debt | Personal and Non-Durable Consumer Products (Manufacturing Only) | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [6],[7],[8],[9],[30] | 0% | |||
Control investments | Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0% | [1],[2],[4],[5],[29] | 0% | [6],[7],[8],[9],[30] | |
Fair value | $ 0 | [29] | $ 0 | [30] | |
Control investments | Preferred Equity | Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [1],[2],[4],[5],[29] | 0% | |||
Control investments | Preferred Equity | Personal and Non-Durable Consumer Products (Manufacturing Only) | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [30] | 0% | |||
Control investments | Common Equity/ Equivalents | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [6],[7],[8],[9],[30] | 0.20% | |||
Fair value | [30] | $ 713 | |||
Control investments | Common Equity/ Equivalents | Leisure, Amusement, Motion Pictures, and Entertainment | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [6],[7],[8],[9],[30] | 0.20% | |||
Control investments | Common Equity/ Equivalents | Personal and Non-Durable Consumer Products (Manufacturing Only) | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [30] | 0% | |||
[1] Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of March 31, 2024. Certain of the securities listed are issued by affiliate(s) of the indicated portfolio company. The majority of the securities listed, totaling $717.3 million at fair value, are pledged as collateral to our revolving line of credit, as described further in Note 5— Borrowings in the accompanying Notes to Consolidated Financial Statements . Additionally, under Section 55 of the Investment Company Act of 1940, as amended (the "1940 Act"), we may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. As of March 31, 2024, our investment in Funko Acquisition Holdings, LLC ("Funko") was considered a non-qualifying asset under Section 55 of the 1940 Act and represented less than 0.1% of total investments, at fair value. Cumulative gross unrealized appreciation for federal income tax purposes is $180.5 million; cumulative gross unrealized depreciation for federal income tax purposes is $115.8 million. Cumulative net unrealized appreciation is $64.7 million, based on a tax cost of $855.8 million. Unless indicated otherwise, all cash interest rates are indexed to 30-day Secured Overnight Financing Rate ("SOFR"), which was 5.3% as of March 31, 2024. If applicable, paid-in-kind interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or reference rate plus a spread. Due dates represent the contractual maturity date. Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, "Fair Value Measurements and Disclosures" ("ASC 820") fair value hierarchy. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of March 31, 2023. Certain of the securities listed are issued by affiliate(s) of the indicated portfolio company. The majority of the securities listed, totaling $639.5 million at fair value, are pledged as collateral to our revolving line of credit, as described further in Note 5— Borrowings in the accompanying Notes to Consolidated Financial Statements . Additionally, under Section 55 of the 1940 Act, we may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. As of March 31, 2023, our investment in Funko was considered a non-qualifying asset under Section 55 of the 1940 Act and represented less than 0.1% of total investments, at fair value. Unless indicated otherwise, all cash interest rates are indexed to 30-day LIBOR, which was 4.9% as of March 31, 2023. If applicable, paid-in-kind interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or 30-day LIBOR plus a spread. Due dates represent the contractual maturity date. Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the FASB ASC 820 fair value hierarchy. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Cumulative gross unrealized appreciation for federal income tax purposes is $150.4 million; cumulative gross unrealized depreciation for federal income tax purposes is $119.3 million. Cumulative net unrealized appreciation is $31.1 million, based on a tax cost of $722.4 million. One of our affiliated funds, Gladstone Capital Corporation, co-invested with us in this portfolio company pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission. Security is non-income producing. Fair value was based on the total enterprise value of the portfolio company, which is generally allocated to the portfolio company’s securities in order of their relative priority in the capital structure. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. One of our affiliated funds, Gladstone Capital Corporation, co-invested with us in this portfolio company pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission. Security is non-income producing. Fair value was based on the total enterprise value of the portfolio company, which is generally allocated to the portfolio company’s securities in order of their relative priority in the capital structure. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Fair value was based on the expected exit or payoff amount, where such event has occurred or is expected to occur imminently. Fair value was based on internal yield analysis or on estimates of value submitted by a third-party valuation firm. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Debt security is on non-accrual status. Debt security is on non-accrual status. Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities. Our investment in Funko was valued using Level 2 inputs within the ASC 820 fair value hierarchy. Our common units in Funko are convertible into class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Our investment in Funko was valued using Level 2 inputs within the ASC 820 fair value hierarchy. Our common units in Funko are convertible into class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Debt security is subject to an interest rate ceiling. Fair value was based on internal yield analysis or on estimates of value submitted by a third-party valuation firm. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities. Affiliate investments, as defined by the 1940 Act, are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities. Affiliate investments, as defined by the 1940 Act, are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities. Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities. Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities. |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION Gladstone Investment Corporation (“Gladstone Investment”) was incorporated under the General Corporation Law of the State of Delaware on February 18, 2005, and completed an initial public offering on June 22, 2005. The terms “the Company,” “we,” “our” and “us” all refer to Gladstone Investment and its consolidated subsidiaries. We are an externally advised, closed-end, non-diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and are applying the guidance of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “ Financial Services-Investment Companies” (“ASC 946”). In addition, we have elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). We were established for the purpose of investing in debt and equity securities of established private businesses in the United States (“U.S.”). Debt investments primarily take the form of two types of loans: secured first lien loans and secured second lien loans. Equity investments primarily take the form of preferred or common equity (or warrants or options to acquire the foregoing), often in connection with buyouts and other recapitalizations. Our investment objectives are to: (i) achieve and grow current income by investing in debt securities of established businesses that we believe will provide stable earnings and cash flow to pay expenses, make principal and interest payments on our outstanding indebtedness and make distributions to stockholders that grow over time, and (ii) provide our stockholders with long-term capital appreciation in the value of our assets by investing in equity securities of established businesses, generally in combination with the aforementioned debt securities, that we believe can grow over time to permit us to sell our equity investments for capital gains. We intend that our investment portfolio over time will consist of approximately 75.0% in debt investments and 25.0% in equity investments, at cost. As of March 31, 2024, our investment portfolio was comprised of 77.0% in debt investments and 23.0% in equity investments, at cost. Gladstone Business Investment, LLC (“Business Investment”), a wholly-owned subsidiary of ours, was established on August 11, 2006 for the sole purpose of holding certain investments pledged as collateral under our line of credit. The financial statements of Business Investment are consolidated with those of Gladstone Investment. We are externally managed by Gladstone Management Corporation (the “Adviser”), an affiliate of ours and a U.S. Securities and Exchange Commission (“SEC”) registered investment adviser, pursuant to an investment advisory and management agreement (the “Advisory Agreement”). Administrative services are provided by Gladstone Administration, LLC (the “Administrator”), an affiliate of ours and the Adviser, pursuant to an administration agreement (the “Administration Agreement”). Refer to Note 4 — Related Party Transactions for more information regarding these arrangements. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Consolidated Financial Statements and these accompanying notes are prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and conform to the applicable requirements of Regulation S-X. Management believes it has made all necessary adjustments so that our accompanying Consolidated Financial Statements are presented fairly and that all such adjustments are of a normal recurring nature. Our accompanying Consolidated Financial Statements include our accounts and the accounts of our wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. Consolidation In accordance with Article 6 of Regulation S-X, we do not consolidate portfolio company investments. Under the investment company rules and regulations pursuant to the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies, codified in ASC 946, we are precluded from consolidating any entity other than another investment company, except that ASC 946 provides for the consolidation of a controlled operating company that provides substantially all of its services to the investment company or its consolidated subsidiaries. Use of Estimates Preparing financial statements requires management to make estimates and assumptions that affect the amounts reported in our accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements . Actual results may differ from those estimates. Cash and Cash Equivalents We consider all short-term, highly-liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value. We place our cash with financial institutions, and at times, cash held in checking accounts may exceed the Federal Deposit Insurance Corporation insured limit. We seek to mitigate this concentration of credit risk by depositing funds with major financial institutions. Restricted Cash and Cash Equivalents Restricted cash and cash equivalents are generally cash and cash equivalents held in escrow received as part of an investment exit. Restricted cash and cash equivalents are carried at cost, which approximates fair value. Classification of Investments In accordance with the provisions of the 1940 Act applicable to BDCs, we classify portfolio investments on our accompanying Consolidated Statements of Assets and Liabilities , Consolidated Statements of Operations , and Consolidated Schedules of Investments into the following categories: • Non-Control/Non-Affiliate Investments — Non-Control/Non-Affiliate investments are those that are neither control nor affiliate investments and in which we typically own less than 5.0% of the issued and outstanding voting securities; • Affiliate Investments — Affiliate investments are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities; and • Control Investments — Control investments are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities. Investment Valuation Policy Accounting Recognition We record our investments at fair value in accordance with the FASB ASC Topic 820, “ Fair Value Measurements and Disclosures” (“ASC 820”) and the 1940 Act. Investment transactions are recorded on the trade date. Realized gains or losses are generally measured by the difference between the net proceeds from the repayment or sale and the cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, and include investments charged off during the period, net of recoveries. Unrealized appreciation or depreciation primarily reflects the change in investment fair values, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. Board Responsibility Our board of directors (the “Board of Directors”) has approved investment valuation policies and procedures pursuant to Rule 2a-5 under the 1940 Act (the “Policy”) and, in July 2022, designated the Adviser to serve as the Board of Directors’ valuation designee (“Valuation Designee”) under the 1940 Act. In accordance with the 1940 Act, our Board of Directors has the ultimate responsibility for reviewing the good faith fair value determination of our investments for which market quotations are not readily available based on our Policy and for overseeing the Valuation Designee. Such review and oversight includes receiving written fair value determinations and supporting materials provided by the Valuation Designee, in coordination with the Administrator and with the oversight by the Company's chief valuation officer (collectively, the “Valuation Team”). The Valuation Committee of our Board of Directors (comprised entirely of independent directors) meets to review the valuation determinations and supporting materials, discusses the information provided by the Valuation Team, determines whether the Valuation Team has followed the Policy, and reviews other facts and circumstances, including current valuation risks, conflicts of interest, material valuation matters, appropriateness of valuation methodologies, back-testing results, price challenges/overrides, and ongoing monitoring and oversight of pricing services. After the Valuation Committee concludes its meeting, it and the chief valuation officer, representing the Valuation Designee, present the Valuation Committee’s findings on the Valuation Designee's determinations to the entire Board of Directors so that the full Board of Directors may review the Valuation Designee's determined fair values of such investments in accordance with the Policy. There is no single standard for determining fair value (especially for privately-held businesses), as fair value depends upon the specific facts and circumstances of each individual investment. In determining the fair value of our investments, the Valuation Team, led by the chief valuation officer, uses the Policy, and each quarter the Valuation Committee and Board of Directors review the Policy to determine if changes thereto are advisable and whether the Valuation Team has applied the Policy consistently. Use of Third-Party Valuation Firms The Valuation Team engages third party valuation firms to provide independent assessments of fair value of certain of our investments. A third-party valuation firm generally provides estimates of fair value on our debt investments. The Valuation Team generally assigns the third-party valuation firm’s estimates of fair value to our debt investments where we do not have the ability to effectuate a sale of the applicable portfolio company. The Valuation Team corroborates the third-party valuation firm’s estimates of fair value using one or more of the valuation techniques discussed below. The Valuation Team’s estimate of value on a specific debt investment may significantly differ from the third-party valuation firm’s. When this occurs, our Valuation Committee and Board of Directors review whether the Valuation Team has followed the Policy and the Valuation Committee reviews whether the Valuation Designee’s determined fair value is reasonable in light of the Policy and other relevant facts and circumstances. We may engage other independent valuation firms to provide earnings multiple ranges, as well as other information, and evaluate such information for incorporation into the total enterprise value (“TEV”) of certain of our investments. Generally, at least once per year, we engage an independent valuation firm to value or review the valuation of each of our significant equity investments, which includes providing the information noted above. The Valuation Team evaluates such information for incorporation into our TEV, including review of all inputs provided by the independent valuation firm. The Valuation Team then presents a determination to our Valuation Committee as to the fair value. Our Valuation Committee reviews the determined fair value and whether it is reasonable in light of the Policy and other relevant facts and circumstances. Valuation Techniques In accordance with ASC 820, the Valuation Team uses the following techniques when valuing our investment portfolio: • Total Enterprise Value — In determining the fair value using a TEV, the Valuation Team first calculates the TEV of the portfolio company by incorporating some or all of the following factors: the portfolio company’s ability to make payments and other specific portfolio company attributes; the earnings of the portfolio company (the trailing or projected twelve month revenue or earnings before interest, taxes, depreciation and amortization (“EBITDA”)); EBITDA multiples obtained from our indexing methodology whereby the original transaction EBITDA multiple at the time of our closing is indexed to a general subset of comparable disclosed transactions and EBITDA multiples from recent sales to third parties of similar securities in similar industries; a comparison to publicly traded securities in similar industries; and other pertinent factors. The Valuation Team generally reviews industry statistics and may use outside experts when gathering this information. Once the TEV is determined for a portfolio company, the Valuation Team generally allocates the TEV to the portfolio company’s securities based on the facts and circumstances of the securities, which typically results in the allocation of fair value to securities based on the order of their relative priority in the capital structure. Generally, the Valuation Team uses TEV to value our equity investments and, in the circumstances where we have the ability to effectuate a sale of a portfolio company, our debt investments. TEV is primarily calculated using EBITDA and EBITDA multiples; however, TEV may also be calculated using revenue and revenue multiples or a discounted cash flow (“DCF”) analysis whereby future expected cash flows of the portfolio company are discounted to determine a net present value using estimated risk-adjusted discount rates, which incorporate adjustments for nonperformance and liquidity risks. • Yield Analysis — The Valuation Team generally determines the fair value of our debt investments for which we do not have the ability to effectuate a sale of the applicable portfolio company using the yield analysis, which includes a DCF calculation and assumptions that the Valuation Team believes market participants would use, including: estimated remaining life, current market yield, current leverage, and interest rate spreads. This technique develops a modified discount rate that incorporates risk premiums including, among other things, increased probability of default, increased loss upon default, and increased liquidity risk. Generally, the Valuation Team uses the yield analysis to corroborate both estimates of value provided by a third-party valuation firm and market quotes. • Market Quotes — For our investments for which a limited market exists, we generally base fair value on readily available and reliable market quotations, which are corroborated by the Valuation Team (generally by using the yield analysis described above). In addition, the Valuation Team assesses trading activity for similar investments and evaluates variances in quotations and other market insights to determine if any available quoted prices are reliable. Typically, the Valuation Team uses the lower indicative bid price in the bid-to-ask price range obtained from the respective originating syndication agent’s trading desk on or near the valuation date. The Valuation Team may take further steps to consider additional information to validate that price in accordance with the Policy. For securities that are publicly traded, we generally base fair value on the closing market price of the securities we hold as of the reporting date. For restricted securities that are publicly traded, we generally base fair value on the closing market price of the securities we hold as of the reporting date less a discount for the restriction, which includes consideration of the nature and term to expiration of the restriction and the lack of marketability of the security. • Investments in Funds — For equity investments in other funds for which we cannot effectuate a sale of the fund, the Valuation Team generally determines the fair value of our invested capital at the net asset value (“NAV”) provided by the fund. Any invested capital that is not yet reflected in the NAV provided by the fund is valued at par value. The Valuation Team may also determine fair value of our investments in other investment funds based on the capital accounts of the underlying entity. In addition to the valuation techniques listed above, the Valuation Team may also consider other factors when determining the fair value of our investments, including: the nature and realizable value of the collateral, including external parties’ guaranties, any relevant offers or letters of intent to acquire the portfolio company, timing of expected loan repayments, and the markets in which the portfolio company operates. Fair value measurements of our investments may involve subjective judgments and estimates and, due to the uncertainty inherent in valuing these securities, the determinations of fair value may fluctuate from period to period and may differ materially from the values that could be obtained if a ready market for these securities existed. Our NAV could be materially affected if the determinations regarding the fair value of our investments are materially different from the values that we ultimately realize upon our disposal of such securities. Additionally, changes in the market environment and other events that may occur over the life of the investment may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which it is recorded. Refer to Note 3 — Investments for additional information regarding fair value measurements and our application of ASC 820. Realized Gain or Loss and Unrealized Appreciation or Depreciation of Portfolio Investments Gains or losses on the sale of investments are calculated by using the specific identification method. A realized gain or loss is recognized on the trade date, typically when an investment is disposed of, and is computed as the difference between the cost basis of the investment on the disposition date and the net proceeds received from such disposition. Unrealized appreciation or depreciation reflects the difference between the fair value of the investment and the cost basis of such investment. We determine the fair value of each individual investment each reporting period and record changes in fair value as unrealized appreciation or depreciation in our accompanying Consolidated Statement of Operations . Revenue Recognition Interest Income Recognition Interest income, adjusted for amortization of premiums, amendment fees, and acquisition costs and the accretion of discounts, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when a loan becomes 90 days or more past due, or if our qualitative assessment indicates that the debtor is unable to service its debt or other obligations, we will place the loan on non-accrual status and cease recognizing interest income on that loan until the borrower has demonstrated the ability and intent to pay contractual amounts due. However, we remain contractually entitled to this interest. Interest payments received on non-accrual loans may be recognized as income or applied to the cost basis, depending upon management’s judgment. Generally, non-accrual loans are restored to accrual status when past-due principal and interest are paid and, in management’s judgment, are likely to remain current, or, due to a restructuring, the interest income is deemed to be collectible. As of March 31, 2024, our loans to Edge Adhesives Holdings, Inc. ("Edge") and J.R. Hobbs were on non-accrual status, with an aggregate debt cost basis of $59.1 million, or 9.0% of the cost basis of all debt investments in our portfolio, and an aggregate fair value of $29.7 million, or 4.8% of the fair value of all debt investments in our portfolio. As of March 31, 2023, our loans to Edge, J.R. Hobbs and The Mountain were on non-accrual status, with an aggregate debt cost basis of $66.9 million, or 12.0% of the cost basis of all debt investments in our portfolio, and an aggregate fair value of $31.7 million, or 6.2% of the fair value of all debt investments in our portfolio. Paid-in-kind (“PIK”) interest, computed at the contractual rate specified in the loan agreement, is added to the principal balance of the loan and recorded as interest income. Thus, the actual collection of PIK income may be deferred until the time of debt principal repayment. As of March 31, 2024 and 2023, we did not have any loans with a PIK interest component. Success Fee Income Recognition We record success fees as income when earned, which often occurs upon receipt of cash. Success fees are generally contractually due upon a change of control in a portfolio company, typically resulting from an exit or sale, and are non-recurring. Dividend Income Recognition We accrue dividend income on preferred and common equity securities to the extent that such amounts are expected to be collected and if we have the option to collect such amounts in cash or other consideration. Deferred Financing and Offering Costs Deferred financing and offering costs consist of costs incurred to obtain financing, including lender fees, underwriting discounts and commissions, and legal fees. Certain costs associated with our revolving line of credit are deferred and amortized using the straight-line method, which approximates the effective interest method, over the term of the revolving line of credit. Costs associated with the issuance of our notes payable and mandatorily redeemable preferred stock are presented as discounts to the liquidation value of the notes payable and mandatorily redeemable preferred stock and are amortized using the straight-line method, which approximates the effective interest method, over the term of the notes payable and respective series of preferred stock. Refer to Note 5 — Borrowings and Note 6 — Mandatorily Redeemable Preferred Stock for further discussion. Related Party Fees We are party to the Advisory Agreement with the Adviser, which is indirectly owned and controlled by our chairman and chief executive officer. In accordance with the Advisory Agreement, we pay the Adviser fees as compensation for its services, consisting of a base management fee and an incentive fee. Additionally, we pay the Adviser a loan servicing fee as compensation for its services as servicer under the terms of the Fifth Amended and Restated Credit Agreement dated April 30, 2013, as amended from time to time (the "Credit Facility"). We are also party to the Administration Agreement with the Administrator, which is indirectly owned and controlled by our chairman and chief executive officer, whereby we pay separately for administrative services. Refer to Note 4 — Related Party Transactions for additional information regarding these related party fees and agreements. Federal Income Taxes We intend to continue to maintain our qualification as a RIC under subchapter M of the Code for federal income tax purposes. As a RIC, we generally are not subject to federal income tax on the portion of our taxable income and gains distributed to our stockholders. To maintain our qualification as a RIC, we must maintain our status as a BDC and meet certain source-of-income and asset diversification requirements. In addition, to qualify to be taxed as a RIC, we must generally distribute to stockholders, for each taxable year, at least 90% of our taxable ordinary income plus the excess of our net short-term capital gains over net long-term capital losses (“Investment Company Taxable Income”). Our policy generally is to make distributions to our stockholders in an amount up to 100% of our Investment Company Taxable Income. We intend to continue to make sufficient distributions to qualify as a RIC and to generally limit taxable income, although we may retain some or all of our net long-term capital gains and pay income taxes on such gains. Refer to Note 10 — Federal and State Income Taxes for additional information regarding our RIC requirements. FASB ASC 740, Income Taxes (“ASC 740”), requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authorities. Tax positions not deemed to satisfy the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current fiscal year. We have evaluated the implications of ASC 740 for all open tax years and in all major tax jurisdictions and determined that there is no material impact on our accompanying Consolidated Financial Statements . Our federal income tax returns for fiscal years 2023, 2022 and 2021 remain subject to examination by the Internal Revenue Service (“IRS”). We are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized benefits will change materially in the next twelve months. Distributions Distributions to stockholders are recorded on the ex-dividend date. We are required to distribute at least 90% of our Investment Company Taxable Income for each taxable year as a distribution to our stockholders to maintain our ability to be taxed as a RIC under Subchapter M of the Code. It is our policy to generally pay out as a distribution up to 100% of those amounts. The amount to be paid is determined by our Board of Directors and is based upon management’s estimate of Investment Company Taxable Income, net long-term capital gains, as well as amounts to be distributed in accordance with Section 855(a) of the Code. Based on that estimate, our Board of Directors declares monthly distributions, and supplemental distributions, as applicable, each quarter. At fiscal year-end, we may elect to treat a portion of the first distributions paid after year-end as having been paid in the prior year in accordance with Section 855(a) of the Code. We may retain some or all of our net long-term capital gains, if any, and designate them as deemed distributions, or distribute these capital gains to stockholders in cash. If we elect to retain net long-term capital gains and deem them distributed, each U.S. common stockholder will be treated as if they received a distribution of their pro-rata share of the retained net long-term capital gain and the U.S. federal income tax paid. As a result, each common stockholder will (i) be required to report their pro-rata share of the retained gain on their tax return as long-term capital gain, (ii) receive a refundable tax credit for their pro-rata share of federal income tax paid by us on the retained gain, and (iii) increase the tax basis of their shares of common stock by an amount equal to the deemed distribution less the tax credit. Refer to Note 9 — Distributions to Common Stockholders for further information. Our common stockholders who hold their shares through our transfer agent, Computershare, Inc. (“Computershare”), have the option to participate in a dividend reinvestment plan offered by Computershare, as the plan agent. This is an “opt in” dividend reinvestment plan, meaning that common stockholders may elect to have their cash distributions automatically reinvested in additional shares of our common stock. Common stockholders who do not so elect will receive their distributions in cash. Any distributions reinvested under the plan will be taxable to a common stockholder to the same extent, and with the same character, as if the common stockholder had received the distribution in cash. The common stockholder will have an adjusted basis in the additional common shares purchased through the plan equal to the dollar amount that would have been received if the U.S. stockholder had received the dividend or distribution in cash. The additional common shares will have a new holding period commencing on the day following the date on which the shares are credited to the common stockholder’s account. Computershare purchases shares in the open market in connection with the obligations under the plan. Recent Accounting Pronouncements In June 2022, the FASB issued Accounting Standards Update 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”), which clarifies the measurement and presentation of fair value for equity securities subject to contractual restrictions that prohibit the sale of the equity security. ASU 2022-03 is effective for annual reporting periods beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. Our early adoption of ASU 2022-03 did not have a material impact on our financial position, results of operations or cash flows. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | INVESTMENTS Fair Value In accordance with ASC 820, the fair value of our investments is determined to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between willing market participants on the measurement date. This fair value definition focuses on exit price in the principal, or most advantageous, market and prioritizes, within a measurement of fair value, the use of market-based inputs over entity-specific inputs. ASC 820 also establishes the following three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of a financial instrument as of the measurement date. • Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical financial instruments in active markets; • Level 2 — inputs to the valuation methodology include quoted prices for similar financial instruments in active or inactive markets, and inputs that are observable for the financial instrument, either directly or indirectly, for substantially the full term of the financial instrument. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists, or instances where prices vary substantially over time or among brokered market makers; and • Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value measurement. Unobservable inputs are those inputs that reflect assumptions that market participants would use when pricing the financial instrument and can include the Valuation Team’s assumptions based upon the best available information. When a determination is made to classify our investments within Level 3 of the valuation hierarchy, such determination is based upon the significance of the unobservable factors to the overall fair value measurement. However, Level 3 financial instruments typically include, in addition to the unobservable, or Level 3, inputs, observable inputs (or components that are actively quoted and can be validated to external sources). The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. As of March 31, 2024 and 2023, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our investment in Funko Acquisition Holdings, LLC (“Funko”), which was valued using Level 2 inputs. We transfer investments in and out of Level 1, 2 and 3 of the valuation hierarchy as of the beginning balance sheet date, based on changes in the use of observable and unobservable inputs utilized to perform the valuation for the period. There were no transfers in or out of Level 1, 2 and 3 during the years ended March 31, 2024 and 2023, respectively. As of March 31, 2024 and 2023, our investments, by security type, at fair value were categorized as follows within the ASC 820 fair value hierarchy: Fair Value Measurements Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of March 31, 2024: Secured first lien debt $ 474,856 $ — $ — $ 474,856 Secured second lien debt 138,703 — — 138,703 Preferred equity 213,480 — — 213,480 Common equity/equivalents 93,465 — 18 (A) 93,447 Total Investments at March 31, 2024 $ 920,504 $ — $ 18 $ 920,486 Fair Value Measurements Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of March 31, 2023: Secured first lien debt $ 437,517 $ — $ — $ 437,517 Secured second lien debt 75,734 — — 75,734 Preferred equity 222,585 — — 222,585 Common equity/equivalents 17,707 — 27 (A) 17,680 Total Investments at March 31, 2023 $ 753,543 $ — $ 27 $ 753,516 (A) Fair value was determined based on the closing market price of shares of Funko, Inc. (our units in Funko can be converted into common shares of Funko, Inc.) at the reporting date less a discount for lack of marketability, as our investment was subject to certain restrictions. The following table presents our investments, valued using Level 3 inputs within the ASC 820 fair value hierarchy, and carried at fair value as of March 31, 2024 and 2023, by caption on our accompanying Consolidated Statements of Assets and Liabilities, and by security type: Total Recurring Fair Value Measurements Reported in Consolidated Statements of Assets and Liabilities Valued Using Level 3 Inputs March 31, 2024 2023 Non-Control/Non-Affiliate Investments Secured first lien debt $ 324,348 $ 279,748 Secured second lien debt 93,340 50,842 Preferred equity 162,522 164,534 Common equity/equivalents (A) 42,005 1,724 Total Non-Control/Non-Affiliate Investments 622,215 496,848 Affiliate Investments Secured first lien debt 147,603 157,769 Secured second lien debt 45,363 24,892 Preferred equity 50,958 58,051 Common equity/equivalents 51,442 15,243 Total Affiliate Investments 295,366 255,955 Control Investments Secured first lien debt 2,905 — Secured second lien debt — — Preferred equity — — Common equity/equivalents — 713 Total Control Investments 2,905 713 Total investments at fair value using Level 3 inputs $ 920,486 $ 753,516 (A) Excludes our investment in Funko with a fair value of $18 thousand and $27 thousand as of March 31, 2024 and 2023, respectively, which was valued using Level 2 inputs. In accordance with ASC 820, the following table provides quantitative information about our investments valued using Level 3 fair value measurements as of March 31, 2024 and 2023. The table below is not intended to be all-inclusive, but rather provides information on the significant Level 3 inputs as they relate to our fair value measurements. The weighted-average calculations in the table below are based on the principal balances for all debt-related calculations and on the cost basis for all equity-related calculations for the particular input. Quantitative Information about Level 3 Fair Value Measurements Fair Value as of Valuation Technique/ Methodology Unobservable Range / Weighted-Average as of March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 Secured first lien debt $ 474,856 $ 432,126 TEV EBITDA multiple 4.2x – 8.8x / 6.4x 4.4x – 7.7x / 6.4x EBITDA $1,091 – $23,547 / $10,509 $4,251 – $19,083 / $10,764 Revenue multiple 0.3x – 0.6x / 0.4x 0.3x – 0.6x / 0.3x Revenue $31,586 – $93,916 / $77,580 $15,483 – $109,615 / $94,957 — 5,391 Yield Analysis Discount Rate N/A 19.4% – 19.9% / 19.7% Secured second lien debt 113,703 62,750 TEV EBITDA multiple 5.1x – 15.0x / 7.0x 5.4x – 6.6x / 6.2x EBITDA $5,648 – $23,003 / $14,192 $4,112 – $6,379 / $5,501 25,000 12,984 Yield Analysis Discount Rate 13.8% – 13.8% / 13.8% 14.0% – 14.0% / 14.0% Preferred equity 213,480 222,585 TEV EBITDA multiple 4.2x – 8.8x / 6.1x 4.4x – 7.7x / 5.9x EBITDA $1,091 – $23,547 / $9,502 $4,251 – $19,083 / $9,486 Revenue multiple 0.3x – 0.6x / 0.4x 0.3x – 0.6x / 0.4x Revenue $31,586 – $93,916 / $75,099 $15,483 – $109,615 / $69,247 Common equity/equivalents (A) 93,447 17,680 TEV EBITDA multiple 5.0x – 15.0x / 6.4x 4.7x – 7.2x / 6.4x EBITDA $1,154 – $63,269 / $23,615 $1,105 – $30,833 / $6,273 Total $ 920,486 $ 753,516 (A) Fair value as of both March 31, 2024 and 2023 excludes our investment in Funko with a fair value of $18 thousand and $27 thousand, respectively, which was valued using Level 2 inputs. Fair value measurements can be sensitive to changes in one or more of the valuation inputs. Changes in discount rates, EBITDA, or EBITDA multiples (or revenue or revenue multiples), each in isolation, may change the fair value of certain of our investments. Generally, an increase/(decrease) in discount rates or a (decrease)/increase in EBITDA or EBITDA multiples (or revenue or revenue multiples) may result in a (decrease)/increase in the fair value of certain of our investments. Changes in Level 3 Fair Value Measurements of Investments The following tables provide our portfolio’s changes in fair value, broken out by security type, during the years ended March 31, 2024 and 2023 for all investments for which the Adviser determines fair value using unobservable (Level 3) inputs. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Secured Secured Preferred Common Total Year ended March 31, 2024: Fair value as of March 31, 2023 $ 437,517 $ 75,734 $ 222,585 $ 17,680 $ 753,516 Total gain (loss): Net realized gain (loss) (A) (4,550) (3,200) 36,833 881 29,964 Net unrealized appreciation (depreciation) (B) (7,859) (1,031) 34,050 37,159 62,319 Reversal of previously recorded (appreciation) depreciation upon realization (B) 3,212 3,200 (35,329) (92) (29,009) New investments, repayments and settlements (C) : Issuances / originations 74,536 64,000 14,688 30,700 183,924 Settlements / repayments (28,000) — — — (28,000) Sales (D) — — (50,726) (1,502) (52,228) Transfers (E) — — (8,621) 8,621 — Fair value as of March 31, 2024 $ 474,856 $ 138,703 $ 213,480 $ 93,447 $ 920,486 Secured Secured Preferred Common Total Year ended March 31, 2023: Fair value as of March 31, 2022 $ 425,087 $ 67,958 $ 217,599 $ 3,678 $ 714,322 Total gain (loss): Net realized gain (loss) (A) — (10,000) 20,778 — 10,778 Net unrealized appreciation (depreciation) (B) (29,552) (5,235) 11,216 13,622 (9,949) Reversal of previously recorded (appreciation) depreciation upon realization (B) — 10,001 (12,250) — (2,249) New investments, repayments and settlements (C) : Issuances / originations 107,200 5,188 21,000 380 133,768 Settlements / repayments (50,800) (6,596) — — (57,396) Sales (D) — — (35,758) — (35,758) Transfers (E) (14,418) 14,418 — — — Fair value as of March 31, 2023 $ 437,517 $ 75,734 $ 222,585 $ 17,680 $ 753,516 (A) Included in net realized gain (loss) on investments on our accompanying Consolidated Statements of Operations for the respective years ended March 31, 2024 and 2023. (B) Included in net unrealized appreciation (depreciation) of investments on our accompanying Consolidated Statements of Operations for the respective years ended March 31, 2024 and 2023. (C) Includes increases in the cost basis of investments resulting from new portfolio investments, the amortization of discounts, and other non-cash disbursements to portfolio companies, as well as decreases in the cost basis of investments resulting from principal repayments or sales, the amortization of premiums and acquisition costs, and other cost-basis adjustments. (D) 2024: Includes $0.3 million of proceeds from the recapitalization of Old World Christmas, Inc. ("Old World") 2023: Includes $13.4 million of proceeds from the recapitalization of Old World and $12.3 million of proceeds from the recapitalization of Horizon Facilities Services, Inc ("Horizon"). (E) 2024 : Transfers represent preferred equity of SFEG Holdings, Inc. ("SFEG") with a total cost basis and fair value of $4.8 million and $8.6 million, respectively, which was converted to common equity in October 2023. 2023 : Transfers include (1) secured second lien debt of Ginsey with a total cost basis and fair value of $12.2 million, which was converted into secured first lien debt in August 2022 and (2) secured first lien debt of PSI Molded Plastics, Inc. with a total cost basis and fair value of $26.6 million, which was converted into secured second lien debt in September 2022. Investment Activity During the fiscal year ended March 31, 2024, the following significant transactions occurred: • In May 2023, we invested $15.3 million in a new portfolio company, Home Concepts Acquisition, Inc. ("Home Concepts"), in the form of $12.0 million of secured first lien debt and $3.3 million of preferred equity. Home Concepts, headquartered in Santa Barbara, California, is a leading home improvement advertising publication focusing on connecting homeowners to high-quality residential repair and remodeling businesses. • In June 2023, we recapitalized our existing investment in Old World and invested an additional $2.5 million in the form of secured first lien debt. In connection with this investment, we received proceeds of $2.2 million, of which $1.9 million was recognized as dividend income and $0.3 million was recognized as a realized gain. • In June 2023, we invested an additional $30.0 million in the form of $25.0 million of secured second lien debt and $5.0 million of common equity in Nth Degree Investment Group, LLC ("Nth Degree") to fund an add-on acquisition. • In June 2023, we received a $1.5 million escrow settlement in connection with our December 2021 exit of SOG Specialty Knives & Tools, LLC, of which $0.6 million was recognized as a return of cost basis and $0.9 million as a realized gain. As a result of the escrow release, there are no remaining assets held by Gladstone SOG Investments, Inc. • In August 2023, we invested an additional $18.7 million in the form of secured first lien debt in Nocturne Luxury Villas, Inc. ("Nocturne") to fund an add-on acquisition. • In September 2023, we invested $46.0 million in a new portfolio company, The E3 Company, LLC ("E3"), in the form of $34.8 million of secured first lien debt and $11.2 million of preferred equity. E3, headquartered in Kilgore, Texas, is a market leader in advanced pressure management solutions for oil and gas well completions. • In October 2023, we invested an additional $64.7 million in the form of $39.0 million of secured second lien debt and $25.7 million of common equity in SFEG to fund an add-on acquisition. In connection with the investment, our existing preferred equity, with a cost basis of $4.8 million, was converted to common equity. • In October 2023, we exited our investment in Counsel Press, Inc., which resulted in success fee income of $1.4 million, a realized gain of $43.5 million and the repayment of our debt investment of $27.5 million at par. • In March 2024, we recognized a $14.7 million realized loss on our preferred and common equity investments and related first and second lien debt investments in The Mountain upon its liquidation and dissolution. Investment Concentrations As of March 31, 2024, our investment portfolio consisted of investments in 24 portfolio companies located in 18 states across 16 different industries with an aggregate fair value of $920.5 million. Our investments in SFEG, Nocturne, Nth Degree, Old World and Brunswick Bowling Products, Inc. represent our five largest portfolio investments at fair value, and collectively comprised $393.5 million, or 42.7%, of our total investment portfolio at fair value as of March 31, 2024. The following table summarizes our investments by security type as of March 31, 2024 and 2023: March 31, 2024 March 31, 2023 Cost Fair Value Cost Fair Value Secured first lien debt $ 513,425 60.1 % $ 474,856 51.6 % $ 471,439 65.4 % $ 437,517 58.1 % Secured second lien debt 144,958 16.9 % 138,703 15.0 % 84,158 11.7 % 75,734 10.1 % Total debt 658,383 77.0 % 613,559 66.6 % 555,597 77.1 % 513,251 68.2 % Preferred equity 145,070 17.0 % 213,480 23.2 % 149,099 20.7 % 222,585 29.5 % Common equity/equivalents 50,837 6.0 % 93,465 10.2 % 15,934 2.2 % 17,707 2.3 % Total equity/equivalents 195,907 23.0 % 306,945 33.4 % 165,033 22.9 % 240,292 31.8 % Total investments $ 854,290 100.0 % $ 920,504 100.0 % $ 720,630 100.0 % $ 753,543 100.0 % Investments at fair value consisted of the following industry classifications as of March 31, 2024 and 2023: March 31, 2024 March 31, 2023 Fair Value Percentage of Total Investments Fair Value Percentage of Diversified/Conglomerate Services $ 264,535 28.7 % $ 268,954 35.7 % Home and Office Furnishings, Housewares, and Durable Consumer Products 160,038 17.3 % 143,685 19.1 % Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) 92,781 10.1 % 20,088 2.7 % Hotels, Motels, Inns, and Gaming 77,366 8.4 % 58,713 7.8 % Buildings and Real Estate 60,431 6.6 % 60,571 8.0 % Oil and Gas 51,171 5.6 % — — % Healthcare, Education, and Childcare 49,638 5.4 % 37,445 5.0 % Leisure, Amusement, Motion Pictures, and Entertainment 39,350 4.3 % 47,616 6.3 % Mining, Steel, Iron and Non-Precious Metals 30,537 3.3 % 25,998 3.5 % Aerospace and Defense 29,064 3.2 % 22,215 2.8 % Chemicals, Plastics, and Rubber 20,363 2.2 % 24,891 3.3 % Printing and Publishing 14,238 1.5 % — — % Cargo Transport 13,500 1.5 % 14,707 2.0 % Telecommunications 9,002 1.0 % 18,987 2.5 % Other < 2.0% 8,490 0.9 % 9,673 1.3 % Total investments $ 920,504 100.0 % $ 753,543 100.0 % Investments at fair value were included in the following geographic regions of the U.S. as of March 31, 2024 and 2023: March 31, 2024 March 31, 2023 Location Fair Value Percentage of Total Investments Fair Value Percentage of Total Investments South $ 346,838 37.7 % $ 171,056 22.7 % West 223,871 24.3 % 197,989 26.3 % Northeast 207,870 22.6 % 266,612 35.4 % Midwest 141,925 15.4 % 117,886 15.6 % Total investments $ 920,504 100.0 % $ 753,543 100 % The geographic region indicates the location of the headquarters for our portfolio companies. A portfolio company may have additional business locations in other geographic regions. Investment Principal Repayments The following table summarizes the contractual principal repayment and maturity of our investment portfolio for the next five fiscal years and thereafter, assuming no voluntary prepayments, as of March 31, 2024: Amount For the fiscal years ending March 31: 2025 $ 72,770 2026 236,193 2027 185,776 2028 38,250 2029 100,394 Thereafter 25,000 Total contractual repayments $ 658,383 Investments in equity securities 195,907 Total cost basis of investments held as of March 31, 2024: $ 854,290 Receivables from Portfolio Companies Receivables from portfolio companies represent non-recurring costs that we incurred on behalf of portfolio companies. Such receivables, net of any allowance for uncollectible receivables, are included in Other assets, net on our accompanying Consolidated Statements of Assets and Liabilities . We generally maintain an allowance for uncollectible receivables from portfolio companies when the receivable balance becomes 90 days or more past due or if it is determined, based upon management’s judgment, that the portfolio company is unable to pay its obligations. We write-off accounts receivable when we have exhausted collection efforts and have deemed the receivables uncollectible. As of March 31, 2024 and 2023, we had gross receivables from portfolio companies of $2.2 million. As of March 31, 2024 and 2023, the allowance for uncollectible receivables was $1.4 million and $1.6 million, respectively. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Transactions with the Adviser We pay the Adviser certain fees as compensation for its services under the Advisory Agreement, consisting of a base management fee and an incentive fee and a loan servicing fee for the Adviser’s role as servicer pursuant to the Credit Facility, all as described below. On July 11, 2023, our Board of Directors, including a majority of the directors who are not parties to the Advisory Agreement or interested persons of either party, approved the annual renewal of the Advisory Agreement through August 31, 2024. Two of our executive officers, David Gladstone (our chairman and chief executive officer) and Terry Lee Brubaker (our chief operating officer) serve as directors and executive officers of the Adviser, which is 100% indirectly owned and controlled by Mr. Gladstone. David Dullum (our president) is also the executive vice president of private equity (buyouts) of the Adviser. Michael LiCalsi, our general counsel and secretary (who also serves as the Administrator’s president, general counsel and secretary), is also the executive vice president of administration, general counsel, and secretary of our Adviser. The following table summarizes the base management fees, loan servicing fees, incentive fees, and associated non-contractual, unconditional, and irrevocable credits reflected in our accompanying Consolidated Statements of Operations : Year Ended March 31, 2024 2023 2022 Average total assets subject to base management fee (A) $ 875,000 $ 739,900 $ 705,650 Multiplied by annual base management fee of 2.0% 2.0 % 2.0 % 2.0 % Base management fee (B) 17,500 14,798 14,113 Credits to fees from Adviser - other (B) (5,596) (3,811) (6,497) Net base management fee $ 11,904 $ 10,987 $ 7,616 Loan servicing fee (B) $ 9,118 $ 7,880 $ 7,178 Credits to base management fee - loan servicing fee (B) (9,118) (7,880) (7,178) Net loan servicing fee $ — $ — $ — Incentive fee – income-based $ 8,336 $ 9,176 $ 8,074 Incentive fee – capital gains-based (C) 12,711 (296) 18,286 Total incentive fee (B) 21,047 8,880 26,360 Credits to fees from Adviser - other (B) — — — Net total incentive fee $ 21,047 $ 8,880 $ 26,360 (A) Average total assets subject to the base management fee is defined in the Advisory Agreement as total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings, valued at the end of the applicable quarters within the respective periods and adjusted appropriately for any share issuances or repurchases during the periods. (B) Reflected as a line item on our accompanying Consolidated Statements of Operations . (C) The capital gains-based incentive fees are recorded in accordance with GAAP and do not necessarily reflect amounts contractually due under the terms of the Advisory Agreement. Base Management Fee The base management fee is payable quarterly to the Adviser pursuant to our Advisory Agreement and is assessed at an annual rate of 2.0%, computed on the basis of the value of our average gross assets at the end of the two most recently completed quarters (inclusive of the current quarter), which are total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings, valued at the end of the applicable quarters within the respective period and adjusted appropriately for any share issuances or repurchases during the period. Additionally, pursuant to the requirements of the 1940 Act, the Adviser makes available significant managerial assistance to our portfolio companies. The Adviser may also provide other services to our portfolio companies under certain agreements and may receive fees for services other than managerial assistance. Such services may include: (i) assistance obtaining, sourcing or structuring credit facilities, long term loans or additional equity from unaffiliated third parties; (ii) negotiating important contractual financial relationships; (iii) consulting services regarding restructuring of the portfolio company and financial modeling as it relates to raising additional debt and equity capital from unaffiliated third parties; and (iv) taking a primary role in interviewing, vetting, and negotiating employment contracts with candidates in connection with adding and retaining key portfolio company management team members. The Adviser non-contractually, unconditionally, and irrevocably credits 100% of any fees received for such services against the base management fee that we would otherwise be required to pay to the Adviser; however, pursuant to the terms of the Advisory Agreement, a small percentage of certain of such fees, was retained by the Adviser in the form of reimbursement, at cost, for tasks completed by personnel of the Adviser, primarily related to the valuation of portfolio companies. For the years ended March 31, 2024, 2023, and 2022, these credits totaled $0.3 million, $0.2 million, and $0.3 million, respectively. Loan Servicing Fee The Adviser also services the loans held by our wholly-owned subsidiary, Business Investment (the borrower under the Credit Facility), in return for which the Adviser receives a 2.0% annual fee based on the monthly aggregate outstanding balance of loans pledged under the Credit Facility. Since Business Investment is a consolidated subsidiary of ours, coupled with the fact that the total base management fee paid to the Adviser pursuant to the Advisory Agreement cannot exceed 2.0% of total assets (less any uninvested cash or cash equivalents resulting from borrowings) during any given calendar year, we treat payment of the loan servicing fee pursuant to the Credit Facility as a pre-payment of the base management fee under the Advisory Agreement. Accordingly, these loan servicing fees are 100% non-contractually, unconditionally, and irrevocably credited back to us by the Adviser. Incentive Fee The incentive fee payable to the Adviser under our Advisory Agreement consists of two parts: an income-based incentive fee and a capital gains-based incentive fee. The income-based incentive fee rewards the Adviser if our quarterly net investment income (before giving effect to any incentive fee) exceeds 1.75% of our net assets, which we define as total assets less indebtedness and before taking into account any incentive fees payable or contractually due but not payable during the period, at the end of the immediately preceding calendar quarter, adjusted appropriately for any share issuances or repurchases during the period (the “Hurdle Rate”). The income-based incentive fee with respect to our pre-incentive fee net investment income is payable quarterly to the Adviser and is computed as follows: • No incentive fee in any calendar quarter in which our pre-incentive fee net investment income does not exceed the Hurdle Rate; • 100.0% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate but is less than 2.1875% of our net assets, adjusted appropriately for any share issuances or repurchases during the period, in any calendar quarter; and • 20.0% of the amount of our pre-incentive fee net investment income, if any, that exceeds 2.1875% of our net assets, adjusted appropriately for any share issuances or repurchases during the period, in any calendar quarter. The second part of the incentive fee is a capital gains-based incentive fee that is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date), and equals 20.0% of our realized capital gains, less any realized capital losses and unrealized depreciation, calculated as of the end of the preceding calendar year. The capital gains-based incentive fee payable to the Adviser is calculated based on (i) cumulative aggregate realized capital gains since our inception, less (ii) cumulative aggregate realized capital losses since our inception, less (iii) the entire portfolio’s aggregate unrealized capital depreciation, if any, as of the date of the calculation. If this number is positive at the applicable calculation date, then the capital gains-based incentive fee for such year equals 20.0% of such amount, less the aggregate amount of any capital gains-based incentive fees paid in respect of our portfolio in all prior years. For calculation purposes, cumulative aggregate realized capital gains, if any, equals the sum of the excess between the net sales price of each investment, when sold, and the original cost of such investment since our inception. Cumulative aggregate realized capital losses equals the sum of the deficit between the net sales price of each investment, when sold, and the original cost of such investment since our inception. The entire portfolio’s aggregate unrealized capital depreciation, if any, equals the sum of the deficit between the fair value of each investment security as of the applicable calculation date and the original cost of such investment security. As of and for the years ended March 31, 2024 and 2022, capital gains-based incentive fees of $1.1 million and $5.3 million, respectively, were contractually due and paid to the Adviser. For the year ended March 31, 2023, no capital gains-based incentive fees were contractually due and paid to the Adviser. In accordance with GAAP, accrual of the capital gains-based incentive fee is determined as if our investments had been liquidated at their fair values as of the end of the reporting period. Therefore, GAAP requires that the capital gains-based incentive fee accrual consider the aggregate unrealized capital appreciation in the calculation, as a capital gains-based incentive fee would be payable if such unrealized capital appreciation were realized. There can be no assurance that any such unrealized capital appreciation will be realized in the future. Accordingly, a GAAP accrual is calculated at the end of the reporting period based on (i) cumulative aggregate realized capital gains since our inception, plus (ii) the entire portfolio’s aggregate unrealized capital appreciation, if any, less (iii) cumulative aggregate realized capital losses since our inception, less (iv) the entire portfolio’s aggregate unrealized capital depreciation, if any. If such amount is positive at the end of a reporting period, a capital gains-based incentive fee equal to 20.0% of such amount, less the aggregate amount of capital gains-based incentive fees accrued in all prior years, is recorded, regardless of whether such amount is contractually due under the terms of the Advisory Agreement. If such amount is negative, then there is no accrual for such period and prior period accruals are reversed, as appropriate. During the years ended March 31, 2024, 2023 and 2022, we recorded/(reversed) capital gains-based incentive fees of $12.7 million, $(0.3) million and $18.3 million, respectively. Transactions with the Administrator We reimburse the Administrator pursuant to the Administration Agreement for our allocable portion of the Administrator’s expenses incurred while performing services to us, which are primarily rent and salaries and benefits expenses of the Administrator’s employees, including, our chief financial officer and treasurer, chief valuation officer, chief compliance officer, and general counsel and secretary, and their respective staffs. Two of our executive officers, David Gladstone (our chairman and chief executive officer) and Terry Lee Brubaker (our chief operating officer) serve as members of the board of managers and executive officers of the Administrator, which is 100% indirectly owned and controlled by Mr. Gladstone. Another of our officers, Mr. LiCalsi (our general counsel and secretary), serves as the Administrator’s president as well as the executive vice president of administration, general counsel, and secretary for the Adviser. Our allocable portion of the Administrator’s expenses is generally derived by multiplying the Administrator’s total expenses by the approximate percentage of time during the current quarter the Administrator’s employees performed services for us in relation to their time spent performing services for all companies serviced by the Administrator. On July 11, 2023, our Board of Directors, including a majority of the directors who are not parties to the Administration Agreement or interested persons of either party, approved the annual renewal of the Administration Agreement through August 31, 2024. Administration fees for each of the years ended March 31, 2024, 2023, and 2022 were $1.8 million. Transactions with Gladstone Securities, LLC Gladstone Securities, LLC (“Gladstone Securities”) is a privately held broker dealer registered with the Financial Industry Regulatory Authority and insured by the Securities Investor Protection Corporation. Gladstone Securities is an affiliate of ours, as its parent company is 100% indirectly owned and controlled by David Gladstone, our chairman and chief executive officer. Mr. Gladstone also serves on the board of managers of Gladstone Securities. Other Transactions From time to time, Gladstone Securities provides services, such as investment banking and due diligence services, to certain of our portfolio companies, for which it receives a fee. Any such fees paid by portfolio companies to Gladstone Securities do not impact the fees we pay to the Adviser or the non-contractual, unconditional, and irrevocable credits against the base management fee. During the years ended March 31, 2024, 2023, and 2022, the fees received by Gladstone Securities from portfolio companies totaled $0.3 million, $1.6 million, and $3.2 million, respectively. Related Party Fees Due Amounts due to related parties on our accompanying Consolidated Statements of Assets and Liabilities were as follows: As of March 31, 2024 2023 Base management and loan servicing fee due to Adviser, net of credits $ 2,386 $ 1,574 Incentive fee due to Adviser (A) 38,936 27,259 Other due to Adviser 22 86 Total fees due to Adviser $ 41,344 $ 28,919 Fee due to Administrator 727 716 Total related party fees due $ 42,071 $ 29,635 (A) Includes a capital gains-based incentive fee of $36.7 million and $25.1 million as of March 31, 2024 and 2023, respectively, recorded in accordance with GAAP requirements and which was not contractually due under the terms of the Advisory Agreement. Refer to Note 4 — Related Party Transactions — Transactions with the Adviser — Incentive Fee for additional information, including capital gains-based incentive fee payments made. Net expenses receivable from Gladstone Capital Corporation, one of our affiliated funds, for reimbursement of certain co-investment expenses, there were $0.1 million of co-investment expenses as of March 31, 2024. There were no co-investment expenses as of March 31, 2023. These amounts are generally settled in the quarter subsequent to being incurred and have been included in Other assets, net on the accompanying Consolidated Statements of Assets and Liabilities as of March 31, 2024 and 2023, respectively. |
BORROWINGS
BORROWINGS | 12 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
BORROWINGS | BORROWINGS Revolving Line of Credit On February 5, 2024, we, through our wholly-owned subsidiary, Business Investment, entered into Amendment No. 9 to the Credit Facility with KeyBank National Association (“KeyBank”), as administrative agent, joint lead arranger and lender, Fifth Third Bank as managing agent, joint lead arranger and lender, the Adviser, as servicer, and certain other lenders party thereto. The Credit Facility was amended to increase the size from $135.0 million to $200.0 million and update certain existing terms. The Credit Facility continues to include customary terms, covenants, events of default and constraints on borrowing availability based on collateral tests for a credit facility of its size and nature. On October 30, 2023, we, through our wholly-owned subsidiary, Business Investment, entered into Amendment No. 8 to the Credit Facility. The revolving period was extended to October 30, 2026, and if not renewed or extended by such date, all principal and interest will be due and payable on October 30, 2028 (two years after the revolving period end date). The size of the Credit Facility was reduced from $180.0 million to $135.0 million. On April 10, 2023, we, through our wholly-owned subsidiary, Business Investment, entered into Amendment No. 7 to the Credit Facility. The reference rate was updated from LIBOR to Term SOFR plus an 11 basis point credit spread adjustment. Advances under the Credit Facility generally bear interest at 30-day Term SOFR, subject to a floor of 0.35%, plus 3.15% per annum until October 30, 2026, with the margin then increasing to 3.40% for the period from October 30, 2026 to October 30, 2027, and increasing further to 3.65% thereafter with a SOFR credit spread adjustment of 10 basis points. The Credit Facility has an unused commitment fee on the daily unused commitment amount of 0.50% per annum if the daily unused commitment amount is less than or equal to 50% of the total commitment amount, 0.75% per annum if the daily unused commitment amount is greater than 50% but less than or equal to 65% of the total commitment amount, and 1.00% per annum if the daily unused commitment amount is greater than 65% of the total commitment amount. The following tables summarize noteworthy information related to the Credit Facility: As of March 31, 2024 2023 Commitment amount $ 200,000 $ 180,000 Borrowings outstanding at cost $ 67,000 $ 35,200 Availability (A) $ 133,000 $ 144,800 For the Years Ended March 31 2024 2023 2022 Weighted-average borrowings outstanding $ 60,980 $ 16,186 $ 18,051 Effective interest rate (B) 10.1 % 17.3 % 12.5 % Commitment (unused) fees incurred $ 986 $ 1,655 $ 1,641 (A) Availability is subject to various constraints, characteristics, and applicable advance rates based on collateral quality under the Credit Facility, which equated to an adjusted availability of $133.0 million and $144.8 million as of March 31, 2024 and 2023, respectively. (B) Excludes the impact of deferred financing costs and includes unused commitment fees. Interest is payable monthly during the term of the Credit Facility. Available borrowings are subject to various constraints and applicable advance rates, which are generally based on the size, characteristics, and quality of the collateral pledged by Business Investment. The Credit Facility also requires that any interest and principal payments on pledged loans be remitted directly by the borrower into a lockbox account with KeyBank. KeyBank is also the trustee of the account and generally remits the collected funds to us once a month. Amounts collected in the lockbox account with KeyBank are presented as Due from administrative agent on the accompanying Consolidated Statements of Assets and Liabilities. Among other things, the Credit Facility contains a performance guaranty that requires us to maintain (i) a minimum net worth of the greater of $210.0 million or $210.0 million plus 50% of all equity and subordinated debt raised minus 50% of any equity or subordinated debt redeemed or retired after November 16, 2016, which equated to $348.7 million as of March 31, 2024, (ii) asset coverage with respect to senior securities representing indebtedness of at least 150% (or such percentage as may be set forth in Section 18 of the 1940 Act, as modified by Section 61 of the 1940 Act); and (iii) our status as a BDC under the 1940 Act and as a RIC under the Code. As of March 31, 2024, and as defined in the performance guaranty of the Credit Facility, we had a net worth of $822.4 million, asset coverage on our senior securities representing indebtedness of 219.0%, calculated in compliance with the requirements of Sections 18 and 61 of the 1940 Act, and an active status as a BDC and RIC. As of March 31, 2024, we were in compliance with all covenants under the Credit Facility. Fair Value We elected to apply the fair value option of ASC Topic 825, “ Financial Instruments ,” to the Credit Facility, which was consistent with our application of ASC 820 to our investments. Generally, the fair value of the Credit Facility is determined using a yield analysis, which includes a DCF calculation and also takes into account the assumptions the Valuation Team believes market participants would use, including the estimated remaining life, counterparty credit risk, current market yield and interest rate spreads of similar securities as of the measurement date. At March 31, 2024, the discount rate used to determine the fair value of the Credit Facility was 30-day Term SOFR, with a 0.35% floor, plus 3.25% per annum, plus an unused commitment fee of 1.0%. At March 31, 2023, the discount rate used to determine the fair value of the Credit Facility was 30-day LIBOR, with a 0.50% floor, plus 2.94% per annum, plus an unused commitment fee of 1.0%. Generally, an increase or decrease in the discount rate used in the DCF calculation may result in a corresponding decrease or increase, respectively, in the fair value of the Credit Facility. At each of March 31, 2024 and 2023, the Credit Facility was valued using Level 3 inputs and any changes in its fair value are recorded in Net unrealized appreciation (depreciation) of other on our accompanying Consolidated Statements of Operations . The following tables provide relevant information and disclosures about the Credit Facility as of and for the years ended March 31, 2024 and 2023, as required by ASC 820: Level 3 – Borrowings Recurring Fair Value Measurements Reported in Consolidated Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3) As of March 31, 2024 2023 Credit Facility $ 67,000 $ 35,171 Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3) Reported in Consolidated Statements of Assets and Liabilities Credit Facility Year ended March 31, 2024: Fair value at March 31, 2023 $ 35,171 Borrowings 242,300 Repayments (210,500) Unrealized appreciation 29 Fair value at March 31, 2024 $ 67,000 Year ended March 31, 2023: Fair value at March 31, 2022 $ — Borrowings 102,500 Repayments (67,300) Unrealized depreciation (29) Fair value at March 31, 2023 $ 35,171 The fair value of the collateral under the Credit Facility was $717.3 million and $639.5 million as of March 31, 2024 and 2023, respectively. Notes Payable 5.00% Notes due 2026 In March 2021 , we completed a public offering of 5.00% Notes due 2026 with an aggregate principal amount of $127.9 million (the “ 5.00% 2026 Notes”), which resulted in net proceeds of approximately $123.8 million after deducting underwriting discounts, commissions and offering costs borne by us. The 5.00% 2026 Notes are traded under the ticker symbol “GAINN” on the Nasdaq Global Select Market (“Nasdaq”). The 5.00% 2026 Notes will mature on May 1, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company's option. The 5.00% 2026 Notes bear interest at a rate of 5.00% per year, which is payable quarterly in arrears. The indenture relating to the 5.00% 2026 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), we will provide the holders of the 5.00% 2026 Notes, and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. The 5.00% 2026 Notes are recorded at the aggregate principal amount, less underwriting discounts, commissions, and offering costs, on our accompanying Consolidated Statements of Assets and Liabilities . Total underwriting discounts, commissions, and offering costs related to this offering were $4.1 million, which have been recorded as discounts to the aggregate principal amount on our accompanying Consolidated Statements of Assets and Liabilities and are being amortized over the period ending May 1, 2026, the maturity date. 4.875% Notes due 2028 In August 2021 , we completed a public offering of 4.875% Notes due 2028 with an aggregate principal amount of $134.6 million (the “ 4.875% 2028 Notes”), which resulted in net proceeds of approximately $131.3 million after deducting underwriting discounts, commissions and offering costs borne by us. The 4.875% 2028 Notes are traded under the ticker symbol “GAINZ” on Nasdaq. The 4.875% 2028 Notes will mature on November 1, 2028 and may be redeemed in whole or in part at any time or from time to time at the Company's option. The 4.875% 2028 Notes bear interest at a rate of 4.875% per year, which is payable quarterly in arrears. The indenture relating to the 4.875% 2028 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Exchange Act, we will provide the holders of the 4.875% 2028 Notes, and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. The 4.875% 2028 Notes are recorded at the aggregate principal amount, less underwriting discounts, commissions, and offering costs, on our accompanying Consolidated Statements of Assets and Liabilities . Total underwriting discounts, commissions, and offering costs related to this offering were $3.3 million, which have been recorded as discounts to the aggregate principal amount on our accompanying Consolidated Statements of Assets and Liabilities and are being amortized over the period ending November 1, 2028, the maturity date. 8.00% Notes due 2028 In May 2023, we completed a public offering of 8.00% Notes due 2028 with an aggregate principal amount of $74.8 million (the “8.00% 2028 Notes”), which resulted in net proceeds of approximately $72.3 million after deducting underwriting discounts, commissions and offering costs borne by us. The 8.00% 2028 Notes are traded under the ticker symbol “GAINL” on Nasdaq. The 8.00% 2028 Notes will mature on August 1, 2028 and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after August 1, 2025. The 8.00% 2028 Notes bear interest at a rate of 8.00% per year, which is payable quarterly in arrears. The indenture relating to the 8.00% 2028 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Exchange Act, we will provide the holders of the 8.00% 2028 Notes and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. The 8.00% 2028 Notes are recorded at the aggregate principal amount, less underwriting discounts, commissions, and offering costs, on our accompanying Consolidated Statements of Assets and Liabilities . Total underwriting discounts, commissions, and offering costs related to this offering were $2.5 million, which have been recorded as discounts to the aggregate principal amount on our accompanying Consolidated Statements of Assets and Liabilities and are being amortized over the period ending August 1, 2028, the maturity date. The following tables summarizes the 5.00% 2026 Notes, 4.875% 2028 Notes and 8.00% 2028 Notes as of March 31, 2024 and 2023: As of March 31, 2024: Description Ticker Date Issued Maturity Date (A) Interest Notes Principal Aggregate 5.00% 2026 Notes GAINN March 2, 2021 May 1, 2026 5.00% 5,117,500 $ 25.00 $ 127,938 4.875% 2028 Notes GAINZ August 18, 2021 November 1, 2028 4.875% 5,382,000 $ 25.00 134,550 8.00% 2028 Notes GAINL May 31, 2023 August 1, 2028 8.00% 2,990,000 $ 25.00 74,750 Notes payable, gross (B) 13,489,500 337,238 Less: Unamortized Discounts (5,893) Notes payable, net (C) $ 331,345 As of March 31, 2023: Description Ticker Date Issued Maturity Date (A) Interest Notes Principal Aggregate 5.00% 2026 Notes GAINN March 2, 2021 May 1, 2026 5.00% 5,117,500 $ 25.00 $ 127,938 4.875% 2028 Notes GAINZ August 18, 2021 November 1, 2028 4.875% 5,382,000 $ 25.00 134,550 Notes payable, gross (B) 10,499,500 262,488 Less: Unamortized Discounts (5,052) Notes payable, net (C) $ 257,436 (A) The 5.00% 2026 Notes and the 4.875% 2028 Notes can be redeemed at our option at any time. The 8.00% 2028 Notes can be redeemed at our option at any time on or after August 1, 2025. (B) As of March 31, 2024 and 2023, asset coverage on our senior securities representing indebtedness, calculated pursuant to Sections 18 and 61 of the 1940 Act, was 219.0% and 244.7%, respectively. (C) Reflected as a line item on our accompanying Consolidated Statements of Assets and Liabilities . The fair value based on the last reported closing prices of the 5.00% 2026 Notes, 4.875% 2028 Notes, and 8.00% 2028 Notes as of March 31, 2024 was $123.9 million, $123.7 million, and $77.3 million, respectively. The fair value based on the last reported closing prices of the 5.00% 2026 Notes and 4.875% 2028 Notes as of March 31, 2023 was $121.5 million and $127.4 million, respectively. We consider the closing prices of the 5.00% 2026 Notes, 4.875% 2028 Notes and 8.00% 2028 Notes to be a Level 1 inputs within the ASC 820 hierarchy. Secured Borrowing In August 2012, we entered into a participation agreement with a third-party related to $5.0 million of our secured second lien term debt investment in Ginsey and in May 2014, we amended the agreement with the third-party to include an additional $0.1 million. ASC Topic 860, “ Transfers and Servicing ” required us to treat the participation as a financing-type transaction. Specifically, the third-party had a senior claim to our remaining investment in the event of default by Ginsey which, in part, resulted in the loan participation bearing a rate of interest lower than the contractual rate established at origination. Therefore, our accompanying Consolidated Statements of Assets and Liabilities as of March 31, 2022 reflect the entire secured second lien term debt investment in Ginsey and a corresponding $5.1 million secured borrowing liability. In conjunction with the August 2022 refinancing at Ginsey, the $5.1 million secured borrowing liability was extinguished. |
MANDATORILY REDEEMABLE PREFERRE
MANDATORILY REDEEMABLE PREFERRED STOCK | 12 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
MANDATORILY REDEEMABLE PREFERRED STOCK | MANDATORILY REDEEMABLE PREFERRED STOCK In August 2021, we used a portion of the proceeds from the issuance of the 4.875% 2028 Notes to voluntarily redeem all outstanding shares of the 6.375% Series E Cumulative Term Preferred Stock (“Series E Term Preferred Stock” or “Series E”), which had a liquidation preference of $25.00 per share. In connection with the voluntary redemption of the Series E Term Preferred Stock, we incurred a loss on extinguishment of debt of $2.0 million, which was recorded in Realized loss on other in our accompanying Consolidated Statements of Operations and which was primarily comprised of unamortized deferred issuance costs at the time of redemption. The following tables summarize dividends declared by our Board of Directors and paid by us on each of the Series E Term Preferred Stock during the year ended March 31, 2022: For the Year Ended March 31, 2022 : Declaration Date Record Payment Date Dividend per Share of Series E Term Preferred Stock (A) April 13, 2021 April 23, 2021 April 30, 2021 $ 0.13281250 April 13, 2021 May 19, 2021 May 28, 2021 0.13281250 April 13, 2021 June 18, 2021 June 30, 2021 0.13281250 July 13, 2021 July 23, 2021 July 30, 2021 0.13281250 July 13, 2021 August 23, 2021 August 31, 2021 0.07968750 (B) Total $ 0.61093750 (A) We voluntarily redeemed all outstanding shares of the Series E Term Preferred Stock on August 19, 2021 (B) Represents accrued and unpaid dividends up to, but excluding, the redemption date of August 19, 2021. The federal income tax characteristics of dividends paid to our preferred stockholders generally constitute ordinary income or capital gains to the extent of our current and accumulated earnings and profits and are reported after the end of the calendar year based on tax information for the full fiscal year. The tax characterization of dividends paid to our preferred stockholders during the calendar year ended December 31, 2021 was 71.3% from ordinary income and 28.7% from capital gains. To qualify to be taxed as a RIC under Subchapter M of the Code, we must generally distribute to our stockholders, for each taxable year, at least 90% of our Investment Company Taxable Income. The amount to be paid out as distributions to our stockholders is determined by our Board of Directors and is based upon management’s estimate of Investment Company Taxable Income and net long-term capital gains, as well as amounts to be distributed in accordance with Section 855(a) of the Code. Based on that estimate, our Board of Directors declares monthly distributions, and supplemental distributions, as appropriate, to stockholders each quarter and deemed distributions of long-term capital gains annually as of the end of the fiscal year, as applicable. The U.S. federal income tax characteristics of cash distributions paid to our common stockholders generally are reported to stockholders on IRS Form 1099 after the end of each calendar year. Estimates of tax characterization made on a quarterly basis may not be representative of the actual tax characterization of cash distributions for the full year. Estimates made on a quarterly basis are updated as of each interim reporting date. The tax characterization of cash distributions paid to our common stockholders during the calendar year ended December 31, 2023 was 53.2% from ordinary income and 46.8% from capital gains. The tax characterization of cash distributions paid to our common stockholders during the calendar year ended December 31, 2022 was 61.2% from ordinary income and 38.8% from capital gains . We paid the following cash distributions to our common stockholders for the years ended March 31, 2024, 2023 and 2022. For the Year Ended March 31, 2024 : Declaration Date Record Date Payment Date Distribution April 11, 2023 April 21, 2023 April 28, 2023 $ 0.080 April 11, 2023 May 23, 2023 May 31, 2023 0.080 April 11, 2023 June 5, 2023 June 15, 2023 0.120 (A) April 11, 2023 June 21, 2023 June 30, 2023 0.080 July 11, 2023 July 21, 2023 July 31, 2023 0.080 July 11, 2023 August 23, 2023 August 31, 2023 0.080 July 11, 2023 September 7, 2023 September 15, 2023 0.120 (A) July 11, 2023 September 21, 2023 September 29, 2023 0.080 October 10, 2023 October 20, 2023 October 31, 2023 0.080 October 10, 2023 November 7, 2023 November 17, 2023 0.120 (A) October 10, 2023 November 20, 2023 November 30, 2023 0.080 October 24, 2023 December 5, 2023 December 15, 2023 0.880 (A) October 10, 2023 December 18, 2023 December 29, 2023 0.080 January 9, 2024 January 23, 2024 January 31, 2024 0.080 January 9, 2024 February 21, 2024 February 29, 2024 0.080 January 9, 2024 March 21, 2024 March 29, 2024 0.080 Year ended March 31, 2024 $ 2.200 For the Year Ended March 31, 2023 : Declaration Date Record Date Payment Date Distribution April 12, 2022 April 22, 2022 April 29, 2022 $ 0.075 April 12, 2022 May 20, 2022 May 31, 2022 0.075 April 12, 2022 June 6, 2022 June 15, 2022 0.120 (A) April 12, 2022 June 22, 2022 June 30, 2022 0.075 July 12, 2022 July 22, 2022 July 29, 2022 0.075 July 12, 2022 August 23, 2022 August 31, 2022 0.075 July 12, 2022 September 22, 2022 September 30, 2022 0.075 October 11, 2022 October 21, 2022 October 31, 2022 0.080 October 11, 2022 November 18, 2022 November 30, 2022 0.080 October 11, 2022 December 6, 2022 December 15, 2022 0.120 (A) October 11, 2022 December 20, 2022 December 30, 2022 0.080 January 10, 2023 January 20, 2023 January 31, 2023 0.080 January 10, 2023 February 17, 2023 February 28, 2023 0.080 January 10, 2023 March 3, 2023 March 15, 2023 0.240 (A) January 10, 2023 March 17, 2023 March 31, 2023 0.080 Year ended March 31, 2023: $ 1.410 For the Year Ended March 31, 2022 : Declaration Date Record Date Payment Date Distribution April 13, 2021 April 23, 2021 April 30, 2021 $ 0.070 April 13, 2021 May 19, 2021 May 28, 2021 0.070 April 13, 2021 June 8, 2021 June 17, 2021 0.060 (A) April 13, 2021 June 18, 2021 June 30, 2021 0.070 July 13, 2021 July 23, 2021 July 30, 2021 0.070 July 13, 2021 August 23, 2021 August 31, 2021 0.070 July 13, 2021 September 3, 2021 September 15, 2021 0.030 (A) July 13, 2021 September 22, 2021 September 30, 2021 0.070 October 12, 2021 October 22, 2021 October 29, 2021 0.075 October 12, 2021 November 19, 2021 November 30, 2021 0.075 October 12, 2021 December 7, 2021 December 15, 2021 0.090 (A) October 12, 2021 December 23, 2021 December 31, 2021 0.075 January 11, 2022 January 21, 2022 January 31, 2022 0.075 January 11, 2022 February 4, 2022 February 14, 2022 0.120 (A) January 11, 2022 February 18, 2022 February 28, 2022 0.075 January 11, 2022 March 23, 2022 March 31, 2022 0.075 Year ended March 31, 2022: $ 1.170 (A) Represents a supplemental distribution to common stockholders. Aggregate cash distributions to our common stockholders declared and paid for the years ended March 31, 2024, 2023 and 2022 were $76.1 million, $47.0 million, and $38.9 million, respectively. For the fiscal years ended March 31, 2024, 2023, and 2022, Investment Company Taxable Income exceeded distributions declared and paid, and, in accordance with Section 855(a) of the Code, we elected to treat $18.7 million, $21.4 million, and $13.9 million, respectively, of the first distributions paid subsequent to fiscal year-end, as having been paid in the prior year. In addition, for the fiscal years ended March 31, 2024, 2023, and 2022, net capital gains exceeded distributions declared and paid, and, in accordance with Section 855(a) of the Code, we elected to treat $1.4 million, $10.6 million, and $15.7 million, respectively, of the first distributions paid subsequent to fiscal year-end as having been paid in the prior year. We may distribute our net long-term capital gains, if any, in cash or elect to retain some or all of such gains, pay taxes at the U.S. federal corporate-level income tax rate on the amount retained, and designate the retained amount as a “deemed distribution.” If we elect to retain net long-term capital gains and deem them distributed, each U.S. common stockholder will be treated as if they received a distribution of their pro-rata share of the retained net long-term capital gain and the U.S. federal income tax paid. As a result, each U.S. common stockholder will (i) be required to report their pro-rata share of the retained gain on their tax return as long-term capital gain, (ii) receive a refundable tax credit for their pro-rata share of federal income tax paid by us on the retained gain, and (iii) increase the tax basis of their shares of common stock by an amount equal to the deemed distribution less the tax credit. To use the deemed distribution approach, we must provide written notice to our common stockholders prior to the expiration of 60 days after the close of the relevant taxable year. For the years ended March 31, 2024, 2023, and 2022 we did not elect to retain long-term capital gains and to treat them as deemed distributions to common stockholders. The components of our net assets on a tax basis were as follows: Year Ended March 31, 2024 2023 Common stock $ 37 $ 34 Capital in excess of par value 444,706 401,798 Cumulative unrealized appreciation of investments 64,737 31,129 Cumulative unrealized depreciation of other — 29 Undistributed ordinary income 18,708 21,380 Undistributed capital gain 1,373 10,552 Other temporary differences (36,850) (25,180) Net Assets $ 492,711 $ 439,742 For the years ended March 31, 2024 and 2023, we recorded the following adjustments for estimated permanent book-tax differences to reflect tax character. Results of operations, total net assets, and cash flows were not affected by these adjustments. Tax Year Ended March 31, 2024 2023 Underdistributed (overdistributed) net investment income $ 1,695 $ 1,301 Accumulated net realized gain in excess of distributions $ (881) $ 263 Capital in excess of par value $ (814) $ (1,564) |
REGISTRATION STATEMENT AND COMM
REGISTRATION STATEMENT AND COMMON EQUITY OFFERINGS | 12 Months Ended |
Mar. 31, 2024 | |
Government Assistance [Abstract] | |
REGISTRATION STATEMENT AND COMMON EQUITY OFFERINGS | REGISTRATION STATEMENT AND COMMON EQUITY OFFERINGS Registration Statement On February 28, 2024, we filed a registration statement on Form N-2 (File No. 333-277452), which the SEC declared effective on April 18, 2024. The registration statement permits us to issue, through one or more transactions, up to an aggregate of $450.0 million in securities, consisting of common stock, preferred stock, subscription rights, debt securities, and warrants to purchase common stock, preferred stock, or debt securities, including through concurrent, separate offerings of such securities. As of the date of this report, we have the ability to issue up to $450.0 million of the securities registered under the registration statement. On September 3, 2021, we filed a registration statement on Form N-2 (File No. 333-259302), which the SEC declared effective on October 15, 2021. The registration statement permitted us to issue, through one or more transactions, up to an aggregate of $300.0 million in securities, consisting of common stock, preferred stock, subscription rights, debt securities, and warrants to purchase common stock, preferred stock, or debt securities, including through concurrent, separate offerings of such securities. As of March 31, 2024, we had the ability to issue up to $175.3 million of the securities registered under the registration statement. This registration statement was terminated on April 18, 2024. Common Equity Offerings In August 2022, we entered into equity distribution agreements with Oppenheimer & Co. and Virtu Americas LLC (each a “Sales Agent”), under which we have the ability to issue and sell shares of our common stock, from time to time, through the Sales Agents, up to an aggregate offering price of $50.0 million in what is commonly referred to as an “at-the-market” program (“Common Stock ATM Program”). In August 2023, we entered into an equity distribution agreement with B. Riley Securities, Inc. and entered into amendments to the agreements with Oppenheimer & Co. Inc. and Virtu Americas LLC in order to add B. Riley Securities, Inc. as a Sales Agent for the Common Stock ATM Program. As of March 31, 2024, we had no remaining capacity under the Common Stock ATM program. During the year ended March 31, 2024, we sold 3,097,162 shares of our common stock under the Common Stock ATM Program at a weighted-average gross price of $14.37 per share and raised approximately $44.5 million of gross proceeds. The weighted-average net price per share, after deducting commissions and offering costs borne by us, was $14.12 and resulted in total net proceeds of approximately $43.7 million. These sales were above our then current NAV per share. During the year ended March 31, 2023, we sold 386,482 shares of our common stock under the Common Stock ATM Program at a weighted-average gross price of $14.21 per share and raised approximately $5.5 million of gross proceeds. The weighted-average net price per share, after deducting commissions and offering costs borne by us, was $14.01 and resulted in total net proceeds of approximately $5.4 million. These sales were above our then current NAV per share. In December 2019, we entered into equity distribution agreements with Wedbush Securities, Inc., Cantor Fitzgerald & Co., and Ladenburg Thalmann & Co., Inc. (each a “2019 Sales Agent”), under which we had the ability to issue and sell shares of our common stock, from time to time, through the 2019 Sales Agents, up to an aggregate offering price of $35.0 million in an at-the-market program (the “2019 Common Stock ATM Program”). On August 11, 2021, we terminated the equity distribution agreements with each of the 2019 Sales Agents. |
NET INCREASE (DECREASE) IN NET
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER WEIGHTED-AVERAGE COMMON SHARE | 12 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER WEIGHTED-AVERAGE COMMON SHARE | NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER WEIGHTED-AVERAGE COMMON SHARE The following table sets forth the computation of basic and diluted Net increase in net assets resulting from operations per weighted-average common share for the years ended March 31, 2024, 2023, and 2022: Year Ended March 31, 2024 2023 2022 Numerator: net increase (decrease) in net assets resulting from operations $ 85,305 $ 35,547 $ 102,316 Denominator: basic and diluted weighted-average common shares 34,466,724 33,311,785 33,205,023 Basic and diluted net increase (decrease) in net assets resulting from operations per weighted-average common share $ 2.47 $ 1.07 $ 3.08 |
DISTRIBUTIONS TO COMMON STOCKHO
DISTRIBUTIONS TO COMMON STOCKHOLDERS | 12 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
DISTRIBUTIONS TO COMMON STOCKHOLDERS | MANDATORILY REDEEMABLE PREFERRED STOCK In August 2021, we used a portion of the proceeds from the issuance of the 4.875% 2028 Notes to voluntarily redeem all outstanding shares of the 6.375% Series E Cumulative Term Preferred Stock (“Series E Term Preferred Stock” or “Series E”), which had a liquidation preference of $25.00 per share. In connection with the voluntary redemption of the Series E Term Preferred Stock, we incurred a loss on extinguishment of debt of $2.0 million, which was recorded in Realized loss on other in our accompanying Consolidated Statements of Operations and which was primarily comprised of unamortized deferred issuance costs at the time of redemption. The following tables summarize dividends declared by our Board of Directors and paid by us on each of the Series E Term Preferred Stock during the year ended March 31, 2022: For the Year Ended March 31, 2022 : Declaration Date Record Payment Date Dividend per Share of Series E Term Preferred Stock (A) April 13, 2021 April 23, 2021 April 30, 2021 $ 0.13281250 April 13, 2021 May 19, 2021 May 28, 2021 0.13281250 April 13, 2021 June 18, 2021 June 30, 2021 0.13281250 July 13, 2021 July 23, 2021 July 30, 2021 0.13281250 July 13, 2021 August 23, 2021 August 31, 2021 0.07968750 (B) Total $ 0.61093750 (A) We voluntarily redeemed all outstanding shares of the Series E Term Preferred Stock on August 19, 2021 (B) Represents accrued and unpaid dividends up to, but excluding, the redemption date of August 19, 2021. The federal income tax characteristics of dividends paid to our preferred stockholders generally constitute ordinary income or capital gains to the extent of our current and accumulated earnings and profits and are reported after the end of the calendar year based on tax information for the full fiscal year. The tax characterization of dividends paid to our preferred stockholders during the calendar year ended December 31, 2021 was 71.3% from ordinary income and 28.7% from capital gains. To qualify to be taxed as a RIC under Subchapter M of the Code, we must generally distribute to our stockholders, for each taxable year, at least 90% of our Investment Company Taxable Income. The amount to be paid out as distributions to our stockholders is determined by our Board of Directors and is based upon management’s estimate of Investment Company Taxable Income and net long-term capital gains, as well as amounts to be distributed in accordance with Section 855(a) of the Code. Based on that estimate, our Board of Directors declares monthly distributions, and supplemental distributions, as appropriate, to stockholders each quarter and deemed distributions of long-term capital gains annually as of the end of the fiscal year, as applicable. The U.S. federal income tax characteristics of cash distributions paid to our common stockholders generally are reported to stockholders on IRS Form 1099 after the end of each calendar year. Estimates of tax characterization made on a quarterly basis may not be representative of the actual tax characterization of cash distributions for the full year. Estimates made on a quarterly basis are updated as of each interim reporting date. The tax characterization of cash distributions paid to our common stockholders during the calendar year ended December 31, 2023 was 53.2% from ordinary income and 46.8% from capital gains. The tax characterization of cash distributions paid to our common stockholders during the calendar year ended December 31, 2022 was 61.2% from ordinary income and 38.8% from capital gains . We paid the following cash distributions to our common stockholders for the years ended March 31, 2024, 2023 and 2022. For the Year Ended March 31, 2024 : Declaration Date Record Date Payment Date Distribution April 11, 2023 April 21, 2023 April 28, 2023 $ 0.080 April 11, 2023 May 23, 2023 May 31, 2023 0.080 April 11, 2023 June 5, 2023 June 15, 2023 0.120 (A) April 11, 2023 June 21, 2023 June 30, 2023 0.080 July 11, 2023 July 21, 2023 July 31, 2023 0.080 July 11, 2023 August 23, 2023 August 31, 2023 0.080 July 11, 2023 September 7, 2023 September 15, 2023 0.120 (A) July 11, 2023 September 21, 2023 September 29, 2023 0.080 October 10, 2023 October 20, 2023 October 31, 2023 0.080 October 10, 2023 November 7, 2023 November 17, 2023 0.120 (A) October 10, 2023 November 20, 2023 November 30, 2023 0.080 October 24, 2023 December 5, 2023 December 15, 2023 0.880 (A) October 10, 2023 December 18, 2023 December 29, 2023 0.080 January 9, 2024 January 23, 2024 January 31, 2024 0.080 January 9, 2024 February 21, 2024 February 29, 2024 0.080 January 9, 2024 March 21, 2024 March 29, 2024 0.080 Year ended March 31, 2024 $ 2.200 For the Year Ended March 31, 2023 : Declaration Date Record Date Payment Date Distribution April 12, 2022 April 22, 2022 April 29, 2022 $ 0.075 April 12, 2022 May 20, 2022 May 31, 2022 0.075 April 12, 2022 June 6, 2022 June 15, 2022 0.120 (A) April 12, 2022 June 22, 2022 June 30, 2022 0.075 July 12, 2022 July 22, 2022 July 29, 2022 0.075 July 12, 2022 August 23, 2022 August 31, 2022 0.075 July 12, 2022 September 22, 2022 September 30, 2022 0.075 October 11, 2022 October 21, 2022 October 31, 2022 0.080 October 11, 2022 November 18, 2022 November 30, 2022 0.080 October 11, 2022 December 6, 2022 December 15, 2022 0.120 (A) October 11, 2022 December 20, 2022 December 30, 2022 0.080 January 10, 2023 January 20, 2023 January 31, 2023 0.080 January 10, 2023 February 17, 2023 February 28, 2023 0.080 January 10, 2023 March 3, 2023 March 15, 2023 0.240 (A) January 10, 2023 March 17, 2023 March 31, 2023 0.080 Year ended March 31, 2023: $ 1.410 For the Year Ended March 31, 2022 : Declaration Date Record Date Payment Date Distribution April 13, 2021 April 23, 2021 April 30, 2021 $ 0.070 April 13, 2021 May 19, 2021 May 28, 2021 0.070 April 13, 2021 June 8, 2021 June 17, 2021 0.060 (A) April 13, 2021 June 18, 2021 June 30, 2021 0.070 July 13, 2021 July 23, 2021 July 30, 2021 0.070 July 13, 2021 August 23, 2021 August 31, 2021 0.070 July 13, 2021 September 3, 2021 September 15, 2021 0.030 (A) July 13, 2021 September 22, 2021 September 30, 2021 0.070 October 12, 2021 October 22, 2021 October 29, 2021 0.075 October 12, 2021 November 19, 2021 November 30, 2021 0.075 October 12, 2021 December 7, 2021 December 15, 2021 0.090 (A) October 12, 2021 December 23, 2021 December 31, 2021 0.075 January 11, 2022 January 21, 2022 January 31, 2022 0.075 January 11, 2022 February 4, 2022 February 14, 2022 0.120 (A) January 11, 2022 February 18, 2022 February 28, 2022 0.075 January 11, 2022 March 23, 2022 March 31, 2022 0.075 Year ended March 31, 2022: $ 1.170 (A) Represents a supplemental distribution to common stockholders. Aggregate cash distributions to our common stockholders declared and paid for the years ended March 31, 2024, 2023 and 2022 were $76.1 million, $47.0 million, and $38.9 million, respectively. For the fiscal years ended March 31, 2024, 2023, and 2022, Investment Company Taxable Income exceeded distributions declared and paid, and, in accordance with Section 855(a) of the Code, we elected to treat $18.7 million, $21.4 million, and $13.9 million, respectively, of the first distributions paid subsequent to fiscal year-end, as having been paid in the prior year. In addition, for the fiscal years ended March 31, 2024, 2023, and 2022, net capital gains exceeded distributions declared and paid, and, in accordance with Section 855(a) of the Code, we elected to treat $1.4 million, $10.6 million, and $15.7 million, respectively, of the first distributions paid subsequent to fiscal year-end as having been paid in the prior year. We may distribute our net long-term capital gains, if any, in cash or elect to retain some or all of such gains, pay taxes at the U.S. federal corporate-level income tax rate on the amount retained, and designate the retained amount as a “deemed distribution.” If we elect to retain net long-term capital gains and deem them distributed, each U.S. common stockholder will be treated as if they received a distribution of their pro-rata share of the retained net long-term capital gain and the U.S. federal income tax paid. As a result, each U.S. common stockholder will (i) be required to report their pro-rata share of the retained gain on their tax return as long-term capital gain, (ii) receive a refundable tax credit for their pro-rata share of federal income tax paid by us on the retained gain, and (iii) increase the tax basis of their shares of common stock by an amount equal to the deemed distribution less the tax credit. To use the deemed distribution approach, we must provide written notice to our common stockholders prior to the expiration of 60 days after the close of the relevant taxable year. For the years ended March 31, 2024, 2023, and 2022 we did not elect to retain long-term capital gains and to treat them as deemed distributions to common stockholders. The components of our net assets on a tax basis were as follows: Year Ended March 31, 2024 2023 Common stock $ 37 $ 34 Capital in excess of par value 444,706 401,798 Cumulative unrealized appreciation of investments 64,737 31,129 Cumulative unrealized depreciation of other — 29 Undistributed ordinary income 18,708 21,380 Undistributed capital gain 1,373 10,552 Other temporary differences (36,850) (25,180) Net Assets $ 492,711 $ 439,742 For the years ended March 31, 2024 and 2023, we recorded the following adjustments for estimated permanent book-tax differences to reflect tax character. Results of operations, total net assets, and cash flows were not affected by these adjustments. Tax Year Ended March 31, 2024 2023 Underdistributed (overdistributed) net investment income $ 1,695 $ 1,301 Accumulated net realized gain in excess of distributions $ (881) $ 263 Capital in excess of par value $ (814) $ (1,564) |
FEDERAL AND STATE INCOME TAXES
FEDERAL AND STATE INCOME TAXES | 12 Months Ended |
Mar. 31, 2024 | |
Schedule of Investments [Abstract] | |
FEDERAL AND STATE INCOME TAXES | FEDERAL AND STATE INCOME TAXES We intend to continue to maintain our qualifications as a RIC for federal income tax purposes. As a RIC, we generally are not subject to federal income tax on the portion of our taxable income and gains that we distribute to stockholders. To maintain our qualification as a RIC, we must maintain our status as a BDC and meet certain source-of-income and asset diversification requirements. In addition, to qualify to be taxed as a RIC, we must distribute to stockholders at least 90% of our Investment Company Taxable Income. Our policy generally is to make distributions to our stockholders in an amount up to 100% of our Investment Company Taxable Income. We may retain some or all of our net long-term capital gains, if any, and designate them as deemed distributions, or distribute such gains to stockholders in cash. Because we have distributed or intend to distribute 100% of our Investment Company Taxable Income and net long-term capital gains, no income tax provisions have been recorded for the years ended March 31, 2024, 2023, and 2022. In an effort to limit federal excise taxes, we have to distribute to stockholders, during each calendar year, an amount close to the sum of (1) 98% of our ordinary income for the calendar year, (2) 98.2% of our net capital gains (both long-term and short-term), if any, for the one-year period ending on October 31 of the calendar year and (3) any income realized, but not distributed, in the preceding period (to the extent that income tax was not imposed on such amounts), less certain reductions, as applicable . We incurred an excise tax of $1.2 million, $1.3 million, and $0.7 million for the calendar years ended December 31, 2023, 2022 and 2021, respectively, which are included in Other general and administrative expenses on the accompanying Consolidated Statement of Operations . |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal Proceedings We are party to certain legal proceedings incidental to the normal course of our business. We are required to establish reserves for litigation matters where those matters present loss contingencies that are both probable and estimable. When loss contingencies are not both probable and estimable, we do not establish reserves. Based on current knowledge, we do not believe that loss contingencies, if any, arising from pending investigations, litigation, or regulatory matters will have a material adverse effect on our financial condition, results of operation, or cash flows. Additionally, based on our current knowledge, we do not believe such loss contingencies are both probable and estimable and, therefore, as of March 31, 2024 and 2023, we had no established reserves for such loss contingencies. Escrow Holdbacks From time to time, we enter into arrangements relating to exits of certain investments whereby specific amounts of the proceeds are held in escrow to be used to satisfy potential obligations, as stipulated in the sales agreements. We record escrow amounts in Restricted cash and cash equivalents and Other liabilities, if received in cash but subject to potential obligations or other contractual restrictions, or as escrow receivables in Other assets, net, if not yet received in cash, on our accompanying Consolidated Statements of Assets and Liabilities . We establish reserves and holdbacks against escrow amounts if we determine that it is probable and estimable that a portion of the escrow amounts will not ultimately be released or received at the end of the escrow period. Reserves and holdbacks against escrow amounts were $1.0 million and $0.1 million as of March 31, 2024 and 2023, respectively. Financial Commitments and Obligations We may have line of credit commitments to certain of our portfolio companies that have not been fully drawn. Since these line of credit commitments have expiration dates, and we expect many will never be fully drawn, the total line of credit commitment amounts do not necessarily represent future cash requirements. We estimate the fair value of the combined unused line of credit commitments as of March 31, 2024 and 2023 to be insignificant. We may also extend guaranties on behalf of our portfolio companies. As of March 31, 2024 and 2023, there were no guaranties outstanding. The following table summarizes the principal balances of unused line of credit and delayed draw term debt commitments and guaranties as of March 31, 2024 and 2023, which are not reflected as liabilities in the accompanying Consolidated Statements of Assets and Liabilities : As of March 31, 2024 2023 Unused line of credit commitments $ 2,394 $ 2,150 Total $ 2,394 $ 2,150 |
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS | 12 Months Ended |
Mar. 31, 2024 | |
Investment Company [Abstract] | |
FINANCIAL HIGHLIGHTS | FINANCIAL HIGHLIGHTS As of and for the Year Ended March 31, 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Per Common Share Data: Net asset value at beginning of year (A) $ 13.09 $ 13.43 $ 11.52 $ 11.17 $ 12.40 $ 10.85 $ 9.95 $ 9.22 9.18 8.34 Income from investment operations (B) Net investment income 0.63 1.11 0.45 0.54 1.11 0.23 0.68 0.74 0.68 0.75 Net realized gain (loss) on investments and other 0.88 0.32 0.37 0.32 1.36 2.04 0.04 0.51 (0.15) — Taxes on deemed distributions of long-term capital gains — — — — (0.31) (0.41) — — — — Net unrealized appreciation (depreciation) of investments and other 0.96 (0.36) 2.26 0.42 (2.38) 0.63 1.16 0.23 0.29 1.13 Total from investment operations 2.47 1.07 3.08 1.28 (0.22) 2.49 1.88 1.48 0.82 1.88 Effect of equity capital activity (B) Cash distributions to common stockholders from net investment income (C) (1.08) (0.92) (0.91) (0.83) (0.75) (0.69) (0.84) (0.75) (0.64) (0.77) Cash distributions to common stockholders from realized gains (C) (1.12) (0.49) (0.26) (0.10) (0.28) (0.24) (0.05) — (0.11) — Discounts, commissions, and offering costs (0.02) (0.01) — — — — (0.03) — (0.01) (0.03) Net accretive (dilutive) effect of equity offering (D) 0.10 0.01 — — 0.01 — (0.04) — (0.03) (0.22) Total from equity capital activity (2.12) (1.41) (1.17) (0.93) (1.02) (0.93) (0.96) (0.75) (0.79) (1.02) Other, net (E) (0.01) — — — 0.01 (0.01) (0.02) — 0.01 (0.02) Net asset value at end of year (A) $ 13.43 $ 13.09 $ 13.43 $ 11.52 $ 11.17 12.40 10.85 9.95 9.22 9.18 Per common share market value at beginning of year $ 13.25 $ 16.13 $ 12.23 $ 7.85 $ 11.60 10.10 $ 9.07 7.02 7.40 8.27 Per common share market value at end of year $ 14.23 $ 13.25 $ 16.13 $ 12.23 $ 7.85 $ 11.60 $ 10.10 $ 9.07 $ 7.02 $ 7.40 Total investment return (F) 25.52 % (8.90 %) 42.40 % 70.65 % (26.23 %) 24.95 % 21.82 % 41.58 % 4.82 % 11.96 % Common stock outstanding at end of year (A) 36,688,667 33,591,505 33,205,023 33,205,023 33,049,463 32,822,459 32,653,635 30,270,958 30,270,958 29,775,958 Consolidated Statement of Assets and Liabilities Data: Net assets at end of year $ 492,711 $ 439,742 $ 445,830 $ 382,364 $ 369,031 $ 407,110 $ 354,200 $ 301,082 $ 279,022 $ 273,429 Average net assets (G) $ 461,819 $ 446,899 $ 425,985 $ 365,568 $ 404,336 $ 391,786 $ 328,533 $ 294,030 $ 276,293 $ 229,350 Senior Securities Data: Total borrowings, at cost $ 404,238 $ 297,688 $ 267,584 $ 155,434 $ 54,296 $ 58,096 $ 112,096 $ 74,796 $ 100,096 $ 123,896 Mandatorily redeemable preferred stock (H) $ — $ — $ — $ 94,371 $ 132,250 $ 132,250 $ 139,150 $ 139,150 $ 121,650 $ 81,400 Ratios/Supplemental Data: Ratio of net expenses to average net assets (I) 14.19 % 9.97 % 13.51 % 10.58 % 6.32 % 13.30 % 11.08 % 10.02 % 10.94 % 9.48 % Ratio of net investment income to average net assets (J) 4.72 % 8.28 % 3.52 % 4.91 % 8.99 % 1.92 % 6.68 % 7.63 % 7.50 % 8.68 % (A) Based on actual shares of common stock outstanding at the beginning or end of the corresponding year, as appropriate. (B) Based on weighted-average basic common share data for the corresponding year. (C) The tax character of distributions is determined based on taxable income calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP. For further information on the estimated character of our distributions to common stockholders, including changes in estimates, as applicable, refer to Note 9 — Distributions to Common Stockholders . (D) During the years ended March 31, 2024, 2023, and 2020, the accretive effect is the result of issuing common shares at a price above the then current NAV per share. During the year ended March 31, 2018, 2016, and 2015, the net dilutive effect is the result of issuing common shares at a price below the then current NAV per share. (E) Represents the impact of the different share amounts (weighted-average basic common shares outstanding for the corresponding year and actual common shares outstanding at the end of the year) in the Per Common Share Data calculations and rounding impacts. (F) Total investment return equals the change in the market value of our common stock from the beginning of the year, taking into account dividends reinvested in accordance with the terms of our dividend reinvestment plan. Total return does not take into account distributions that may be characterized as a return of capital. For further information on the estimated character of our distributions to common stockholders, including changes in estimates, as applicable, refer to Note 9 — Distributions to Common Stockholders . (G) Calculated using the average balance of net assets at the end of each month of the reporting year. (H) Represents the aggregate liquidation preference of our mandatorily redeemable preferred stock. (I) Ratio of net expenses to average net assets is computed using total expenses, net of any non-contractual, unconditional, and irrevocable credits of fees from the Adviser. Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of expenses to average net assets would have been 17.38%, 12.58%, 16.72%, 13.33%, 9.12%, 16.45%, 14.11%, 13.46%, 14.50%, and 12.90% for the fiscal years ended March 31, 2024, 2023, 2022, 2021, 2018, 2017, 2016, and 2015, respectively. Had we included Virginia state taxes incurred on the deemed distributions of retained capital gains for the fiscal year ended March 31, 2020 and 2019, the ratio of net expenses to average net assets would have been 6.89% and 14.07%, respectively. (J) Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of net investment income (loss) to average net assets would have been 1.53%, 5.66%, 0.31%, 2.16%, 6.20%, (1.22%), 3.66%, 4.19%, 3.94%, and 5.26% for the fiscal years ended March 31, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, and 2015, respectively. |
UNCONSOLIDATED SIGNIFICANT SUBS
UNCONSOLIDATED SIGNIFICANT SUBSIDIARIES | 12 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
UNCONSOLIDATED SIGNIFICANT SUBSIDIARIES | UNCONSOLIDATED SIGNIFICANT SUBSIDIARIES In accordance with the SEC’s Regulation S-X, we do not consolidate portfolio company investments. Further, in accordance with ASC 946, we are precluded from consolidating any entity other than another investment company, except that ASC 946 provides for the consolidation of a controlled operating company that provides substantially all of its services to the investment company or its consolidated subsidiaries. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Distributions and Dividends In April 2024, our Board of Directors declared the following monthly cash distributions to common stockholders: Record Date Payment Date Distribution per Common Share April 19, 2024 April 30, 2024 $ 0.08 May 17, 2024 May 31, 2024 0.08 June 19, 2024 June 28, 2024 0.08 Total for the Quarter: $ 0.24 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 85,305 | $ 35,547 | $ 102,316 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Insider Trading Policies and Pr
Insider Trading Policies and Procedures | 12 Months Ended |
Mar. 31, 2024 | |
Insider Trading Policies and Procedures [Line Items] | |
Insider Trading Policies and Procedures Adopted | true |
N-2
N-2 - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Aug. 31, 2021 | Mar. 31, 2014 | |
Cover [Abstract] | |||||||||||||||||||||
Entity Central Index Key | 0001321741 | ||||||||||||||||||||
Amendment Flag | false | ||||||||||||||||||||
Securities Act File Number | 814-00704 | ||||||||||||||||||||
Document Type | 10-K | ||||||||||||||||||||
Entity Registrant Name | GLADSTONE INVESTMENT CORPORATION\DE | ||||||||||||||||||||
Entity Address, Address Line One | 1521 WESTBRANCH DRIVE | ||||||||||||||||||||
Entity Address, Address Line Two | SUITE 100 | ||||||||||||||||||||
Entity Address, City or Town | MCLEAN | ||||||||||||||||||||
Entity Address, State or Province | VA | ||||||||||||||||||||
Entity Address, Postal Zip Code | 22102 | ||||||||||||||||||||
City Area Code | 703 | ||||||||||||||||||||
Local Phone Number | 287-5800 | ||||||||||||||||||||
Entity Well-known Seasoned Issuer | No | ||||||||||||||||||||
Entity Emerging Growth Company | false | ||||||||||||||||||||
Fee Table [Abstract] | |||||||||||||||||||||
Sales Load [Percent] | 0% | ||||||||||||||||||||
Other Transaction Expenses [Abstract] | |||||||||||||||||||||
Other Transaction Expense 1 [Percent] | 0% | ||||||||||||||||||||
Annual Expenses [Table Text Block] | Stockholder Transaction Expenses: Sales load or other commission (as a percentage of offering price) (1) — % Offering expenses (as a percentage of offering price) (1) — % Dividend reinvestment plan expenses (per sales transaction fee) (2) Up to $25 Transaction fee Total stockholder transaction expenses (as a percentage of offering price) (1) —% Annual expenses (as a percentage of net assets attributable to common stock) (3): Base management fee (4) 3.85 % Loan servicing fee (5) 1.91 % Incentive fees (6) 4.70 % Interest payments on borrowed funds (7) 5.93 % Other expenses (8) 1.18 % Total annual expenses (9) 17.57 % (1) The amounts set forth in the table above do not reflect the impact of any sales load or other commission or offering expenses borne by the Company and its common stockholders. If applicable, the prospectus or prospectus supplement relating to an offering of our common stock will disclose the offering price and the estimated offering expenses and total stockholder transaction expenses borne by the Company and its common stockholders as a percentage of the offering price. In the event that shares of our common stock are sold to or through underwriters, the applicable prospectus or prospectus supplement will also disclose the applicable sales load or other commission. (2) The expenses of the dividend reinvestment plan, if any, are included in stock record expenses, a component of “Other expenses.” If a participant elects by written notice to the plan agent prior to termination of his or her account to have the plan agent sell part or all of the shares held by the plan agent in the participant’s account and remit the proceeds to the participant, the plan agent is authorized to deduct a transaction fee, plus per share brokerage commissions, from the proceeds. The participants in the dividend reinvestment plan will also bear a transaction fee, plus per share brokerage commissions incurred with respect to open market purchases, if any. See “ Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Distributions and Dividends to Stockholders—Dividend Reinvestment Plan ” for information on the dividend reinvestment plan. (3) The percentages presented in this table are gross of credits to any fees. (4) The base management fee is payable quarterly to the Adviser pursuant to our Advisory Agreement and is assessed at an annual rate of 2% computed on the basis of the value of our average gross assets at the end of the two most recently completed quarters (inclusive of the current quarter), which are total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings, valued at the end of the applicable quarters within the respective period and adjusted appropriately for any share issuances or repurchases during the period. In accordance with the requirements of the SEC, the table above shows our base management fee as a percentage of average net assets attributable to common stockholders. For purposes of the table, the annualized base management fee has been converted to 3.85% of the average net assets for the quarter ended March 31, 2024 by dividing the total annualized amount of the base management fee by our average net assets for the quarter ended March 31, 2024. The base management fee for the quarter ended March 31, 2024 before application of any credits was $4.6 million. Pursuant to the requirements of the 1940 Act, the Adviser makes available significant managerial assistance to our portfolio companies. The Adviser may also provide other services to our portfolio companies under certain agreements and may receive fees for services other than managerial assistance. Such services may include: (i) assistance obtaining, sourcing or structuring credit facilities, long term loans or additional equity from unaffiliated third parties; (ii) negotiating important contractual financial relationships; (iii) consulting services regarding restructuring of the portfolio company and financial modeling as it relates to raising additional debt and equity capital from unaffiliated third parties; and (iv) primary role in interviewing, vetting, and negotiating employment contracts with candidates in connection with adding and retaining key portfolio company management team members. The Adviser non-contractually, unconditionally, and irrevocably credits 100% of any fees received for such services against the base management fee that we would otherwise be required to pay to the Adviser; however, pursuant to the terms of the Advisory Agreement, a small percentage of certain of such fees is retained by the Adviser in the form of reimbursement, at cost, for tasks completed by personnel of the Adviser and primarily related to the valuation of portfolio companies. For the quarter ended March 31, 2024, $0.5 million of these fees were non-contractually, unconditionally and irrevocably credited against the base management fee. See “Item 1. Business — Transactions with Related Parties — Investment Advisory and Management Agreement ” for additional information. (5) The Adviser services the loans held by Business Investment in return for which the Adviser receives a 2.0% annual loan servicing fee based on the monthly aggregate balance of loans pledged under the Credit Facility. Since Business Investment is a consolidated subsidiary of ours, coupled with the fact that the total base management fee paid to the Adviser pursuant to the Advisory Agreement cannot exceed 2.0% of total assets (less any uninvested cash or cash equivalents resulting from borrowings) during any given calendar year, we treat payment of the loan servicing fee pursuant to the Credit Facility as a pre-payment of the base management fee under the Advisory Agreement. Accordingly, these loan servicing fees are 100% non-contractually, unconditionally and irrevocably credited back to us by the Adviser. The loan servicing fee for the three months ended March 31, 2024 was $2.3 million. See “ Item 1. Business—Transactions with Related Parties—Loan Servicing Fee Pursuant to Credit Facility ” and footnote 4 above for additional information. (6) The incentive fee payable to the Adviser under the Advisory Agreement consists of two parts: an income-based fee and a capital gains-based fee. The income-based incentive fee is payable quarterly in arrears, and equals 20% of the excess, if any, of our pre-incentive fee net investment income that exceeds a 1.75% quarterly hurdle rate of our net assets, which we define as total assets less indebtedness and before taking into account any incentive fees payable or contractually due but not payable during the period, at the end of the immediately preceding calendar quarter, adjusted appropriately for any share issuances or repurchases during the period, subject to a “catch-up” provision measured as of the end of each calendar quarter. The “catch-up” provision requires us to pay 100% of our pre-incentive fee net investment income with respect to that portion of such income, if any, that exceeds the hurdle rate but is less than 125% of the quarterly hurdle rate (or 2.1875%) in any calendar quarter. The catch-up provision is meant to provide our Adviser with 20% of our pre-incentive fee net investment income as if a hurdle rate did not apply when our pre-incentive fee net investment income exceeds 125% of the quarterly hurdle rate in any calendar quarter. For the three months ended March 31, 2024, the income-based incentive fee was $2.2 million. The capital gains-based incentive fee equals 20% of our net realized capital gains in excess of unrealized depreciation since our inception, if any, computed as all realized capital gains net of all realized capital losses and unrealized depreciation since our inception, less any prior payments, measured at the end of each calendar year and payable at the end of each fiscal year. During the three months ended March 31, 2024, we recorded capital gains-based incentive fees of $3.5 million in accordance with GAAP, which were not contractually due under the terms of the Advisory Agreement. No credits were applied to incentive fees for the three months ended March 31, 2024; however, the Adviser may credit such fees in the future. Examples of how the incentive fee would be calculated are as follows: • Assuming pre-incentive fee net investment income of 0.55%, there would be no income-based incentive fee because such income would not exceed the hurdle rate of 1.75%. • Assuming pre-incentive fee net investment income of 2.00%, the income-based incentive fee would be as follows: = 100.0% × (2.00% - 1.75%) = 0.25% • Assuming pre-incentive fee net investment income of 2.30%, the income-based incentive fee would be as follows: = (100.0% × (“catch-up”: 2.1875% - 1.75%)) + (20.0% × (2.30% - 2.1875%)) = (100.0% × 0.4375%) + (20.0% × 0.1125%) = 0.4375% + 0.0225% = 0.46% • Assuming net realized capital gains of 6% and realized capital losses and unrealized capital depreciation of 1%, the capital gains-based incentive fee would be as follows: = 20.0% × (6.0% - 1.0%) = 20.0% × 5.0% = 1.0% For a more detailed discussion of the calculation of the two-part incentive fee, including the capital gains-based incentive fee calculation under GAAP, see “ Item 1. Business — Transactions with Related Parties — Investment Advisory and Management Agreement. ” (7) Includes amortization of deferred financing costs. As of March 31, 2024, we had $67.0 million of borrowings outstanding under our Credit Facility, $127.9 million of 5.00% 2026 Notes, at cost, $134.6 million of 4.875% 2028 Notes, at cost, and $74.8 million of 8.00% 2028 Notes, at cost. See “ Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Revolving Line of Credit ” and “ Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Notes Payable ” for additional information regarding the Credit Facility, the 5.00% 2026 Notes, the 4.875% 2028 Notes and the 8.00% 2028 Notes. (8) Includes our overhead expenses, including payments under the Administration Agreement based on our projected allocable portion of overhead and other expenses estimated to be incurred by our Administrator for the current fiscal year. See “ Item 1. Business—Transactions with Related Parties—Administration Agreement” for additional information. (9) | ||||||||||||||||||||
Management Fees [Percent] | 3.85% | ||||||||||||||||||||
Interest Expenses on Borrowings [Percent] | 5.93% | ||||||||||||||||||||
Incentive Fees [Percent] | 4.70% | ||||||||||||||||||||
Loan Servicing Fees [Percent] | 1.91% | ||||||||||||||||||||
Other Annual Expenses [Abstract] | |||||||||||||||||||||
Other Annual Expenses [Percent] | 1.18% | ||||||||||||||||||||
Expense Example [Table Text Block] | The following example demonstrates the projected dollar amount of total cumulative expenses that would be incurred over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed that our annual operating expenses would remain at the levels set forth in the table above. The example below and the expenses in the table above should not be considered a representation of our future expenses, and actual expenses may be greater or less than those shown. While the example assumes, as required by the SEC, a 5.0% annual return, our performance will vary and may result in a return greater or less than 5.0%. Dollar amounts in the table below are not in thousands. 1 Year 3 Years 5 Years 10 Years Common stockholders would pay the following expenses on a $1,000 investment: assuming a 5% annual return consisting entirely of ordinary income(1)(2) $ 135 $ 372 $ 570 $ 935 assuming a 5% annual return consisting entirely of capital gains(2)(3) $ 144 $ 392 $ 596 $ 960 (1) For purposes of this example, we have assumed that the entire amount of the assumed 5.0% annual return would constitute ordinary income. Because the assumed 5.0% annual return is significantly below the hurdle rate of 7.0% (annualized) that we must achieve under the Advisory Agreement to trigger the payment of an income-based incentive fee, we have assumed, for purposes of this example, that no income-based incentive fee would be payable if we realized a 5.0% annual return. (2) While the example assumes reinvestment of all distributions at NAV per share, participants in the dividend reinvestment plan will receive a number of shares of our common stock determined by dividing the total dollar amount of the distribution payable to a participant by the market price per share of our common stock at the close of trading on the valuation date for the distribution, and this price per share may differ from NAV per share. See “ Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Distributions and Dividends to Stockholders—Dividend Reinvestment Plan ” for additional information regarding our dividend reinvestment plan. (3) For purposes of this example, we have assumed that the entire amount of the assumed 5.0% annual return would constitute capital gains and that no accumulated capital losses or unrealized depreciation would have to be overcome first before a capital gains-based incentive fee is payable. | ||||||||||||||||||||
Expense Example, Year 01 | $ 135 | ||||||||||||||||||||
Expense Example, Years 1 to 3 | 372 | ||||||||||||||||||||
Expense Example, Years 1 to 5 | 570 | ||||||||||||||||||||
Expense Example, Years 1 to 10 | $ 935 | ||||||||||||||||||||
Purpose of Fee Table , Note [Text Block] | The following table is intended to assist stockholders in understanding the costs and expenses that common stockholders will bear directly or indirectly. The percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever this Annual Report contains a reference to fees or expenses paid by “us” or the “Company,” or that “we” will pay fees or expenses, common stockholders will indirectly bear such fees or expenses as investors in the Company. The following annualized percentages were calculated based on actual expenses, except with respect to capital gains-based incentive fees as discussed below, incurred in the quarter ended March 31, 2024 and average net assets for the quarter ended March 31, 2024. The table and examples below include all fees and expenses of our consolidated subsidiaries. | ||||||||||||||||||||
Other Transaction Fees, Note [Text Block] | The amounts set forth in the table above do not reflect the impact of any sales load or other commission or offering expenses borne by the Company and its common stockholders. If applicable, the prospectus or prospectus supplement relating to an offering of our common stock will disclose the offering price and the estimated offering expenses and total stockholder transaction expenses borne by the Company and its common stockholders as a percentage of the offering price. In the event that shares of our common stock are sold to or through underwriters, the applicable prospectus or prospectus supplement will also disclose the applicable sales load or other commission. (2) The expenses of the dividend reinvestment plan, if any, are included in stock record expenses, a component of “Other expenses.” If a participant elects by written notice to the plan agent prior to termination of his or her account to have the plan agent sell part or all of the shares held by the plan agent in the participant’s account and remit the proceeds to the participant, the plan agent is authorized to deduct a transaction fee, plus per share brokerage commissions, from the proceeds. The participants in the dividend reinvestment plan will also bear a transaction fee, plus per share brokerage commissions incurred with respect to open market purchases, if any. See “ Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Distributions and Dividends to Stockholders—Dividend Reinvestment Plan | ||||||||||||||||||||
Other Expenses, Note [Text Block] | Includes our overhead expenses, including payments under the Administration Agreement based on our projected allocable portion of overhead and other expenses estimated to be incurred by our Administrator for the current fiscal year. See “ Item 1. Business—Transactions with Related Parties—Administration Agreement” | ||||||||||||||||||||
Management Fee not based on Net Assets, Note [Text Block] | The base management fee is payable quarterly to the Adviser pursuant to our Advisory Agreement and is assessed at an annual rate of 2% computed on the basis of the value of our average gross assets at the end of the two most recently completed quarters (inclusive of the current quarter), which are total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings, valued at the end of the applicable quarters within the respective period and adjusted appropriately for any share issuances or repurchases during the period. In accordance with the requirements of the SEC, the table above shows our base management fee as a percentage of average net assets attributable to common stockholders. For purposes of the table, the annualized base management fee has been converted to 3.85% of the average net assets for the quarter ended March 31, 2024 by dividing the total annualized amount of the base management fee by our average net assets for the quarter ended March 31, 2024. The base management fee for the quarter ended March 31, 2024 before application of any credits was $4.6 million. Pursuant to the requirements of the 1940 Act, the Adviser makes available significant managerial assistance to our portfolio companies. The Adviser may also provide other services to our portfolio companies under certain agreements and may receive fees for services other than managerial assistance. Such services may include: (i) assistance obtaining, sourcing or structuring credit facilities, long term loans or additional equity from unaffiliated third parties; (ii) negotiating important contractual financial relationships; (iii) consulting services regarding restructuring of the portfolio company and financial modeling as it relates to raising additional debt and equity capital from unaffiliated third parties; and (iv) primary role in interviewing, vetting, and negotiating employment contracts with candidates in connection with adding and retaining key portfolio company management team members. The Adviser non-contractually, unconditionally, and irrevocably credits 100% of any fees received for such services against the base management fee that we would otherwise be required to pay to the Adviser; however, pursuant to the terms of the Advisory Agreement, a small percentage of certain of such fees is retained by the Adviser in the form of reimbursement, at cost, for tasks completed by personnel of the Adviser and primarily related to the valuation of portfolio companies. For the quarter ended March 31, 2024, $0.5 million of these fees were non-contractually, unconditionally and irrevocably credited against the base management fee. See “Item 1. Business — Transactions with Related Parties — Investment Advisory and Management Agreement | ||||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||||
Senior Securities [Table Text Block] | Class and Year Total Amount Asset Coverage Per Unit (2) Involuntary Average Market Value 7.125% Series A Cumulative Term Preferred Stock (5) March 31, 2016 $ 40,000,000 $ 2,214 $ 25.00 $ 25.60 March 31, 2015 $ 40,000,000 $ 2,301 $ 25.00 $ 25.78 6.75% Series B Cumulative Term Preferred Stock (6) March 31, 2018 $ 41,400,000 $ 2,373 $ 25.00 $ 25.20 March 31, 2017 $ 41,400,000 $ 2,356 $ 25.00 $ 26.00 March 31, 2016 $ 41,400,000 $ 2,214 $ 25.00 $ 24.43 March 31, 2015 $ 41,400,000 $ 2,301 $ 25.00 $ 25.38 6.50% Series C Cumulative Term Preferred Stock due 2022 (7) March 31, 2018 $ 40,250,000 $ 2,373 $ 25.00 $ 25.33 March 31, 2017 $ 40,250,000 $ 2,356 $ 25.00 $ 25.64 March 31, 2016 $ 40,250,000 $ 2,214 $ 25.00 $ 23.92 6.25% Series D Cumulative Term Preferred Stock due 2023 (8) March 31, 2020 $ 57,500,000 $ 2,938 $ 25.00 $ 20.46 March 31, 2019 $ 57,500,000 $ 3,091 $ 25.00 $ 25.38 March 31, 2018 $ 57,500,000 $ 2,373 $ 25.00 $ 25.22 March 31, 2017 $ 57,500,000 $ 2,356 $ 25.00 $ 25.43 6.375% Series E Cumulative Term Preferred Stock due 2025 (9) March 31, 2021 $ 94,371,325 $ 2,486 $ 25.00 $ 25.44 March 31, 2020 $ 74,750,000 $ 2,938 $ 25.00 $ 19.52 March 31, 2019 $ 74,750,000 $ 3,091 $ 25.00 $ 25.55 Revolving credit facilities March 31, 2024 $ 67,000,000 $ 2,190 — N/A March 31, 2023 $ 35,200,000 $ 2,447 — N/A March 31, 2022 $ — $ 2,529 — N/A March 31, 2021 $ 22,400,000 $ 3,980 — N/A March 31, 2020 $ 49,200,000 $ 9,935 — N/A March 31, 2019 $ 53,000,000 $ 9,976 — N/A March 31, 2018 $ 107,000,000 $ 5,257 — N/A March 31, 2017 $ 69,700,000 $ 6,613 — N/A March 31, 2016 $ 95,000,000 $ 4,838 — N/A March 31, 2015 $ 118,800,000 $ 2,301 — N/A 5.00% 2026 Notes (10) March 31, 2024 $ 127,937,500 $ 2,190 $ 25.00 $ 24.16 March 31, 2023 $ 127,937,500 $ 2,447 $ 25.00 $ 23.47 March 31, 2022 $ 127,937,500 $ 2,529 $ 25.00 $ 25.13 March 31, 2021 $ 127,937,500 $ 3,980 $ 25.00 $ 25.85 Class and Year Total Amount Asset Coverage Per Unit (2) Involuntary Average Market Value 4.875% 2028 Notes (11) March 31, 2024 $ 134,550,000 $ 2,190 $ 25.00 $ 22.95 March 31, 2023 $ 134,550,000 $ 2,447 $ 25.00 $ 23.00 March 31, 2022 $ 134,550,000 $ 2,529 $ 25.00 $ 25.07 8.00% 2028 Notes (12) March 31, 2024 $ 74,750,000 $ 2,190 $ 25.00 $ 25.86 Secured borrowings (13) March 31, 2022 $ 5,095,785 $ 2,529 — N/A March 31, 2021 $ 5,095,785 $ 3,980 — N/A March 31, 2020 $ 5,095,785 $ 9,935 — N/A March 31, 2019 $ 5,095,785 $ 9,976 — N/A March 31, 2018 $ 5,095,785 $ 5,257 — N/A March 31, 2017 $ 5,095,785 $ 6,613 — N/A March 31, 2016 $ 5,095,785 $ 4,838 — N/A March 31, 2015 $ 5,095,785 $ 2,301 — N/A (1) Total amount of each class of senior securities outstanding as of the dates presented. (2) Asset coverage is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness (including interest payable and guaranties). Asset coverage per unit is the asset coverage ratio expressed in terms of dollar amounts per one thousand dollars of indebtedness. (3) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. (4) Only applicable to our Term Preferred Stock, 5.00% 2026 Notes, 4.875% 2028 Notes, and 8.00% 2028 Notes because the other senior securities are not registered for public trading. Average market value per unit is the average of the closing price of the shares on Nasdaq during the last 10 trading days of the period. (5) Our Series A Term Preferred Stock was issued in March 2012 and redeemed in September 2016. (6) Our Series B Term Preferred Stock was issued in November 2014 and redeemed in August 2018. (7) Our Series C Term Preferred Stock was issued in May 2015 and redeemed in August 2018. (8) Our Series D Term Preferred Stock was issued in September 2016 and redeemed in March 2021. (9) Our Series E Term Preferred Stock was issued in August 2018 and redeemed in August 2021. (10) Our 5.00% 2026 Notes were issued in March 2021. (11) Our 4.875% 2028 Notes were issued in August 2021. (12) Our 8.00% 2028 Notes were issued in May 2023. (13) In August 2012, we entered into a participation agreement with a third-party related to $5.0 million of our secured second lien term debt investment in Ginsey Home Solutions, Inc. (“Ginsey”). In May 2014, we amended the agreement with the third-party to include an additional $0.1 million. Accounting Standards Codification Topic 860, “ Transfers and Servicing ” requires us to treat the participation as a financing-type transaction. Specifically, the third-party has a senior claim to our remaining investment in the event of default by Ginsey which, in part, resulted in the loan participation bearing a rate of interest lower than the contractual rate established at origination. In conjunction with the August 2022 refinancing at Ginsey, the $5.1 million secured borrowing liability was extinguished. | ||||||||||||||||||||
Senior Securities, Note [Text Block] | Senior Securities Information about our senior securities is shown in the following table as of the end of each of our last ten fiscal years. The annual information has been derived from our audited financial statements for each respective period, which have been audited by PricewaterhouseCoopers LLP, our independent registered public accounting firm. The report of our independent registered public accounting firm, PricewaterhouseCoopers LLP, on the senior securities table as of March 31, 2024 is included elsewhere in this Annual Report. Class and Year Total Amount Asset Coverage Per Unit (2) Involuntary Average Market Value 7.125% Series A Cumulative Term Preferred Stock (5) March 31, 2016 $ 40,000,000 $ 2,214 $ 25.00 $ 25.60 March 31, 2015 $ 40,000,000 $ 2,301 $ 25.00 $ 25.78 6.75% Series B Cumulative Term Preferred Stock (6) March 31, 2018 $ 41,400,000 $ 2,373 $ 25.00 $ 25.20 March 31, 2017 $ 41,400,000 $ 2,356 $ 25.00 $ 26.00 March 31, 2016 $ 41,400,000 $ 2,214 $ 25.00 $ 24.43 March 31, 2015 $ 41,400,000 $ 2,301 $ 25.00 $ 25.38 6.50% Series C Cumulative Term Preferred Stock due 2022 (7) March 31, 2018 $ 40,250,000 $ 2,373 $ 25.00 $ 25.33 March 31, 2017 $ 40,250,000 $ 2,356 $ 25.00 $ 25.64 March 31, 2016 $ 40,250,000 $ 2,214 $ 25.00 $ 23.92 6.25% Series D Cumulative Term Preferred Stock due 2023 (8) March 31, 2020 $ 57,500,000 $ 2,938 $ 25.00 $ 20.46 March 31, 2019 $ 57,500,000 $ 3,091 $ 25.00 $ 25.38 March 31, 2018 $ 57,500,000 $ 2,373 $ 25.00 $ 25.22 March 31, 2017 $ 57,500,000 $ 2,356 $ 25.00 $ 25.43 6.375% Series E Cumulative Term Preferred Stock due 2025 (9) March 31, 2021 $ 94,371,325 $ 2,486 $ 25.00 $ 25.44 March 31, 2020 $ 74,750,000 $ 2,938 $ 25.00 $ 19.52 March 31, 2019 $ 74,750,000 $ 3,091 $ 25.00 $ 25.55 Revolving credit facilities March 31, 2024 $ 67,000,000 $ 2,190 — N/A March 31, 2023 $ 35,200,000 $ 2,447 — N/A March 31, 2022 $ — $ 2,529 — N/A March 31, 2021 $ 22,400,000 $ 3,980 — N/A March 31, 2020 $ 49,200,000 $ 9,935 — N/A March 31, 2019 $ 53,000,000 $ 9,976 — N/A March 31, 2018 $ 107,000,000 $ 5,257 — N/A March 31, 2017 $ 69,700,000 $ 6,613 — N/A March 31, 2016 $ 95,000,000 $ 4,838 — N/A March 31, 2015 $ 118,800,000 $ 2,301 — N/A 5.00% 2026 Notes (10) March 31, 2024 $ 127,937,500 $ 2,190 $ 25.00 $ 24.16 March 31, 2023 $ 127,937,500 $ 2,447 $ 25.00 $ 23.47 March 31, 2022 $ 127,937,500 $ 2,529 $ 25.00 $ 25.13 March 31, 2021 $ 127,937,500 $ 3,980 $ 25.00 $ 25.85 Class and Year Total Amount Asset Coverage Per Unit (2) Involuntary Average Market Value 4.875% 2028 Notes (11) March 31, 2024 $ 134,550,000 $ 2,190 $ 25.00 $ 22.95 March 31, 2023 $ 134,550,000 $ 2,447 $ 25.00 $ 23.00 March 31, 2022 $ 134,550,000 $ 2,529 $ 25.00 $ 25.07 8.00% 2028 Notes (12) March 31, 2024 $ 74,750,000 $ 2,190 $ 25.00 $ 25.86 Secured borrowings (13) March 31, 2022 $ 5,095,785 $ 2,529 — N/A March 31, 2021 $ 5,095,785 $ 3,980 — N/A March 31, 2020 $ 5,095,785 $ 9,935 — N/A March 31, 2019 $ 5,095,785 $ 9,976 — N/A March 31, 2018 $ 5,095,785 $ 5,257 — N/A March 31, 2017 $ 5,095,785 $ 6,613 — N/A March 31, 2016 $ 5,095,785 $ 4,838 — N/A March 31, 2015 $ 5,095,785 $ 2,301 — N/A (1) Total amount of each class of senior securities outstanding as of the dates presented. (2) Asset coverage is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness (including interest payable and guaranties). Asset coverage per unit is the asset coverage ratio expressed in terms of dollar amounts per one thousand dollars of indebtedness. (3) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. (4) Only applicable to our Term Preferred Stock, 5.00% 2026 Notes, 4.875% 2028 Notes, and 8.00% 2028 Notes because the other senior securities are not registered for public trading. Average market value per unit is the average of the closing price of the shares on Nasdaq during the last 10 trading days of the period. (5) Our Series A Term Preferred Stock was issued in March 2012 and redeemed in September 2016. (6) Our Series B Term Preferred Stock was issued in November 2014 and redeemed in August 2018. (7) Our Series C Term Preferred Stock was issued in May 2015 and redeemed in August 2018. (8) Our Series D Term Preferred Stock was issued in September 2016 and redeemed in March 2021. (9) Our Series E Term Preferred Stock was issued in August 2018 and redeemed in August 2021. (10) Our 5.00% 2026 Notes were issued in March 2021. (11) Our 4.875% 2028 Notes were issued in August 2021. (12) Our 8.00% 2028 Notes were issued in May 2023. (13) In August 2012, we entered into a participation agreement with a third-party related to $5.0 million of our secured second lien term debt investment in Ginsey Home Solutions, Inc. (“Ginsey”). In May 2014, we amended the agreement with the third-party to include an additional $0.1 million. Accounting Standards Codification Topic 860, “ Transfers and Servicing ” requires us to treat the participation as a financing-type transaction. Specifically, the third-party has a senior claim to our remaining investment in the event of default by Ginsey which, in part, resulted in the loan participation bearing a rate of interest lower than the contractual rate established at origination. In conjunction with the August 2022 refinancing at Ginsey, the $5.1 million secured borrowing liability was extinguished. | ||||||||||||||||||||
Senior Securities Averaging Method, Note [Text Block] | Only applicable to our Term Preferred Stock, 5.00% 2026 Notes, 4.875% 2028 Notes, and 8.00% 2028 Notes because the other senior securities are not registered for public trading. Average market value per unit is the average of the closing price of the shares on Nasdaq during the last 10 trading days of the period. | ||||||||||||||||||||
Senior Securities Headings, Note [Text Block] | Total amount of each class of senior securities outstanding as of the dates presented. (2) Asset coverage is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness (including interest payable and guaranties). Asset coverage per unit is the asset coverage ratio expressed in terms of dollar amounts per one thousand dollars of indebtedness. (3) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. (4) Only applicable to our Term Preferred Stock, 5.00% 2026 Notes, 4.875% 2028 Notes, and 8.00% 2028 Notes because the other senior securities are not registered for public trading. Average market value per unit is the average of the closing price of the shares on Nasdaq during the last 10 trading days of the period. (5) Our Series A Term Preferred Stock was issued in March 2012 and redeemed in September 2016. (6) Our Series B Term Preferred Stock was issued in November 2014 and redeemed in August 2018. (7) Our Series C Term Preferred Stock was issued in May 2015 and redeemed in August 2018. (8) Our Series D Term Preferred Stock was issued in September 2016 and redeemed in March 2021. (9) Our Series E Term Preferred Stock was issued in August 2018 and redeemed in August 2021. (10) Our 5.00% 2026 Notes were issued in March 2021. (11) Our 4.875% 2028 Notes were issued in August 2021. (12) Our 8.00% 2028 Notes were issued in May 2023. (13) In August 2012, we entered into a participation agreement with a third-party related to $5.0 million of our secured second lien term debt investment in Ginsey Home Solutions, Inc. (“Ginsey”). In May 2014, we amended the agreement with the third-party to include an additional $0.1 million. Accounting Standards Codification Topic 860, “ Transfers and Servicing ” requires us to treat the participation as a financing-type transaction. Specifically, the third-party has a senior claim to our remaining investment in the event of default by Ginsey which, in part, resulted in the loan participation bearing a rate of interest lower than the contractual rate established at origination. In conjunction with the August 2022 refinancing at Ginsey, the $5.1 million secured borrowing liability was extinguished. | ||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Investment Objectives and Practices [Text Block] | Investment Objectives and Strategy We were established for the purpose of investing in debt and equity securities of established private businesses operating in the U.S. Our investment objectives are to: (i) achieve and grow current income by investing in debt securities of established businesses that we believe will provide stable earnings and cash flow to pay expenses, make principal and interest payments on our outstanding indebtedness and make distributions to stockholders that grow over time; and (ii) provide our stockholders with long-term capital appreciation in the value of our assets by investing in equity securities of established businesses, generally in combination with the aforementioned debt securities, that we believe can grow over time to permit us to sell our equity investments for capital gains. To achieve our investment objectives, our investment strategy is to invest in several categories of debt and equity securities, with individual investments in a particular portfolio company generally totaling up to $75 million, although investment size may vary, depending upon our total assets or available capital at the time of investment. We expect that our investment portfolio over time will consist of approximately 75% in debt securities and 25% in equity securities, at cost. As of March 31, 2024, our investment portfolio was comprised of 77.0% in debt securities and 23.0% in equity securities, at cost. We focus on investing in lower middle market private businesses (which we generally define as private companies with annual earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $4 million to $15 million) (“Lower Middle Market”) in the U.S. that meet certain criteria, including: the sustainability of the business’ free cash flow and its ability to grow it over time, adequate assets for loan collateral, experienced management teams with a significant ownership interest in the portfolio company, reasonable capitalization of the portfolio company, including an ample equity contribution or cushion based on prevailing enterprise valuation multiples, and the potential to realize appreciation and gain liquidity in our equity position, if any. We anticipate that liquidity in our equity position will be achieved through a merger, acquisition, or recapitalization of the portfolio company, a public offering of the portfolio company’s stock or, to a lesser extent, by exercising our right to require the portfolio company to repurchase our warrants, as applicable, though there can be no assurance that we will always have these rights. We invest in portfolio companies that seek funds for management buyouts and/or growth capital to finance acquisitions, recapitalize or, to a lesser extent, refinance their existing debt facilities. We seek to avoid investing in high-risk, early-stage enterprises. We invest by ourselves or jointly with other funds and/or management of the portfolio company, depending on the opportunity. In July 2012, the SEC granted us an exemptive order (the “Co-Investment Order”) that expanded our ability to co-invest, under certain circumstances, with certain of our affiliates, including Gladstone Capital and any future BDC or registered closed-end management investment company that is advised (or sub-advised if it controls the fund) by the Adviser, or any combination of the foregoing, subject to the conditions in the Co-Investment Order. We believe the Co-Investment Order has enhanced and will continue to enhance our ability to further our investment objectives and strategies. If we are participating in an investment with one or more co-investors, whether or not an affiliate of ours, our investment is likely to be smaller than if we were investing alone. In general, our investments in debt securities have a term of five years, accrue interest at variable rates based on the 30 day Secured Overnight Financing Rate ("SOFR") and, to a lesser extent, at fixed rates. As of March 31, 2024, our loan portfolio consisted of 100.0% variable rate loans with floors, based on the total principal balance of all outstanding debt investments. We seek debt instruments that pay interest monthly or, at a minimum, quarterly, and which may include a yield enhancement such as a success fee or, to a lesser extent, deferred interest provision and are primarily interest only, with all principal and any accrued but unpaid interest due at maturity. Generally, success fees accrue at a set rate and are contractually due upon a change of control of the portfolio company. Some debt securities may have deferred interest whereby some portion of the interest payment is added to the principal balance so that the interest is paid, together with the principal, at maturity. This form of deferred interest is often called “paid-in-kind” (“PIK”) interest. As of March 31, 2024, we did not have any securities with a PIK feature. Typically, our investments in equity securities take the form of common stock, preferred stock, limited liability company interests, warrants or options to purchase any of the foregoing. Often, these equity investments occur in connection with our original investment, buyouts and recapitalizations of a business, or refinancing existing debt. From our initial public offering in 2005 through March 31, 2024, we invested in 58 companies, excluding investments in syndicated loans. We expect that our investment portfolio will continue to primarily include the following three categories of investments in private companies in the U.S.: • Secured First Lien Debt Securities: We seek to invest a portion of our assets in secured first lien debt securities also known as senior loans, senior term loans, lines of credit and senior notes. Using its assets as collateral, the borrower typically uses secured first lien debt to cover a substantial portion of the funding needs of the business. These debt securities usually take the form of first priority liens on all, or substantially all, of the assets of the business. • Secured Second Lien Debt Securities: We seek to invest a portion of our assets in secured second lien debt securities, which may also be referred to as subordinated loans, subordinated notes and mezzanine loans. These secured second lien debt securities rank junior to the borrower’s secured first lien debt securities and may be secured by second priority liens on all or a portion of the assets of the business. Additionally, we may receive other yield enhancements in addition to or in lieu of success fees, such as warrants to buy common and preferred stock or limited liability interests, in connection with these secured second lien debt securities. • Preferred and Common Equity/Equivalents: We seek to invest a portion of our assets in equity securities, which consist of preferred and common equity, limited liability company interests, warrants or options to acquire such securities, and are generally in combination with our debt investment in a business. Additionally, we may receive equity investments derived from restructurings on some of our existing debt investments. In many cases, we will own a significant portion of the equity of the businesses in which we invest. | ||||||||||||||||||||
Risk [Text Block] | RISK FACTORS You should carefully consider these risk factors, together with all of the other information included in this Annual Report and the other reports and documents filed by us with the SEC. The risks set out below are not the only risks we face. Additional risks and uncertainties not presently known to us, or not presently deemed material by us, may also impair our operations and performance. If any of the following events occur, our business, financial condition, results of operations and cash flows could be materially and adversely affected. If that happens, the trading price of our securities and the NAV of our common stock could decline, and you may lose all or part of your investment. The risk factors described below are the principal risk factors associated with an investment in our securities as well as those factors generally associated with an investment company with investment objectives, investment policies, capital structure or trading markets similar to ours. Risks Related to the Economy Market conditions could negatively impact our business, results of operations, financial condition, and cash flows. The market in which we operate is affected by a number of factors that are largely beyond our control but can nonetheless have a potentially significant, negative impact on us. These factors include, among other things: • changes in interest rates and credit spreads and the effects of inflation on us and our portfolio companies; • the availability of credit, including the price, terms and conditions under which it can be obtained; • the quality, pricing, and availability of suitable investments and credit losses with respect to our investments; • the ability to obtain accurate market-based valuations; • investment values relative to the value of the underlying assets; • default rates on the loans underlying our investments and the amount of related losses; • prepayment rates, delinquency rates and the timing and amount of service advances; • competition; • the actual and perceived state of the economy and capital markets generally; • amendments or repeals of legislation, or changes in regulations or regulatory interpretations thereof, and transitions of government, including uncertainty regarding any of the foregoing; • the national and global political environment, including war, armed conflicts, foreign relations and trading policies; • the impact of potential changes to the Code; and • the attractiveness of other types of investments relative to investments in Lower Middle Market companies generally. Changes in these factors are difficult to predict, and a change in one factor could affect other factors, which could result in adverse effects to our business, results of operations, financial condition, and cash flows. Volatility in the capital markets could make it more difficult to raise capital and may adversely affect the valuations of our investments. Given the volatility and dislocation that the capital markets have experienced from time to time, many BDCs have faced, and may in the future face, a challenging environment in which to raise capital. We could in the future have difficulty accessing debt and equity capital, and a severe disruption in U.S. or global financial markets or deterioration in credit and financing conditions, including as a result of rising inflation, could have a material adverse effect on our business, financial condition, results of operations, and cash flows. In addition, significant changes in the capital markets have had, and may in the future have, a negative effect on the valuations of our investments and on the potential for liquidity events involving our investments. Additionally, volatility in the U.S. repo market may affect other financial markets worldwide. An inability to raise capital, and any required sale of our investments for liquidity purposes, could have a material adverse impact on our business, financial condition, results of operations, or cash flows. We may experience fluctuations in our quarterly and annual results based on the impact of inflation in the U.S. Certain of our portfolio companies are in industries that have been and, in the future, may be impacted by inflation, such as consumer goods and services and manufacturing. Our portfolio companies may not be able to pass on to customers increases in their costs of operations which could greatly affect their operating results, impacting their ability to repay our loans. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future unrealized losses and therefore reduce our net assets resulting from operations. Public health threats may adversely impact the businesses in which we invest and affect our business, operating results, and financial condition. Public health threats, such as pandemics, may disrupt the operations of the businesses in which we invest. Such threats can create economic and political uncertainties and can contribute to global economic instability. In the event of a future public health threat, our portfolio companies may face limitations on their business activities for an unknown period of time, including shutdowns that may be requested or mandated by governmental authorities, may experience disruptions in their supply chains or decreased consumer demand, or may experience increases in health and safety expenses, payroll costs and other operating expenses. These adverse economic impacts may decrease the value of the collateral securing our loans in such portfolio companies, as well as the value of our equity investments. In addition, these adverse impacts could cause certain of our portfolio companies to have difficulty meeting their debt service requirements, which in turn could lead to an increase in defaults, and/or could diminish the ability of certain of our portfolio companies to engage in liquidity events. These negative impacts on our portfolio companies and their performance may increase realized and unrealized losses related to our investments, which may, in turn, adversely impact our business, financial condition or results of operations. Risks Related to Interest Rates Market interest rates may have an effect on the value of our securities. One of the factors that influences the price of our securities is the distribution yield on our securities (as a percentage of the price of our securities) relative to market interest rates. An increase in market interest rates, which have risen recently, may lead prospective purchasers of our securities to expect a higher distribution yield. In addition, higher interest rates have increased our borrowing costs. As a result, higher market interest rates tend to cause the value of our securities to decrease. Changes in interest rates may negatively impact our investments and have an adverse effect on our business, financial condition, results of operations, and cash flows. Generally, interest rate fluctuations and changes in credit spreads on floating rate loans may have a negative impact on our investments and investment opportunities and, accordingly, may have a material adverse effect on our rate of return on invested capital, our net investment income, our NAV and the market price of our securities. As interest rates increase, generally, the cost of borrowing under our Credit Facility increases, which may affect our ability to make new investments on favorable terms or at all. A substantial portion of our debt investments have variable interest rates that reset periodically and are generally based on SOFR. As interest rates have increased, the operating performance of certain of our portfolio companies has been affected by increasing debt service obligations and, therefore, may affect our results of operations. In addition, to the extent that further increases in interest rates make it difficult or impossible to make payments on outstanding indebtedness to us or other financial sponsors or refinance debt that is maturing in the near term, some of our portfolio companies may be unable to repay such debt at maturity and may be forced to sell assets, undergo a recapitalization or seek bankruptcy protection. Elevated interest rates could also cause borrowers to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. Additionally, as interest rates increase and the corresponding risk of a default by borrowers increases, the liquidity of higher interest rate loans may decrease as fewer investors may be willing to purchase such loans in the secondary market in light of the increased risk of a default by the borrower and the heightened risk of a loss of an investment in such loans. Decreases in credit spreads on debt that pays a floating rate of return would have an impact on the income generation of our floating rate assets. Trading prices for debt that pays a fixed rate of return tend to fall as interest rates rise. Trading prices tend to fluctuate more for fixed rate securities that have longer maturities. There can be no guarantee the Federal Reserve Board will raise rates at a gradual pace, or at all, nor can there be any assurance that markets will not adversely react to rate increases. Recent and future increases in interest rates could have a negative effect on our investments, which could negatively impact our operating results, financial condition, and cash flows. Conversely, reduced interest rates will result in a decrease in our total investment income unless offset by interest rate floors or an increase in the spread of our debt investments with variable interest rates. In addition, our net investment income could decrease if there is no reduction or credit to the base management or incentive fees that we pay to the Adviser or if we are unable to refinance our fixed rate debt obligations or issue new fixed rate debt at lower rates. In addition, when interest rates decline, borrowers may refinance their loans at lower interest rates, which could shorten the average life of the loans and reduce the associated returns on the investment, as well as require the Adviser and its investment professionals to incur management time and expense to re-deploy such proceeds, including on terms that may not be as favorable as our existing loans. A change in interest rates may adversely affect our profitability and any hedging strategy may expose us to additional risks. We anticipate using a combination of equity and long-term and short-term borrowings to finance our investment activities. As a result, a portion of our income will depend upon the spread between the rate at which we borrow funds and the rate at which we loan these funds. An increase or decrease in interest rates could reduce the spread between the rate at which we invest and the rate at which we borrow, and thus, adversely affect our profitability if we have not appropriately hedged against such event. Alternatively, interest rate hedging arrangements may limit our ability to participate in the benefits of lower interest rates with respect to the hedged portfolio. Ultimately, we expect approximately 90% of the loans in our portfolio to be at variable rates determined on the basis of the SOFR and approximately up to 10% to be at fixed rates. As of March 31, 2024, based on the total principal balance of debt investments outstanding, our portfolio consisted of 100.0% of loans at variable rates with floors. As of March 31, 2024, we did not have any hedging arrangements, such as interest rate hedges, in place. While hedging arrangements may insulate us against adverse fluctuations in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to the hedged portfolio. Adverse developments resulting from changes in interest rates or any future hedging transactions could have a material adverse effect on our business, financial condition, results of operations, and cash flows. Our ability to receive payments pursuant to a hedging arrangement is linked to the ability of the counter-party to that hedging arrangement to make the required payments. To the extent that the counter-party to the hedging arrangement is unable to pay pursuant to the terms of the agreement, we may lose the hedging protection of the arrangement. Also, the fair value of certain of our debt investments is based, in part, on the current market yields or interest rates of similar securities. A change in interest rates could have a significant impact on our determination of the fair value of these debt investments. In addition, a change in interest rates could also have an impact on the fair value of any hedging arrangements then in effect that could result in the recording of unrealized appreciation or depreciation in future periods. Therefore, adverse developments resulting from changes in interest rates could have a material adverse effect on our business, financial condition, results of operations, and cash flows. Refer to “Quantitative and Qualitative Disclosures About Market Risk ” for additional information on interest rate fluctuations. Risks Related to Our Investments We operate in a highly competitive market for investment opportunities. There is competitive pressure in the BDC and investment company marketplace for first and second lien secured debt, which can result in reduced yields on investment. A large number of entities compete with us to make the types of investments we seek to make in Lower Middle Market companies. We compete with public and private buyout funds, commercial and investment banks, commercial financing companies, and, to the extent that they provide an alternative form of financing, hedge funds, mutual funds, and private equity. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, some competitors may have a lower cost of funds and access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which would allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC. The competitive pressures we face could have a material adverse effect on our business, financial condition and results of operations. Also, as a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time and we can offer no assurance that we will be able to identify and make investments that are consistent with our investment objectives. We do not seek to compete based on the interest rates we offer, and we believe that some of our competitors may make loans with interest rates that will be comparable to or lower than the rates we offer. We may lose investment opportunities if we do not match our competitors’ pricing, terms, and structure. However, if we match our competitors’ pricing, terms, and structure, we may experience decreased net interest income and increased risk of credit loss. Our investments in Lower Middle Market portfolio companies are extremely risky and could cause you to lose all or a part of your investment. Investments in Lower Middle Market portfolio companies are subject to a number of significant risks including the following: • Lower Middle Market businesses are likely to have greater exposure to economic downturns than larger businesses . Our portfolio companies may have fewer resources than larger businesses, and any economic downturns or recessions are more likely to have a material adverse effect on them. When the economy contracts, the financial results of Lower Middle Market businesses, like those in which we invest, could experience deterioration or limited growth from current levels, which could ultimately lead to difficulty in meeting their debt service requirements and an increase in defaults. Consequently, for any portfolio company that is adversely impacted by an economic downturn or recession, its ability to repay our loan(s) or engage in a liquidity event, such as a sale, recapitalization or initial public offering would be diminished. • Lower Middle Market businesses may have limited financial resources and may not be able to repay the loans we make to them. Our strategy includes providing financing to portfolio companies that typically do not have readily available access to financing. While we believe that this provides an attractive opportunity for us to generate profits, this may make it difficult for the portfolio companies to repay their loans to us upon maturity. A borrower’s ability to repay its loan(s) may be adversely affected by numerous factors, including the failure to meet its business plan, a downturn in its industry or negative economic conditions. Deterioration in a borrower’s financial condition and prospects usually will be accompanied by deterioration in the value of any collateral and a reduction in the likelihood of realizing on any guaranties we may have obtained from the borrower’s management. As of March 31, 2024, loans to two portfolio companies were on non-accrual status with an aggregate debt cost basis of $59.1 million, or 9.0% of the cost basis of all debt investments in our portfolio. We cannot assure you that our efforts to improve profitability and cash flows of these companies will prove successful. In some of our loans we expect to be subordinated to a senior lender and our security interest in any collateral would, accordingly, likely be second lien and subordinate to another lender’s security interest. • Lower Middle Market businesses typically have narrower product lines and smaller market shares than large businesses. Our target portfolio companies tend to be more vulnerable to competitors’ actions and market conditions, as well as general economic downturns. In addition, our portfolio companies may face intense competition, including competition from companies with greater financial resources, more extensive development, manufacturing, marketing and other capabilities and a larger number of qualified managerial and technical personnel. • There is generally little or no publicly available information about these businesses. Because we seek to invest in privately owned businesses, there is generally little or no publicly available operating and financial information about our potential portfolio companies. As a result, we rely on our officers, the Adviser and its employees, Gladstone Securities and consultants to perform due diligence investigations of these portfolio companies, their operations, and their prospects. We may not learn all of the material information we need to know regarding these businesses through our investigations to make a well-informed investment decision. • Lower Middle Market businesses generally have less predictable operating results. We expect that our portfolio companies may have significant variations in their operating results, may from time to time be exposed to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, may require substantial additional capital to support their operations, to finance expansion or to maintain their competitive position, may otherwise have a weak financial position or may be adversely affected by changes in the business cycle. Our portfolio companies may not meet net income, cash flow and other coverage tests typically imposed by their senior lenders. A borrower’s failure to satisfy financial or operating covenants imposed by senior lenders could lead to defaults and, potentially, foreclosure on its senior credit facility, which could additionally trigger cross-defaults in other agreements. If this were to occur, it is possible that the borrower’s ability to repay our loan(s) would be jeopardized. • Lower Middle Market businesses are more likely to be dependent on one or two persons. Typically, the success of a Lower Middle Market business also depends on the management talents and efforts of one or two persons or a small group of persons. The death, disability or resignation of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us. • Lower Middle Market businesses may have limited operating histories. While we intend to continue to target stable companies with proven track records, we may invest in new companies that meet our other investment criteria. Portfolio companies with limited operating histories will be exposed to all of the operating risks that new businesses face and may be particularly susceptible to, among other risks, market downturns, competitive pressures and the departure of key executive officers. • Debt securities of Lower Middle Market companies typically are not rated by a credit rating agency . Typically, a Lower Middle Market business cannot or will not expend the resources to have their debt securities rated by a credit rating agency. We expect that most, if not all, of the debt securities we acquire will be unrated. Investors should assume that these loans would be at rates below what is considered “investment grade” quality. Investments rated below investment grade are often referred to as high yield securities or junk bonds and may be considered high risk as compared to investment grade debt instruments. • Lower Middle Market companies may be highly leveraged. Some of our portfolio companies are highly leveraged, which could have adverse consequences to these companies and to us as an investor. These companies may be subject to restrictive financial and operating covenants and the leverage could impair these companies’ ability to finance their future operations and capital needs. As a result, these companies’ flexibility to respond to changing business and economic conditions and to take advantage of business opportunities may be limited. Further, a leveraged company’s income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used. • Lower Middle Market companies may operate in regulated industries or provide services to governments . Some of our portfolio companies may operate in regulated industries and/or provide services to federal, state or local governments, or operate in industries that provide services to regulated industries or federal, state or local governments, any of which could lead to delayed payments for services or subject the company to changing payment and reimbursement rates or other terms. Because the majority of the loans we make and equity securities we invest in are not publicly traded, there is uncertainty regarding the value of our privately-held securities. Substantially all of our portfolio investments are, and we expect will continue to be, in the form of securities that are not publicly traded. The fair value of securities and other investments that are not publicly traded may not be readily determinable. In valuing our investment portfolio, several techniques are used, including, a total enterprise value approach, a yield analysis, and market quotes. A third-party valuation firm provides estimates of fair value on generally all of our debt investments that are not valued using total enterprise value (“TEV”) and we use another independent valuation firm to provide valuation inputs for our significant equity investments, which are generally valued using TEV, including earnings multiple ranges, as well as other information. In addition to these techniques, inputs and information, other factors are considered when determining fair value of our investments, including: the nature and realizable value of the collateral, including external parties’ guaranties; any relevant offers or letters of intent to acquire the portfolio company; timing of expected loan repayments; and the markets in which the portfolio company operates. Fair value measurements of our investments may involve subjective judgments and estimates and, due to the uncertainty inherent in valuing these securities, the determination of fair value may fluctuate from period to period and may differ materially from the values that could be obtained if a ready market for these securities existed. Additionally, changes in the market environment and other events that may occur over the life of the investment may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned. Our NAV would be adversely affected if the fair value of our investments are higher than the values that we ultimately realize upon the disposal of such securities. The valuation process for certain of our portfolio holdings creates a conflict of interest. A substantial portion of our portfolio investments are securities for which market quotations are not readily available. In connection with the determination of the fair value of these securities, our Valuation Team prepares portfolio company valuations based upon the most recent portfolio company financial statements available and projected financial results of each portfolio company. The participation of our Adviser’s investment professionals in our valuation process and Mr. Gladstone’s pecuniary interest in our Adviser may result in a conflict of interest, as the management fees that we pay our Adviser are based on our average gross assets, less uninvested cash or cash equivalents from borrowings, and adjusted appropriately for any share issuances or repurchases during the period. The lack of liquidity of our privately-held investments may adversely affect our business. We generally make investments in private companies whose securities are not traded in any public market. Substantially all of the investments we presently hold and the investments we expect to acquire in the future are, and will be, subject to legal and other restrictions on resale and will otherwise be less liquid than publicly-traded securities. The illiquidity of our investments may make it difficult for us to quickly obtain cash equal to the value at which we record our investments if the need arises. This could cause us to miss important investment opportunities. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may record substantial realized losses upon liquidation. We may also face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we, the Adviser, the Administrator, or our respective officers, or affiliates have material non-public information regarding such portfolio company. Due to the uncertainty inherent in valuing these securities, the Adviser’s determinations of fair value may differ materially from the values that could be obtained if a ready market for these securities existed. Our NAV could be materially affected if the Adviser’s determinations regarding the fair value of our investments are materially different from the values that we ultimately realize upon our disposal of such securities. Additional discussion regarding risks associated with determinations made by the Adviser is found in the risk factor “ The valuation process for certain of our portfolio holdings creates a conflict of interest.” Our financial results could be negatively affected if a significant portfolio investment fails to perform as expected. Our total investment in one or more companies may be significant individually or in the aggregate. As a result, if a significant investment in one or more companies fails to perform as expected, our financial results could be more negatively affected and the magnitude of the loss could be more significant than if we had made smaller investments in more companies. Our five largest investments represented 42.7% and 42.8% of the fair value of our total portfolio as of March 31, 2024 and 2023, respectively. Any disposition of a significant investment in one or more portfolio companies may negatively impact our net investment income and limit our ability to pay distributions. We typically invest in transactions involving acquisitions, buyouts and recapitalizations of companies, which will subject us to the risks associated with change in control transactions. Our strategy, in part, includes making debt and equity investments in companies in connection with acquisitions, buyouts and recapitalizations, which subjects us to the risks associated with change in control transactions. Change in control transactions often present a number of uncertainties. Companies undergoing change in control transactions often face challenges retaining key employees and maintaining relationships with customers and suppliers. While we hope to avoid many of these difficulties by participating in transactions where the management team is retained and by conducting thorough due diligence in advance of our decision to invest, if our portfolio companies experience one or more of these problems, we may not realize the value that we expect in connection with our investments, which would likely harm our operating results, financial condition, and cash flows. Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies and/or we could be subject to lender liability claims. We primarily invest in secured first and second lien debt securities issued by our portfolio companies. In some cases, portfolio companies will be permitted to have other debt that ranks equally with, or senior to, the debt securities in which we invest. By their terms, such debt securities may provide that the holders thereof are entitled to receive payment of interest and principal on or before the dates on which we are entitled to receive payments in respect of the debt securities in which we invest. Also, in the event of insolvency, liquidation, dissolution, reorganization, or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution in respect of our investment. Additionally, depending on the facts and circumstances, including the extent to which we provide managerial assistance to any portfolio company subject to bankruptcy, a bankruptcy court might re-characterize our debt investments and subordinate all or a portion of our claims to that of other creditors. After repaying such senior creditors, such portfolio company may not have any remaining assets to use for repaying its obligation to us. We may also be subject to lender liability claims for actions taken by us with respect to a borrower’s business or in instances in which we exercised control over the borrower as a result of actions taken in rendering any managerial assistance. Furthermore, in the case of debt ranking equally with debt securities in which we invest, we would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization, or bankruptcy of a portfolio company. Our portfolio is concentrated in a limited number of companies and industries, which subjects us to an increased risk of significant loss if any one of these companies does not repay us or if the industries experience downturns. As of March 31, 2024, we had investments in 24 portfolio companies, the five largest of which included SFEG, Nocturne, Nth Degree, Old World, and Brunswick and comprised $393.5 million, or 42.7%, of our total investment portfolio, at fair value. A consequence of a limited number of investments is that the aggregate returns we realize may be substantially adversely affected by the unfavorable performance of a small number of such investments or a substantial write-down of any one investment, including due to the current inflation and interest rate environment. Beyond our regulatory and income tax diversification requirements, as well as Credit Facility requirements, we do not have fixed guidelines for industry concentration and our investments could potentially be concentrated in relatively few industries. In addition, while we do not intend to invest 25% or more of our total assets in a particular industry or group of industries at the time of investment, it is possible that as the values of ou | ||||||||||||||||||||
Effects of Leverage [Text Block] | We financed certain of our investments with borrowed money and capital from the issuance of senior securities, which will magnify the potential for gain or loss on amounts invested and may increase the risk of investing in us. | ||||||||||||||||||||
Annual Interest Rate [Percent] | 6.10% | ||||||||||||||||||||
Annual Coverage Return Rate [Percent] | 2.70% | ||||||||||||||||||||
Effects of Leverage [Table Text Block] | The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns on our portfolio, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing in the table below. Assumed Return on Our Portfolio (Net of Expenses) (10)% (5)% 0% 5% 10% Corresponding return to common stockholder (A) (24.07)% (14.55)% (5.03)% 4.49% 14.01% (A) The hypothetical return to common stockholders is calculated by multiplying our total assets as of March 31, 2024 by the assumed rates of return and subtracting all interest on our debt expected to be paid during the twelve months following March 31, 2024, and then dividing the resulting difference by our total net assets attributable to common stock as of March 31, 2024. Based on $938.1 million in total assets, $67.0 million of borrowings outstanding on the Credit Facility, $127.9 million of 5.00% 2026 Notes, at cost, $134.6 million of 4.875% 2028 Notes, at cost, $74.8 million | ||||||||||||||||||||
Return at Minus Ten [Percent] | (24.07%) | ||||||||||||||||||||
Return at Minus Five [Percent] | (14.55%) | ||||||||||||||||||||
Return at Zero [Percent] | (5.03%) | ||||||||||||||||||||
Return at Plus Five [Percent] | 4.49% | ||||||||||||||||||||
Return at Plus Ten [Percent] | 14.01% | ||||||||||||||||||||
Effects of Leverage, Purpose [Text Block] | The use of leverage, including through the issuance of senior securities that are debt or stock, magnifies the potential for gain or loss on amounts invested and, if we incur additional leverage, this potential will be further magnified. We have incurred leverage in the past and currently incur leverage through the Credit Facility, the 5.00% 2026 Notes, the 4.875% 2028 Notes and the 8.00% 2028 Notes and, from time to time, may incur additional leverage to the extent permitted under the 1940 Act. The use of leverage is generally considered a speculative investment technique and increases the risks associated with investing in our securities. In the future, we may borrow from, and issue senior securities to, banks and other lenders. Holders of these senior securities will have fixed dollar claims on our assets that are superior to the claims of our common stockholders, and we would expect such holders to seek recovery against our assets in the event of a default. | ||||||||||||||||||||
Share Price [Table Text Block] | Our common stock is traded on Nasdaq under the symbol “GAIN.” The following table reflects, by quarter, the high and low intraday sales prices per share of our common stock on Nasdaq, the intraday sales prices as a percentage of NAV per share and quarterly distributions declared per common share for each fiscal quarter during the last two completed fiscal years and the current fiscal year through May 7, 2024. Quarter Ended/Ending NAV (A) Sales Prices Premium / (Discount) of High to NAV (B) Premium (Discount) of Low to NAV (B) Declared Common Stock Distributions High Low Fiscal Year ended March 31, 2023: 6/30/2022 $ 13.44 $ 16.85 $ 12.27 25 % (9) % $ 0.3450 (C) 9/30/2022 $ 13.31 $ 15.86 $ 11.77 19 % (12) % $ 0.2250 12/31/2022 $ 13.43 $ 14.64 $ 11.40 9 % (15) % $ 0.3600 (C) 3/31/2023 $ 13.09 $ 14.55 $ 12.11 11 % (7) % $ 0.4800 (C) Fiscal Year ended March 31, 2024: 6/30/2023 $ 12.99 $ 13.91 $ 12.53 7 % (4) % $ 0.3600 (D) 9/30/2023 $ 14.03 $ 13.88 $ 12.44 (1) % (11) % $ 0.3600 (D) 12/31/2023 $ 13.01 $ 14.92 $ 12.14 15 % (7) % $ 1.2400 (D) 3/31/2024 $ 13.43 $ 14.96 $ 13.30 11 % (1) % $ 0.2400 Fiscal Year ending March 31, 2025: 6/30/2024 (through May 7, 2024) * $ 14.39 $ 13.75 * * $ 0.2400 (A) NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low intraday sales prices. The NAVs per share shown are based on outstanding shares at the end of each period. (B) The premiums (discounts) set forth in these columns represent the high or low, as applicable, intraday sale prices per share for the relevant quarter minus the NAV per share as of the end of such quarter, and therefore may not reflect the premium (discount) to NAV per share on the date of the high and low intraday sales prices. (C) Includes $0.12, $0.12 and $0.24 per common share supplemental distributions paid in June 2022, December 2022 and March 2023, respectively. (D) Includes $0.12, $0.12, $0.12 and $0.88 per common share supplemental distributions paid in June 2023, September 2023, November 2023 and December 2023, respectively. * Not yet available, as the NAV per share as of the end of this quarter has not yet been finalized. | ||||||||||||||||||||
Lowest Price or Bid | $ 13.75 | $ 13.30 | $ 12.14 | $ 12.44 | $ 12.53 | $ 12.11 | $ 11.40 | $ 11.77 | $ 12.27 | ||||||||||||
Highest Price or Bid | $ 14.39 | $ 14.96 | $ 14.92 | $ 13.88 | $ 13.91 | $ 14.55 | $ 14.64 | $ 15.86 | $ 16.85 | ||||||||||||
Highest Price or Bid, Premium (Discount) to NAV [Percent] | 11% | 15% | (1.00%) | 7% | 11% | 9% | 19% | 25% | |||||||||||||
Lowest Price or Bid, Premium (Discount) to NAV [Percent] | (1.00%) | (7.00%) | (11.00%) | (4.00%) | (7.00%) | (15.00%) | (12.00%) | (9.00%) | |||||||||||||
Share Price | $ 14.23 | $ 14.23 | |||||||||||||||||||
NAV Per Share | $ 13.43 | $ 13.09 | $ 13.43 | $ 13.09 | $ 13.43 | $ 11.52 | $ 11.17 | $ 12.40 | $ 10.85 | $ 9.95 | $ 9.22 | $ 9.18 | $ 8.34 | ||||||||
Latest Premium (Discount) to NAV [Percent] | 6% | ||||||||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||||||||||||||||||||
Long Term Debt [Table Text Block] | Revolving Line of Credit On February 5, 2024, we, through our wholly-owned subsidiary, Business Investment, entered into Amendment No. 9 to the Credit Facility with KeyBank National Association ("KeyBank"), as administrative agent, joint lead arranger and lender, Fifth Third Bank as managing agent, joint lead arranger and lender, the Adviser, as servicer, and certain other lenders party thereto. The Credit Facility was amended to increase the size from $135.0 million to $200.0 million and update certain existing terms. The Credit Facility continues to include customary terms, covenants, events of default and constraints on borrowing availability based on collateral tests for a credit facility of its size and nature. Previously, on October 30, 2023, we, through our wholly-owned subsidiary, Business Investment, entered into Amendment No. 8 to the Credit Facility with KeyBank, as administrative agent, lead arranger, managing agent and lender, the Adviser, as servicer, and certain other lenders party thereto. Among other things, the revolving period was extended to October 30, 2026, and if not renewed or extended by such date, all principal and interest will be due and payable by October 30, 2028 (two years after the revolving period end date). Advances under the Credit Facility generally bear interest at 30-day Term SOFR, subject to a floor of 0.35%, plus 3.15% per annum until October 30, 2026, with the margin then increasing to 3.40% for the period from October 30, 2026 to October 30, 2027, and increasing further to 3.65% thereafter with a SOFR credit spread adjustment of 10 basis points. The Credit Facility has an unused commitment fee on the daily unused commitment amount of 0.50% per annum if the daily unused commitment amount is less than or equal to 50% of the total commitment amount, 0.75% per annum if the daily unused commitment amount is greater than 50% but less than or equal to 65% of the total commitment amount, and 1.00% per annum if the daily unused commitment amount is greater than 65% of the total commitment amount. The size of the Credit Facility was reduced from $180.0 million to $135.0 million. Previously, on April 10, 2023, we, through our wholly-owned subsidiary, Business Investment, entered into Amendment No. 7 to the Credit Facility with KeyBank as administrative agent, lead arranger, managing agent and lender, the Adviser, as servicer, and certain other lenders party thereto. The reference rate was updated from LIBOR to Term SOFR plus an 11 basis point credit spread adjustment. At March 31, 2024, we had $67.0 million of borrowings outstanding on the Credit Facility and as of the date of this report, we had $65.1 million outstanding under the Credit Facility. Interest is payable monthly during the term of the Credit Facility. Available borrowings are subject to various constraints and applicable advance rates, which are generally based on the size, characteristics, and quality of the collateral pledged by Business Investment. The Credit Facility also requires that any interest and principal payments on pledged loans be remitted directly by the borrower into a lockbox account with KeyBank. KeyBank is also the trustee of the account and generally remits the collected funds to us once a month. Among other things, the Credit Facility contains covenants that require Business Investment to maintain its status as a separate legal entity, prohibit certain significant corporate transactions (such as mergers, consolidations, liquidations or dissolutions) and restrict certain material changes to our credit and collection policies without the lenders’ consent. The Credit Facility also generally seeks to restrict distributions to stockholders to the sum of (i) our net investment income, (ii) net capital gains, and (iii) amounts deemed by the Company to be considered as having been paid during the prior fiscal year in accordance with Section 855(a) of the Code. Loans eligible to be pledged as collateral are subject to certain limitations, including, among other things, restrictions on geographic concentrations, industry concentrations, loan size, payment frequency and status, average life, portfolio company leverage, and lien property. The Credit Facility also requires Business Investment to comply with other financial and operational covenants, which obligate Business Investment to, among other things, maintain certain financial ratios, including asset and interest coverage and a minimum number of obligors required in the borrowing base. Additionally, the Credit Facility contains a performance guaranty that requires the Company to maintain (i) a minimum net worth (defined in our Credit Facility to include any outstanding mandatorily redeemable preferred stock) of the greater of $210.0 million or $210.0 million plus 50% of all equity and subordinated debt raised minus 50% of any equity or subordinated debt redeemed or retired after November 16, 2016, which equated to $348.7 million as of March 31, 2024, (ii) asset coverage with respect to senior securities representing indebtedness of at least 150% (or such percentage as may be set forth in Section 18 of the 1940 Act, as modified by Section 61 of the 1940 Act); and (iii) our status as a BDC under the 1940 Act and as a RIC under the Code. As of March 31, 2024, and as defined in the performance guaranty of the Credit Facility, we had a net worth of $822.4 million, asset coverage on our senior securities representing indebtedness of 219.0%, calculated in compliance with the requirements of Sections 18 and 61 of the 1940 Act, and an active status as a BDC and RIC. As of March 31, 2024, we had availability, after adjustments for various constraints based on collateral quality, of $133.0 million under the Credit Facility and were in compliance with all covenants under the Credit Facility. Notes Payable 5.00% Notes due 2026 In March 2021, we completed a public offering of the 5.00% 2026 Notes with an aggregate principal amount of $127.9 million, which resulted in net proceeds of approximately $123.8 million after deducting underwriting discounts, commissions and offering costs borne by us. The 5.00% 2026 Notes are traded under the ticker symbol “GAINN” on Nasdaq. The 5.00% 2026 Notes will mature on May 1, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company’s option. The 5.00% 2026 Notes bear interest at a rate of 5.00% per year (which equates to $6.4 million per year), payable quarterly in arrears. The indenture relating to the 5.00% 2026 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Exchange Act, we will provide the holders of the 5.00% 2026 Notes, as applicable, and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. The 5.00% 2026 Notes are recorded at the aggregate principal amount, less underwriting discounts, commissions, and offering costs, on our accompanying Consolidated Statements of Assets and Liabilities . Total underwriting discounts, commissions, and offering costs related to this offering were $4.1 million, which have been recorded as discounts to the aggregate principal amount on our accompanying Consolidated Statements of Assets and Liabilities and are being amortized over the period ending May 1, 2026, the maturity date. 4.875% Notes due 2028 In August 2021, we completed a public offering of the 4.875% 2028 Notes with an aggregate principal amount of $134.6 million, which resulted in net proceeds of approximately $131.3 million after deducting underwriting discounts, commissions and offering costs borne by us. The 4.875% 2028 Notes are traded under the ticker symbol “GAINZ” on Nasdaq. The 4.875% 2028 Notes will mature on November 1, 2028 and may be redeemed in whole or in part at any time or from time to time at the Company’s option. The 4.875% 2028 Notes bear interest at a rate of 4.875% per year (which equates to $6.6 million per year), payable quarterly in arrears. The indenture relating to the 4.875% 2028 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Exchange Act, we will provide the holders of the 4.875% 2028 Notes, as applicable, and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. The 4.875% 2028 Notes are recorded at the aggregate principal amount, less underwriting discounts, commissions, and offering costs, on our accompanying Consolidated Statements of Assets and Liabilities . Total underwriting discounts, commissions, and offering costs related to this offering were $3.3 million , which have been recorded as discounts to the aggregate principal amount on our accompanying Consolidated Statements of Assets and Liabilities and are being amortized over the period ending November 1, 2028, the maturity date. 8.00% Notes due 2028 In May 2023, we completed a public offering of the 8.00% 2028 Notes with an aggregate principal amount of $74.8 million, which resulted in net proceeds of approximately $72.3 million after deducting underwriting discounts, commissions and offering costs borne by us. The 8.00% 2028 Notes are traded under the ticker symbol “GAINL” on Nasdaq. The 8.00% 2028 Notes will mature on August 1, 2028 and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after August 1, 2025. The 8.00% 2028 Notes bear interest at a rate of 8.00% per year (which equates to $6.0 million per year), payable quarterly in arrears. The indenture relating to the 8.00% 2028 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Exchange Act, we will provide the holders of the 8.00% 2028 Notes and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. The 8.00% 2028 Notes are recorded at the aggregate principal amount, less underwriting discounts, commissions, and offering costs, on our accompanying Consolidated Statements of Assets and Liabilities . Total underwriting discounts, commissions, and offering costs related to this offering were $2.5 million, which have been recorded as discounts to the aggregate principal amount on our accompanying Consolidated Statements of Assets and Liabilities and are being amortized over the period ending August 1, 2028, the maturity date. | ||||||||||||||||||||
Risks Related to the Economy [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Risks Related to the Economy Market conditions could negatively impact our business, results of operations, financial condition, and cash flows. The market in which we operate is affected by a number of factors that are largely beyond our control but can nonetheless have a potentially significant, negative impact on us. These factors include, among other things: • changes in interest rates and credit spreads and the effects of inflation on us and our portfolio companies; • the availability of credit, including the price, terms and conditions under which it can be obtained; • the quality, pricing, and availability of suitable investments and credit losses with respect to our investments; • the ability to obtain accurate market-based valuations; • investment values relative to the value of the underlying assets; • default rates on the loans underlying our investments and the amount of related losses; • prepayment rates, delinquency rates and the timing and amount of service advances; • competition; • the actual and perceived state of the economy and capital markets generally; • amendments or repeals of legislation, or changes in regulations or regulatory interpretations thereof, and transitions of government, including uncertainty regarding any of the foregoing; • the national and global political environment, including war, armed conflicts, foreign relations and trading policies; • the impact of potential changes to the Code; and • the attractiveness of other types of investments relative to investments in Lower Middle Market companies generally. Changes in these factors are difficult to predict, and a change in one factor could affect other factors, which could result in adverse effects to our business, results of operations, financial condition, and cash flows. Volatility in the capital markets could make it more difficult to raise capital and may adversely affect the valuations of our investments. Given the volatility and dislocation that the capital markets have experienced from time to time, many BDCs have faced, and may in the future face, a challenging environment in which to raise capital. We could in the future have difficulty accessing debt and equity capital, and a severe disruption in U.S. or global financial markets or deterioration in credit and financing conditions, including as a result of rising inflation, could have a material adverse effect on our business, financial condition, results of operations, and cash flows. In addition, significant changes in the capital markets have had, and may in the future have, a negative effect on the valuations of our investments and on the potential for liquidity events involving our investments. Additionally, volatility in the U.S. repo market may affect other financial markets worldwide. An inability to raise capital, and any required sale of our investments for liquidity purposes, could have a material adverse impact on our business, financial condition, results of operations, or cash flows. We may experience fluctuations in our quarterly and annual results based on the impact of inflation in the U.S. Certain of our portfolio companies are in industries that have been and, in the future, may be impacted by inflation, such as consumer goods and services and manufacturing. Our portfolio companies may not be able to pass on to customers increases in their costs of operations which could greatly affect their operating results, impacting their ability to repay our loans. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future unrealized losses and therefore reduce our net assets resulting from operations. Public health threats may adversely impact the businesses in which we invest and affect our business, operating results, and financial condition. | ||||||||||||||||||||
Risks Related to Interest Rates [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Risks Related to Interest Rates Market interest rates may have an effect on the value of our securities. One of the factors that influences the price of our securities is the distribution yield on our securities (as a percentage of the price of our securities) relative to market interest rates. An increase in market interest rates, which have risen recently, may lead prospective purchasers of our securities to expect a higher distribution yield. In addition, higher interest rates have increased our borrowing costs. As a result, higher market interest rates tend to cause the value of our securities to decrease. Changes in interest rates may negatively impact our investments and have an adverse effect on our business, financial condition, results of operations, and cash flows. Generally, interest rate fluctuations and changes in credit spreads on floating rate loans may have a negative impact on our investments and investment opportunities and, accordingly, may have a material adverse effect on our rate of return on invested capital, our net investment income, our NAV and the market price of our securities. As interest rates increase, generally, the cost of borrowing under our Credit Facility increases, which may affect our ability to make new investments on favorable terms or at all. A substantial portion of our debt investments have variable interest rates that reset periodically and are generally based on SOFR. As interest rates have increased, the operating performance of certain of our portfolio companies has been affected by increasing debt service obligations and, therefore, may affect our results of operations. In addition, to the extent that further increases in interest rates make it difficult or impossible to make payments on outstanding indebtedness to us or other financial sponsors or refinance debt that is maturing in the near term, some of our portfolio companies may be unable to repay such debt at maturity and may be forced to sell assets, undergo a recapitalization or seek bankruptcy protection. Elevated interest rates could also cause borrowers to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. Additionally, as interest rates increase and the corresponding risk of a default by borrowers increases, the liquidity of higher interest rate loans may decrease as fewer investors may be willing to purchase such loans in the secondary market in light of the increased risk of a default by the borrower and the heightened risk of a loss of an investment in such loans. Decreases in credit spreads on debt that pays a floating rate of return would have an impact on the income generation of our floating rate assets. Trading prices for debt that pays a fixed rate of return tend to fall as interest rates rise. Trading prices tend to fluctuate more for fixed rate securities that have longer maturities. There can be no guarantee the Federal Reserve Board will raise rates at a gradual pace, or at all, nor can there be any assurance that markets will not adversely react to rate increases. Recent and future increases in interest rates could have a negative effect on our investments, which could negatively impact our operating results, financial condition, and cash flows. Conversely, reduced interest rates will result in a decrease in our total investment income unless offset by interest rate floors or an increase in the spread of our debt investments with variable interest rates. In addition, our net investment income could decrease if there is no reduction or credit to the base management or incentive fees that we pay to the Adviser or if we are unable to refinance our fixed rate debt obligations or issue new fixed rate debt at lower rates. In addition, when interest rates decline, borrowers may refinance their loans at lower interest rates, which could shorten the average life of the loans and reduce the associated returns on the investment, as well as require the Adviser and its investment professionals to incur management time and expense to re-deploy such proceeds, including on terms that may not be as favorable as our existing loans. A change in interest rates may adversely affect our profitability and any hedging strategy may expose us to additional risks. We anticipate using a combination of equity and long-term and short-term borrowings to finance our investment activities. As a result, a portion of our income will depend upon the spread between the rate at which we borrow funds and the rate at which we loan these funds. An increase or decrease in interest rates could reduce the spread between the rate at which we invest and the rate at which we borrow, and thus, adversely affect our profitability if we have not appropriately hedged against such event. Alternatively, interest rate hedging arrangements may limit our ability to participate in the benefits of lower interest rates with respect to the hedged portfolio. Ultimately, we expect approximately 90% of the loans in our portfolio to be at variable rates determined on the basis of the SOFR and approximately up to 10% to be at fixed rates. As of March 31, 2024, based on the total principal balance of debt investments outstanding, our portfolio consisted of 100.0% of loans at variable rates with floors. As of March 31, 2024, we did not have any hedging arrangements, such as interest rate hedges, in place. While hedging arrangements may insulate us against adverse fluctuations in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to the hedged portfolio. Adverse developments resulting from changes in interest rates or any future hedging transactions could have a material adverse effect on our business, financial condition, results of operations, and cash flows. Our ability to receive payments pursuant to a hedging arrangement is linked to the ability of the counter-party to that hedging arrangement to make the required payments. To the extent that the counter-party to the hedging arrangement is unable to pay pursuant to the terms of the agreement, we may lose the hedging protection of the arrangement. Also, the fair value of certain of our debt investments is based, in part, on the current market yields or interest rates of similar securities. A change in interest rates could have a significant impact on our determination of the fair value of these debt investments. In addition, a change in interest rates could also have an impact on the fair value of any hedging arrangements then in effect that could result in the recording of unrealized appreciation or depreciation in future periods. Therefore, adverse developments resulting from changes in interest rates could have a material adverse effect on our business, financial condition, results of operations, and cash flows. Refer to “Quantitative and Qualitative Disclosures About Market Risk ” for additional information on interest rate fluctuations. | ||||||||||||||||||||
Risks Related to Our Investments [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Risks Related to Our Investments We operate in a highly competitive market for investment opportunities. There is competitive pressure in the BDC and investment company marketplace for first and second lien secured debt, which can result in reduced yields on investment. A large number of entities compete with us to make the types of investments we seek to make in Lower Middle Market companies. We compete with public and private buyout funds, commercial and investment banks, commercial financing companies, and, to the extent that they provide an alternative form of financing, hedge funds, mutual funds, and private equity. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, some competitors may have a lower cost of funds and access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which would allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC. The competitive pressures we face could have a material adverse effect on our business, financial condition and results of operations. Also, as a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time and we can offer no assurance that we will be able to identify and make investments that are consistent with our investment objectives. We do not seek to compete based on the interest rates we offer, and we believe that some of our competitors may make loans with interest rates that will be comparable to or lower than the rates we offer. We may lose investment opportunities if we do not match our competitors’ pricing, terms, and structure. However, if we match our competitors’ pricing, terms, and structure, we may experience decreased net interest income and increased risk of credit loss. Our investments in Lower Middle Market portfolio companies are extremely risky and could cause you to lose all or a part of your investment. Investments in Lower Middle Market portfolio companies are subject to a number of significant risks including the following: • Lower Middle Market businesses are likely to have greater exposure to economic downturns than larger businesses . Our portfolio companies may have fewer resources than larger businesses, and any economic downturns or recessions are more likely to have a material adverse effect on them. When the economy contracts, the financial results of Lower Middle Market businesses, like those in which we invest, could experience deterioration or limited growth from current levels, which could ultimately lead to difficulty in meeting their debt service requirements and an increase in defaults. Consequently, for any portfolio company that is adversely impacted by an economic downturn or recession, its ability to repay our loan(s) or engage in a liquidity event, such as a sale, recapitalization or initial public offering would be diminished. • Lower Middle Market businesses may have limited financial resources and may not be able to repay the loans we make to them. Our strategy includes providing financing to portfolio companies that typically do not have readily available access to financing. While we believe that this provides an attractive opportunity for us to generate profits, this may make it difficult for the portfolio companies to repay their loans to us upon maturity. A borrower’s ability to repay its loan(s) may be adversely affected by numerous factors, including the failure to meet its business plan, a downturn in its industry or negative economic conditions. Deterioration in a borrower’s financial condition and prospects usually will be accompanied by deterioration in the value of any collateral and a reduction in the likelihood of realizing on any guaranties we may have obtained from the borrower’s management. As of March 31, 2024, loans to two portfolio companies were on non-accrual status with an aggregate debt cost basis of $59.1 million, or 9.0% of the cost basis of all debt investments in our portfolio. We cannot assure you that our efforts to improve profitability and cash flows of these companies will prove successful. In some of our loans we expect to be subordinated to a senior lender and our security interest in any collateral would, accordingly, likely be second lien and subordinate to another lender’s security interest. • Lower Middle Market businesses typically have narrower product lines and smaller market shares than large businesses. Our target portfolio companies tend to be more vulnerable to competitors’ actions and market conditions, as well as general economic downturns. In addition, our portfolio companies may face intense competition, including competition from companies with greater financial resources, more extensive development, manufacturing, marketing and other capabilities and a larger number of qualified managerial and technical personnel. • There is generally little or no publicly available information about these businesses. Because we seek to invest in privately owned businesses, there is generally little or no publicly available operating and financial information about our potential portfolio companies. As a result, we rely on our officers, the Adviser and its employees, Gladstone Securities and consultants to perform due diligence investigations of these portfolio companies, their operations, and their prospects. We may not learn all of the material information we need to know regarding these businesses through our investigations to make a well-informed investment decision. • Lower Middle Market businesses generally have less predictable operating results. We expect that our portfolio companies may have significant variations in their operating results, may from time to time be exposed to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, may require substantial additional capital to support their operations, to finance expansion or to maintain their competitive position, may otherwise have a weak financial position or may be adversely affected by changes in the business cycle. Our portfolio companies may not meet net income, cash flow and other coverage tests typically imposed by their senior lenders. A borrower’s failure to satisfy financial or operating covenants imposed by senior lenders could lead to defaults and, potentially, foreclosure on its senior credit facility, which could additionally trigger cross-defaults in other agreements. If this were to occur, it is possible that the borrower’s ability to repay our loan(s) would be jeopardized. • Lower Middle Market businesses are more likely to be dependent on one or two persons. Typically, the success of a Lower Middle Market business also depends on the management talents and efforts of one or two persons or a small group of persons. The death, disability or resignation of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us. • Lower Middle Market businesses may have limited operating histories. While we intend to continue to target stable companies with proven track records, we may invest in new companies that meet our other investment criteria. Portfolio companies with limited operating histories will be exposed to all of the operating risks that new businesses face and may be particularly susceptible to, among other risks, market downturns, competitive pressures and the departure of key executive officers. • Debt securities of Lower Middle Market companies typically are not rated by a credit rating agency . Typically, a Lower Middle Market business cannot or will not expend the resources to have their debt securities rated by a credit rating agency. We expect that most, if not all, of the debt securities we acquire will be unrated. Investors should assume that these loans would be at rates below what is considered “investment grade” quality. Investments rated below investment grade are often referred to as high yield securities or junk bonds and may be considered high risk as compared to investment grade debt instruments. • Lower Middle Market companies may be highly leveraged. Some of our portfolio companies are highly leveraged, which could have adverse consequences to these companies and to us as an investor. These companies may be subject to restrictive financial and operating covenants and the leverage could impair these companies’ ability to finance their future operations and capital needs. As a result, these companies’ flexibility to respond to changing business and economic conditions and to take advantage of business opportunities may be limited. Further, a leveraged company’s income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used. • Lower Middle Market companies may operate in regulated industries or provide services to governments . Some of our portfolio companies may operate in regulated industries and/or provide services to federal, state or local governments, or operate in industries that provide services to regulated industries or federal, state or local governments, any of which could lead to delayed payments for services or subject the company to changing payment and reimbursement rates or other terms. Because the majority of the loans we make and equity securities we invest in are not publicly traded, there is uncertainty regarding the value of our privately-held securities. Substantially all of our portfolio investments are, and we expect will continue to be, in the form of securities that are not publicly traded. The fair value of securities and other investments that are not publicly traded may not be readily determinable. In valuing our investment portfolio, several techniques are used, including, a total enterprise value approach, a yield analysis, and market quotes. A third-party valuation firm provides estimates of fair value on generally all of our debt investments that are not valued using total enterprise value (“TEV”) and we use another independent valuation firm to provide valuation inputs for our significant equity investments, which are generally valued using TEV, including earnings multiple ranges, as well as other information. In addition to these techniques, inputs and information, other factors are considered when determining fair value of our investments, including: the nature and realizable value of the collateral, including external parties’ guaranties; any relevant offers or letters of intent to acquire the portfolio company; timing of expected loan repayments; and the markets in which the portfolio company operates. Fair value measurements of our investments may involve subjective judgments and estimates and, due to the uncertainty inherent in valuing these securities, the determination of fair value may fluctuate from period to period and may differ materially from the values that could be obtained if a ready market for these securities existed. Additionally, changes in the market environment and other events that may occur over the life of the investment may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned. Our NAV would be adversely affected if the fair value of our investments are higher than the values that we ultimately realize upon the disposal of such securities. The valuation process for certain of our portfolio holdings creates a conflict of interest. A substantial portion of our portfolio investments are securities for which market quotations are not readily available. In connection with the determination of the fair value of these securities, our Valuation Team prepares portfolio company valuations based upon the most recent portfolio company financial statements available and projected financial results of each portfolio company. The participation of our Adviser’s investment professionals in our valuation process and Mr. Gladstone’s pecuniary interest in our Adviser may result in a conflict of interest, as the management fees that we pay our Adviser are based on our average gross assets, less uninvested cash or cash equivalents from borrowings, and adjusted appropriately for any share issuances or repurchases during the period. The lack of liquidity of our privately-held investments may adversely affect our business. We generally make investments in private companies whose securities are not traded in any public market. Substantially all of the investments we presently hold and the investments we expect to acquire in the future are, and will be, subject to legal and other restrictions on resale and will otherwise be less liquid than publicly-traded securities. The illiquidity of our investments may make it difficult for us to quickly obtain cash equal to the value at which we record our investments if the need arises. This could cause us to miss important investment opportunities. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may record substantial realized losses upon liquidation. We may also face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we, the Adviser, the Administrator, or our respective officers, or affiliates have material non-public information regarding such portfolio company. Due to the uncertainty inherent in valuing these securities, the Adviser’s determinations of fair value may differ materially from the values that could be obtained if a ready market for these securities existed. Our NAV could be materially affected if the Adviser’s determinations regarding the fair value of our investments are materially different from the values that we ultimately realize upon our disposal of such securities. Additional discussion regarding risks associated with determinations made by the Adviser is found in the risk factor “ The valuation process for certain of our portfolio holdings creates a conflict of interest.” Our financial results could be negatively affected if a significant portfolio investment fails to perform as expected. Our total investment in one or more companies may be significant individually or in the aggregate. As a result, if a significant investment in one or more companies fails to perform as expected, our financial results could be more negatively affected and the magnitude of the loss could be more significant than if we had made smaller investments in more companies. Our five largest investments represented 42.7% and 42.8% of the fair value of our total portfolio as of March 31, 2024 and 2023, respectively. Any disposition of a significant investment in one or more portfolio companies may negatively impact our net investment income and limit our ability to pay distributions. We typically invest in transactions involving acquisitions, buyouts and recapitalizations of companies, which will subject us to the risks associated with change in control transactions. Our strategy, in part, includes making debt and equity investments in companies in connection with acquisitions, buyouts and recapitalizations, which subjects us to the risks associated with change in control transactions. Change in control transactions often present a number of uncertainties. Companies undergoing change in control transactions often face challenges retaining key employees and maintaining relationships with customers and suppliers. While we hope to avoid many of these difficulties by participating in transactions where the management team is retained and by conducting thorough due diligence in advance of our decision to invest, if our portfolio companies experience one or more of these problems, we may not realize the value that we expect in connection with our investments, which would likely harm our operating results, financial condition, and cash flows. Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies and/or we could be subject to lender liability claims. We primarily invest in secured first and second lien debt securities issued by our portfolio companies. In some cases, portfolio companies will be permitted to have other debt that ranks equally with, or senior to, the debt securities in which we invest. By their terms, such debt securities may provide that the holders thereof are entitled to receive payment of interest and principal on or before the dates on which we are entitled to receive payments in respect of the debt securities in which we invest. Also, in the event of insolvency, liquidation, dissolution, reorganization, or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution in respect of our investment. Additionally, depending on the facts and circumstances, including the extent to which we provide managerial assistance to any portfolio company subject to bankruptcy, a bankruptcy court might re-characterize our debt investments and subordinate all or a portion of our claims to that of other creditors. After repaying such senior creditors, such portfolio company may not have any remaining assets to use for repaying its obligation to us. We may also be subject to lender liability claims for actions taken by us with respect to a borrower’s business or in instances in which we exercised control over the borrower as a result of actions taken in rendering any managerial assistance. Furthermore, in the case of debt ranking equally with debt securities in which we invest, we would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization, or bankruptcy of a portfolio company. Our portfolio is concentrated in a limited number of companies and industries, which subjects us to an increased risk of significant loss if any one of these companies does not repay us or if the industries experience downturns. As of March 31, 2024, we had investments in 24 portfolio companies, the five largest of which included SFEG, Nocturne, Nth Degree, Old World, and Brunswick and comprised $393.5 million, or 42.7%, of our total investment portfolio, at fair value. A consequence of a limited number of investments is that the aggregate returns we realize may be substantially adversely affected by the unfavorable performance of a small number of such investments or a substantial write-down of any one investment, including due to the current inflation and interest rate environment. Beyond our regulatory and income tax diversification requirements, as well as Credit Facility requirements, we do not have fixed guidelines for industry concentration and our investments could potentially be concentrated in relatively few industries. In addition, while we do not intend to invest 25% or more of our total assets in a particular industry or group of industries at the time of investment, it is possible that as the values of our portfolio companies change, one industry or a group of industries may comprise in excess of 25% of the value of our total assets. A downturn in a particular industry in which we have invested a significant portion of our total assets could have a materially adverse effect on us. As of March 31, 2024, our largest industry concentration was in Diversified/Conglomerate Services, representing 28.7% of our total investments, at fair value. Volatility of oil and natural gas prices could impair certain of our portfolio companies’ operations and ability to satisfy obligations to their respective lenders and investors, including us, which could negatively impact our financial condition. Our portfolio includes companies related to the oil and gas industry with the fair value of these investments representing approximately $51.2 million, or 5.6% of our total portfolio at fair value as of March 31, 2024. These businesses provide services to oil and gas companies and are indirectly impacted by the prices of, and demand for, oil and natural gas, which have from time to time experienced volatility, including rapid and significant changes in prices, and such volatility could continue or increase in the future. A substantial decline in oil and natural gas demand or prices may adversely affect the business, financial condition, cash flows, liquidity or results of operations of these portfolio companies and might impair their ability to meet capital expenditure obligations and financial commitments. Any decline in oil prices, especially for a prolonged period, could therefore have a material adverse effect on our business, financial condition and results of operations. Our investments are typically long-term and will require several years to realize liquidation events. Since we generally make five year term loans and hold our loans and equity positions until the loans mature and/or we exit the investment, investors should not expect realization events, if any, to occur over the near term. In addition, we expect that any equity investments may require several years to appreciate in value and we cannot give any assurance that such appreciation will occur or ultimately be realized. The disposition of our investments may result in contingent liabilities. Currently, all but one of our investments involve private securities. In connection with the disposition of an investment in private securities, we may be required to make representations about the business and financial affairs of the underlying portfolio company typical of those made in connection with the sale of a business. We may also be required to indemnify the purchasers of such investment to the extent that any such representations turn out to be inaccurate or with respect to certain potential liabilities. These arrangements may result in contingent liabilities that may ultimately yield funding obligations that must be satisfied through our return of certain distributions previously made to us. Portfolio company litigation or other litigation or claims against us or our personnel could result in additional costs and the diversion of management time and resources. In the course of investing in and often providing significant managerial assistance to certain of our portfolio companies, certain persons employed by the Adviser sometimes serve as directors on the boards of such companies. To the extent that litigation arises out of our investments in these companies or otherwise, even if meritless, we or such employees may be named as defendants in such litigation, which could result in additional costs, including defense costs, and the diversion of management time and resources. We may be unable to accurately estimate our exposure to litigation risk if we record balance sheet reserves for probable loss contingencies. As a result, any reserves we establish to cover any settlements or judgments may not be sufficient to cover our actual financial exposure, which may have a material impact on our results of operations, financial condition, or cash flows. While we believe we would have valid defenses to potential claims brought due to our investment in any portfolio company, and will defend any such claims vigorously, we may nevertheless expend significant amounts of money in defense costs and expenses. Further, if we enter into settlements or suffer an adverse outcome in any litigation, we could be required to pay significant amounts. In addition, if any of our portfolio companies become subject to direct or indirect claims or other obligations, such as defense costs or damages in litigation or settlement, our investment in such companies could diminish in value and we could suffer indirect losses. Further, these matters could cause us to expend significant management time and effort in connection with assessment and defense of any claims. Any unrealized depreciation we experience on our investment portfolio may be an indication of future realized losses, which could reduce any gains available for distribution. As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at fair value. We will record decreases in the market values or fair values of our investments as unrealized depreciation. Since our inception, we have, at times, incurred a cumulative net unrealized depreciation of our portfolio. Any unrealized depreciation in our investment portfolio could result in realized losses in the future and ultimately in reductions of any gains available for distribution to stockholders in future periods. | ||||||||||||||||||||
Risks Related to Our External Financing [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Risks Related to Our External Financing In addition to regulatory limitations on our ability to raise capital, the Credit Facility contains various covenants which, if not complied with, could accelerate our repayment obligations under the facility, thereby materially and adversely affecting our liquidity, financial condition, results of operations, cash flows, and ability to pay distributions. We will have a continuing need for capital to finance our investments. As of March 31, 2024, we, through our wholly-owned subsidiary, Business Investment, had $67.0 million of borrowings outstanding under the Credit Facility, which provides for maximum borrowings of $200.0 million, with a revolving period end date of October 30, 2026 (the “Revolving Period End Date”). The Credit Facility permits us to fund additional loans and investments as long as we are within the conditions and covenants set forth in the credit agreement. Among other things, the Credit Facility contains covenants that require Business Investment to maintain its status as a separate legal entity, prohibit certain significant corporate transactions (such as mergers, consolidations, liquidations or dissolutions) and restrict certain material changes to our credit and collection policy without the lenders’ consent. The Credit Facility also generally seeks to restrict distributions to stockholders to the sum of (i) our net investment income, (ii) net capital gains, and (iii) amounts deemed by the Company to be considered as having been paid during the prior fiscal year in accordance with Section 855(a) of the Code. Loans eligible to be pledged as collateral are subject to certain limitations, including, among other things, restrictions on geographic concentrations, industry concentrations, loan size, payment frequency and status, average life, portfolio company leverage, and lien property. The Credit Facility also requires Business Investment to comply with other financial and operational covenants, which obligate Business Investment to, among other things, maintain certain financial ratios, including asset and interest coverage and a minimum number of obligors in the borrowing base. Additionally, the Credit Facility contains a performance guarantee that requires the Company to maintain (i) a minimum net worth of the greater of $210.0 million or $210.0 million plus 50% of all equity and subordinated debt raised minus 50% of any equity or subordinated debt redeemed or retired after November 16, 2016, which equated to $348.7 million as of March 31, 2024; (ii) asset coverage with respect to senior securities representing indebtedness of at least 150% (or such percentage as may be set forth in Section 18 of the 1940 Act, as modified by Section 61 of the 1940 Act); and (iii) our status as a BDC under the 1940 Act and as a RIC under the Code. As of March 31, 2024, and as defined in the performance guaranty of the Credit Facility, we had a net worth of $822.4 million, asset coverage on our senior securities representing indebtedness of 219.0%, calculated in accordance with the requirements of Sections 18 and 61 of the 1940 Act, and an active status as a BDC and RIC. As of March 31, 2024, we were in compliance with all covenants under the Credit Facility; however, our continued compliance depends on many factors, some of which are beyond our control. Any unrealized depreciation in our portfolio may increase in future periods and threaten our ability to comply with the minimum net worth covenant and other covenants under the Credit Facility. Our failure to satisfy these covenants could result in foreclosure by our lenders, which would accelerate our repayment obligations under the facility and thereby have a material adverse effect on our business, liquidity, financial condition, results of operations, cash flows, and ability to pay distributions to our stockholders. Any inability to renew, extend or replace the Credit Facility on terms favorable to us, or at all, could adversely impact our liquidity and ability to fund new investments or maintain distributions to our stockholders. If the Credit Facility is not renewed or extended by the Revolving Period End Date, all principal and interest will be due and payable on October 30, 2028 (two years after the Revolving Period End Date). Subject to certain terms and conditions, the Credit Facility may be expanded to a total of $300.0 million through additional commitments of existing or new lenders. However, if such lenders are unwilling to provide additional commitments under the terms of the Credit Facility, we will be unable to expand the Credit Facility and thus will continue to have limited availability to finance new investments under the Credit Facility. There can be no guaranty that we will be able to renew, extend or replace the Credit Facility upon its Revolving Period End Date on terms that are favorable to us, if at all. Our ability to expand the Credit Facility, and to obtain replacement financing at or before the time of its Revolving Period End Date, will be constrained by then current economic conditions affecting the credit markets. In the event that we are not able to expand the Credit Facility, or to renew, extend or refinance the Credit Facility by the Revolving Period End Date, this could have a material adverse effect on our liquidity and ability to fund new investments, our ability to make distributions to our stockholders and our ability to qualify as a RIC under the Code. If we are unable to secure replacement financing, we may be forced to sell certain assets on disadvantageous terms, which may result in realized losses, and such realized losses could materially exceed the amount of any unrealized depreciation on these assets as of our most recent balance sheet date, which would have a material adverse effect on our results of operations. In addition to selling assets, or as an alternative, we may issue common equity to repay amounts outstanding under the Credit Facility. Depending upon the trading prices of our common stock (and with the approval of our independent directors and stockholders), such an equity offering may have a dilutive impact on our existing stockholders’ interest in our earnings, assets and voting interest in us. If we are able to renew, extend or refinance the Credit Facility prior to maturity, renewal, extension or refinancing, it could potentially result in significantly higher interest rates and related charges and may impose significant restrictions on the use of borrowed funds to fund investments or maintain distributions to stockholders. Because we expect to distribute substantially all of our Investment Company Taxable Income, at least 90%, on an annual basis, our business plan is dependent upon external financing, which is constrained by the limitations of the 1940 Act. There can be no assurance that we will be able to raise capital through issuing equity in the near future. Our business requires a substantial amount of cash to operate and grow. We may acquire such additional capital from the following sources: • Senior Securities : We may issue "senior securities representing indebtedness" (including borrowings under the Credit Facility, our 5.00% 2026 Notes, our 4.875% 2028 Notes and our 8.00% 2028 Notes) and "senior securities that are stock", up to the maximum amount permitted by the 1940 Act. The 1940 Act currently permits us, as a BDC, to issue senior securities representing indebtedness and senior securities which are stock, in amounts such that our asset coverage, as defined in Section 18(h) of the 1940 Act, is at least 150% on each such senior security immediately after each issuance of each such senior security. As a result of issuing senior securities (in whatever form), we will be exposed to the risks associated with leverage. Although borrowing money for investments increases the potential for gain, it also increases the risk of a loss. A decrease in the value of our investments will have a greater impact on the value of our common stock to the extent that we have borrowed money to make investments. There is a possibility that the costs of borrowing could exceed the income we receive on the investments we make with such borrowed funds. In addition, our ability to pay distributions, issue senior securities or repurchase shares of our common stock would be restricted if the asset coverage on each of our senior securities is not at least 150%. If the aggregate fair value of our assets declines, we might be unable to satisfy that 150% requirement. To satisfy the 150% asset coverage requirement in the event that we are seeking to pay a distribution, we might either have to (i) liquidate a portion of our loan portfolio to repay a portion of our indebtedness or (ii) issue common stock. This may occur at a time when a sale of a portfolio asset may be disadvantageous, or when we have limited access to capital markets on agreeable terms. In addition, any amounts that we use to service our indebtedness, pay dividends on our preferred stock or for offering costs will not be available for distributions to common stockholders. Pursuant to Section 61(a)(3) of the 1940 Act, we are permitted, under specified conditions, to issue multiple classes of "senior securities representing indebtedness". However, pursuant to Section 18(c) of the 1940 Act, we are permitted to issue only one class of "senior securities that are stock". • Common and Convertible Preferred Stock : Because we are constrained in our ability to issue debt or senior securities for the reasons given above, we may at times be dependent on the issuance of equity as a financing source. If we raise additional funds by issuing more common stock, the percentage ownership of our common stockholders at the time of the issuance would decrease and our existing common stockholders may experience dilution. In addition, under the 1940 Act, we will generally not be able to issue additional shares of our common stock at a price below NAV per common share to purchasers, other than to our existing common stockholders through a rights offering, without first obtaining the approval of our stockholders and our independent directors. If we were to sell shares of our common stock below our then current NAV per common share, such sales would result in an immediate dilution to the NAV per common share. This dilution would occur as a result of the sale of common shares at a price below the then current NAV per share of our common stock and a proportionately greater decrease in a common stockholder’s interest in our earnings and assets and voting percentage than the increase in our assets resulting from such issuance. For example, if we issue and sell an additional 10% of our common stock at a 5% discount from NAV, a common stockholder who does not participate in that offering for its proportionate interest will suffer NAV dilution of up to 0.5% or $5 per $1,000 of NAV. This imposes constraints on our ability to raise capital when our common stock is trading below NAV per common share, as it generally has for the last several years. As noted above, the 1940 Act prohibits the issuance of multiple classes of "senior securities that are stock". We financed certain of our investments with borrowed money and capital from the issuance of senior securities, which will magnify the potential for gain or loss on amounts invested and may increase the risk of investing in us. The use of leverage, including through the issuance of senior securities that are debt or stock, magnifies the potential for gain or loss on amounts invested and, if we incur additional leverage, this potential will be further magnified. We have incurred leverage in the past and currently incur leverage through the Credit Facility, the 5.00% 2026 Notes, the 4.875% 2028 Notes and the 8.00% 2028 Notes and, from time to time, may incur additional leverage to the extent permitted under the 1940 Act. The use of leverage is generally considered a speculative investment technique and increases the risks associated with investing in our securities. In the future, we may borrow from, and issue senior securities to, banks and other lenders. Holders of these senior securities will have fixed dollar claims on our assets that are superior to the claims of our common stockholders, and we would expect such holders to seek recovery against our assets in the event of a default. The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns on our portfolio, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing in the table below. Assumed Return on Our Portfolio (Net of Expenses) (10)% (5)% 0% 5% 10% Corresponding return to common stockholder (A) (24.07)% (14.55)% (5.03)% 4.49% 14.01% (A) The hypothetical return to common stockholders is calculated by multiplying our total assets as of March 31, 2024 by the assumed rates of return and subtracting all interest on our debt expected to be paid during the twelve months following March 31, 2024, and then dividing the resulting difference by our total net assets attributable to common stock as of March 31, 2024. Based on $938.1 million in total assets, $67.0 million of borrowings outstanding on the Credit Facility, $127.9 million of 5.00% 2026 Notes, at cost, $134.6 million of 4.875% 2028 Notes, at cost, $74.8 million of 8.00% 2028 Notes, at cost, and $492.7 million in net assets as of March 31, 2024. | ||||||||||||||||||||
Risks Related to Our Regulation and Structure [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Risks Related to Our Regulation and Structure We will be subject to corporate-level tax if we are unable to satisfy the Code requirements for RIC qualification. To maintain our qualification as a RIC, we must maintain our status as a BDC and meet annual distribution, income source, and asset diversification requirements. The annual distribution requirement is satisfied if we distribute at least 90% of our Investment Company Taxable Income to our stockholders on an annual basis. Because we use leverage, we are subject to certain asset coverage ratio requirements under the 1940 Act and could, under certain circumstances, be restricted from making distributions necessary to qualify as a RIC. Warrants we may receive with respect to debt investments generally create original issue discount (“OID”), which we must recognize as ordinary income over the term of the debt investment. Similarly, PIK interest which is accrued generally over the term of the debt investment but not paid in cash, is recognized as ordinary income. Both OID and PIK interest will increase the amounts we are required to distribute to maintain our RIC status. Because such OIDs and PIK interest will not produce distributable cash for us at the same time as we are required to make distributions, we will need to use cash from other sources to satisfy such distribution requirements. As of March 31, 2024, we did not have investments with OID or a PIK feature. Additionally, we must meet asset diversification and income source requirements at the end of each calendar quarter. If we fail to meet these tests, we may need to quickly dispose of certain investments to prevent the loss of RIC status. Since most of our investments will be illiquid, such dispositions, if even possible, may not be made at prices advantageous to us and may result in substantial losses. If we fail to qualify as a RIC as of a calendar quarter or annually for any reason and become fully subject to U.S. federal corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution, and the actual amount distributed. Such a failure would have a material adverse effect on us and our common stock. Some of our debt investments may include success fees that would generally generate payments to us upon a change of control. Because the satisfaction of these success fees, and the ultimate payment of these fees, is uncertain and highly contingent, we generally only recognize them as income when the payment is received. Success fee amounts are characterized as ordinary income for tax purposes and, as a result, we are required to distribute such amounts to our stockholders to maintain our RIC status. If we do not invest a sufficient portion of our assets in “qualifying assets,” we could fail to qualify as a BDC under the 1940 Act or be precluded from investing according to our current business strategy. As a BDC, we may not acquire any assets other than “qualifying assets” unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets, exclusive of Operating Assets, are qualifying assets, as defined in Section 55(a) of the 1940 Act. We believe that most of the investments that we may acquire in the future will constitute qualifying assets. However, we may be precluded from investing in what we believe to be attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If we do not invest a sufficient portion of our assets in qualifying assets, we could violate the 1940 Act provisions applicable to BDCs. As a result of such violation, specific rules under the 1940 Act could prevent us, for example, from making follow-on investments in existing portfolio companies (which could result in the dilution of our position) or could require us to dispose of investments at inappropriate times to come into compliance with the 1940 Act. If we need to dispose of such investments quickly, it could be difficult to dispose of such investments on favorable terms. We may not be able to find a buyer for such investments and, even if we do find a buyer, we may have to sell the investments at a substantial loss. Any such outcomes would have a material adverse effect on our business, financial condition, results of operations and cash flows. If we do not maintain our status as a BDC, we would be subject to regulation as a registered closed-end investment company under the 1940 Act. As a registered closed-end investment company, we would be subject to substantially more regulatory restrictions under the 1940 Act, which would significantly decrease our operating flexibility. Refer to “Business — Regulation as a BDC — Qualifying Assets” for additional information regarding qualifying assets. Provisions of the Delaware General Corporation Law and of our certificate of incorporation and bylaws could restrict a change in control and have an adverse impact on the price of our common stock. We are subject to provisions of the Delaware General Corporation Law that, in general, prohibit any business combination with a beneficial owner of 15% or more of our common stock for three years unless the holder’s acquisition of our stock was either approved in advance by our Board of Directors or ratified by our Board of Directors and stockholders owning two-thirds of our outstanding stock not owned by the acquiring holder. Although we believe these provisions collectively provide for an opportunity to receive higher bids by requiring potential acquirers to negotiate with our Board of Directors, they would apply even if the offer may be considered beneficial by some stockholders. We have also adopted other measures that may make it difficult for a third party to obtain control of us, including provisions of our certificate of incorporation classifying our Board of Directors in three classes serving staggered three-year terms, and provisions of our certificate of incorporation authorizing our Board of Directors to induce the issuance of additional shares of our stock. These provisions, as well as other provisions of our certificate of incorporation and bylaws, may delay, defer, or prevent a transaction or a change in control that might otherwise be in the best interests of our stockholders. We may not be permitted to declare a dividend or make any distribution to stockholders or repurchase shares until such time as we satisfy the asset coverage tests under the provisions of the 1940 Act that apply to BDCs. Regulations governing our operation as a BDC and RIC will affect our ability to raise, and the way in which we raise, additional capital or borrow for investment purposes, which may have a negative effect on our growth. As a result of the annual distribution requirement to qualify as a RIC, we may need to periodically access the capital markets to raise cash to fund new investments. We may issue senior securities representing indebtedness, including borrowing money from banks or other financial institutions, or senior securities that are stock, only in amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150% after each such incurrence or issuance. Further, we may not be permitted to declare a dividend or make any distribution to our outstanding stockholders or repurchase shares until such time as we satisfy this test. Our ability to issue different types of securities is also limited. Compliance with these requirements may unfavorably limit our investment opportunities and reduce our ability in comparison to other companies to profit from favorable spreads between the rates at which we can borrow and the rates at which we can lend. As a BDC, therefore, we may issue equity at a rate more frequent than our privately owned competitors, which may lead to greater stockholder dilution. We have incurred leverage to generate capital to make additional investments. If the value of our assets declines, we may be unable to satisfy the asset coverage test under the 1940 Act, which could prohibit us from paying distributions and could prevent us from qualifying as a RIC. If we cannot satisfy the asset coverage test, we may be required to sell a portion of our investments and, depending on the nature of our debt financing, repay a portion of our indebtedness at a time when such sales and repayments may be disadvantageous. Such events, if they were to occur, could have a significant adverse effect on our business, financial condition, results of operations, and cash flows. | ||||||||||||||||||||
Risks Related to Our External Management [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Risks Related to Our External Management We are dependent upon our key management personnel and the key management personnel of the Adviser, particularly David Gladstone, David Dullum and Terry Lee Brubaker, and on the continued operations of the Adviser, for our future success. We have no employees. Our chief executive officer, chief operating officer, chief financial officer and treasurer, chief valuation officer, and the employees of the Adviser do not spend all of their time managing our activities and our investment portfolio. We are particularly dependent upon David Gladstone, David Dullum and Terry Lee Brubaker for their experience, skills, and networks. Our executive officers and the employees of the Adviser allocate some, and in some cases a material portion, of their time to businesses and activities that are not related to our business. We have no separate facilities and are completely reliant on the Adviser, which has significant discretion as to the implementation and execution of our business strategies and risk management practices. We are subject to the risk of discontinuation of the Adviser’s operations or termination of the Advisory Agreement and the risk that, upon such event, no suitable replacement will be found. We believe that our success depends to a significant extent upon the Adviser and that discontinuation of its operations or the loss of its key management personnel could have a material adverse effect on our ability to achieve our investment objectives. Our success depends on the Adviser’s ability to attract and retain qualified personnel in a competitive environment. The Adviser experiences competition in attracting and retaining qualified personnel, particularly investment professionals and senior executives, and we may be unable to maintain or grow our business if we cannot attract and retain such personnel. The Adviser’s ability to attract and retain personnel with the requisite credentials, experience and skills depends on several factors including, its ability to offer competitive wages, benefits and professional growth opportunities. The Adviser competes with investment funds (such as private equity funds and mezzanine funds) and traditional financial services companies for qualified personnel, many of which have greater resources than us. Searches for qualified personnel may divert management’s time from the operation of our business. Strain on the existing personnel resources of the Adviser, in the event that it is unable to attract experienced investment professionals and senior executives, could have a material adverse effect on our business. The Adviser can resign on 60 days’ notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations. The Adviser has the right to resign under the Advisory Agreement at any time upon not less than 60 days’ written notice, whether we have found a replacement or not. If the Adviser resigns, we may not be able to find a new investment adviser or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption, our financial condition, business and results of operations as well as our ability to pay distributions are likely to be adversely affected and the market price of our common stock may decline. In addition, the coordination of our internal management and investment activities is likely to suffer if we are unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by the Adviser and its affiliates. Even if we are able to retain comparable management, whether internal or external, the integration of such management and their lack of familiarity with our investment objectives may result in additional costs and time delays that may adversely affect our business, financial condition, results of operations and cash flows. The Adviser’s liability is limited under the Advisory Agreement, and we are required to indemnify our investment adviser against certain liabilities, which may lead the Adviser to act in a riskier manner on our behalf than it would when acting for its own account. The Adviser has not assumed any responsibility to us other than to render the services described in the Advisory Agreement, and it will not be responsible for any action of our Board of Directors in declining to follow the Adviser’s advice or recommendations. Pursuant to the Advisory Agreement, the Adviser and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser will not be liable to us for their acts under the Advisory Agreement, absent willful misfeasance, bad faith or gross negligence in the performance of their duties or by reason of the reckless disregard of their duties and obligations under the Advisory Agreement. We have agreed to indemnify, defend and protect the Adviser and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser with respect to all damages, liabilities, costs and expenses arising out of or otherwise based upon the performance of any of the Adviser’s duties or obligations under the Advisory Agreement or otherwise as an investment adviser for us, and not arising out of willful misfeasance, bad faith or gross negligence in the performance of their duties or by reason of the reckless disregard of their duties and obligations under the Advisory Agreement. These protections may lead the Adviser to act in a riskier manner when acting on our behalf than it would when acting for its own account. Our incentive fee may induce the Adviser to make certain investments, including speculative investments. The management compensation structure that has been implemented under the Advisory Agreement may cause the Adviser to invest in high-risk investments or take other investment risks. In addition to its management fee, the Adviser is entitled under the Advisory Agreement to receive incentive compensation based in part upon our achievement of specified levels of income. In evaluating investments and other management strategies, the opportunity to earn incentive compensation based on net investment income may lead the Adviser to place undue emphasis on the maximization of net investment income at the expense of other criteria, such as preservation of capital, maintaining sufficient liquidity, or management of credit risk or market risk, to achieve higher incentive compensation. Investments with higher yield potential are generally riskier or more speculative. This could result in increased risk to the value of our investment portfolio. We may be obligated to pay the Adviser incentive compensation even if we incur a net decrease in net assets. The Advisory Agreement entitles the Adviser to incentive compensation for each fiscal quarter in an amount equal to a percentage of the excess of our net investment income for that quarter (before deducting the incentive fee) above a threshold return of 1.75% of our net assets, as adjusted, for that quarter. When calculating our incentive fee, our pre-incentive fee net investment income excludes realized losses and unrealized depreciation that we may incur in the fiscal quarter, even if such losses or depreciation result in a net decrease in net assets on our statement of operations for that quarter. Thus, we may be required to pay the Adviser incentive compensation for a fiscal quarter even if there is a decline in the value of our portfolio or we incur a net realized or unrealized loss for that quarter. For additional information on incentive compensation under the Advisory Agreement with the Adviser, see “ Business — Investment Advisory and Management Agreement .” We may be required to pay the Adviser incentive compensation on income accrued, but not yet received in cash. The part of the incentive fee payable by us that relates to our net investment income is computed and paid on income that may include income that has been accrued but not yet received in cash, such as debt instruments with PIK interest. If a portfolio company defaults on a loan, it is possible that such accrued interest previously used in the calculation of the incentive fee will become uncollectible. Consequently, we may make incentive fee payments on income accruals that we may not collect in the future and with respect to which we do not have a clawback right against the Adviser. The Adviser’s failure to identify and invest in securities that meet our investment criteria or perform its responsibilities under the Advisory Agreement would likely adversely affect our ability for future growth. Our ability to achieve our investment objectives will depend on our ability to grow, which in turn will depend on the Adviser’s ability to identify and invest in securities that meet our investment criteria. Accomplishing this result on a cost-effective basis will be largely a function of the Adviser’s structuring of the investment process, its ability to provide competent and efficient services to us, and our access to financing on acceptable terms. The Adviser’s senior management team has substantial responsibilities under the Advisory Agreement. To grow, the Adviser will need to hire, train, supervise, and manage new employees successfully. Any failure to manage our future growth effectively would likely have a material adverse effect on our business, financial condition, results of operations, and cash flows. There are significant potential conflicts of interest, including with the Adviser, which could impact our investment returns. Our executive officers and directors, and the officers and directors of the Adviser, serve or may serve as officers, directors, or principals of entities that operate in the same or a related line of business as we do or of investment funds managed by our affiliates. Accordingly, they may have obligations to investors in those entities, the fulfillment of which might not be in our or our stockholders’ best interests. For example, Mr. Gladstone, our chairman and chief executive officer, is the chairman of the board and chief executive officer of the Adviser and Administrator, and the Affiliated Public Funds. In addition, Mr. Brubaker, our chief operating officer, is also the vice chairman and chief operating officer of the Adviser and Administrator, and chief operating officer of the Affiliated Public Funds. Mr. Dullum, our president, is also an executive vice president of the Adviser. While portfolio managers and the officers and other employees of the Adviser devote as much time to the management of us as appropriate to enable the Adviser to perform its duties in accordance with the Advisory Agreement, the portfolio managers and other of the Adviser's officers may have conflicts in allocating their time and services among us, on the one hand, and other investment vehicles managed by the Adviser, on the other hand. These activities could be viewed as creating a conflict of interest insofar as the time and effort of the portfolio managers and the officers and employees of the Adviser will not be devoted exclusively to our business but will instead be allocated between our business and the management of these other investment vehicles. Moreover, the Adviser may establish or sponsor other investment vehicles which from time to time may have potentially overlapping investment objectives with ours and accordingly may invest in, whether principally or secondarily, asset classes we target. While the Adviser generally has broad authority to make investments on behalf of the investment vehicles that it advises, the Adviser has adopted investment allocation procedures to address these potential conflicts and intends to direct investment opportunities to the Company or the Affiliated Public Fund with the investment strategy that most closely fits the investment opportunity. Nevertheless, the management of the Adviser may face conflicts in the allocation of investment opportunities to other entities it manages. As a result, it is possible that we may not be given the opportunity to participate in certain investments made by other funds managed by the Adviser. In certain circumstances, we may make investments in a portfolio company in which one of our affiliates has or will have an investment, subject to satisfaction of any regulatory restrictions and, where required, the prior approval of our Board of Directors. As of March 31, 2024, our Board of Directors has approved the following types of transactions: • Our affiliate, Gladstone Commercial, may, under certain circumstances, lease property to portfolio companies that we do not control. We may pursue such transactions only if (i) the portfolio company is not controlled by us or any of our affiliates, (ii) the portfolio company satisfies the tenant underwriting criteria of Gladstone Commercial, and (iii) the transaction is approved by a majority of our independent directors and a majority of the independent directors of Gladstone Commercial. We expect that any such negotiations between Gladstone Commercial and our portfolio companies would result in lease terms consistent with the terms that the portfolio companies would be likely to receive were they not portfolio companies of ours. • Pursuant to the Co-Investment Order, we may co-invest, under certain circumstances, with certain of our affiliates, including Gladstone Capital and any future BDC or closed-end management investment company that is advised (or sub-advised if it controls the fund) by the Adviser, or any combination of the foregoing subject to the conditions in the Co-Investment Order. Certain of our officers, who are also officers of the Adviser, may from time to time serve as directors of certain of our portfolio companies. If an officer serves in such capacity for one of our portfolio companies, such officer will owe fiduciary duties to stockholders of the portfolio company, which duties may from time to time conflict with the interests of our stockholders. In the course of our investing activities, we will pay management and incentive fees to the Adviser and will reimburse the Administrator for certain expenses it incurs. As a result, investors in our common stock will invest on a “gross” basis and receive distributions on a “net” basis after expenses, resulting in, among other things, a lower rate of return than one might achieve through our investors themselves making direct investments. As a result of this arrangement, there may be times when the management team of the Adviser has interests that differ from those of our stockholders, giving rise to a conflict. In addition, as a BDC, we make available significant managerial assistance to our portfolio companies and provide other services to such portfolio companies. While neither we nor the Adviser currently receive fees in connection with managerial assistance, the Adviser and Gladstone Securities have, at various times, provided other services to certain of our portfolio companies and received fees for these other services. The Adviser is not obligated to provide credits of the base management fee or incentive fees, which could negatively impact our earnings and our ability to maintain our current level of distributions to our stockholders. The Advisory Agreement provides for a base management fee, based on our gross assets, and an incentive fee, that is based on our income and capital gains. Our Board of Directors has accepted in the past and may accept in the future non-contractual, unconditional, and irrevocable credits to reduce the annual 2.0% base management fee or the incentive fee, on a quarterly or annual basis. Any fees credited may not be recouped by the Adviser in the future. However, the Adviser is not required to issue these or other credits of fees under the Advisory Agreement. If the Adviser does not issue these credits in the future, it could negatively impact our earnings and may compromise our ability to maintain our current level of distributions to our stockholders, which could have a material adverse impact on our common stock price. Our business model is dependent upon developing and sustaining strong referral relationships with investment bankers, business brokers and other intermediaries and any change in our referral relationships may impact our business plan. We are dependent upon informal relationships with investment bankers, business brokers and traditional lending institutions to provide us with deal flow. If we fail to maintain our relationship with such funds or institutions, or if we fail to establish strong referral relationships with other funds, we will not be able to grow our portfolio of investments and fully execute our business plan. Our base management fee may induce the Adviser to incur leverage. The fact that our base management fee is payable based upon our gross assets, which would include any investments made with proceeds of borrowings, may encourage the Adviser to use leverage to make additional investments. Under certain circumstances, the use of increased leverage may increase the likelihood of default, which would disfavor holders of our securities. Given the subjective nature of the investment decisions made by the Adviser on our behalf, we will not be able to monitor this potential conflict of interest. | ||||||||||||||||||||
Risks Related to an Investment in Our Securities [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Risks Related to an Investment in Our Securities There is a risk that you may not receive distributions or that distributions may not grow over time. Our current intention is to distribute up to 100% of our Investment Company Taxable Income to our stockholders by paying monthly distributions. We may retain some or all of our net realized long-term capital gains, if any, and designate them as deemed distributions to supplement our equity capital and support the growth of our portfolio, although our Board of Directors may determine to distribute these net realized long-term capital gains to our stockholders in cash. In addition, the Credit Facility restricts the amount of distributions we are permitted to make annually. We cannot assure investors that we will achieve investment results or maintain a tax status that will allow or require any specified level of cash distributions. Investing in our securities may involve an above average degree of risk. The investments we make in accordance with our investment objectives may result in a higher amount of risk than alternative investment options and a higher risk of volatility or loss of principal. Our investments in portfolio companies may be highly speculative, and therefore, an investment in our securities may not be suitable for someone with lower risk tolerance. Distributions to our common stockholders have included and may in the future include a return of capital. Our Board of Directors declares monthly common distributions each quarter based on estimates of Investment Company Taxable Income and capital gains for each fiscal year, which may differ, and in the past have differed, from actual results. Because our common distributions are based on estimates of Investment Company Taxable Income and capital gains that may differ from actual results, future common distributions payable to our common stockholders may include a return of capital. To the extent that we distribute amounts that exceed our accumulated earnings and profits, these distributions constitute a return of capital to the extent of the common stockholder’s adjusted tax basis in its shares of our common stock. A return of capital represents a return of a common stockholder’s original investment in shares of our common stock and should not be confused with a distribution from earnings and profits. Although return of capital distributions may not be taxable, such distributions may increase an investor’s tax liability for capital gains upon the sale of our common stock by reducing the investor’s tax basis in its shares of our common stock. Such returns of capital reduce our asset base and also adversely impact our ability to raise debt capital as a result of the leverage restrictions under the 1940 Act, which could have a material adverse impact on our ability to make new investments. Common stockholders may incur dilution if we sell shares of our common stock in one or more offerings at prices below the then current NAV per share. Absent stockholder approval, we are not able to access the capital markets in an offering of our securities at prices below the then-current NAV per share, due to restrictions applicable to BDCs under the 1940 Act. Should we decide to issue shares of common stock at a price below NAV per share in the future, we will seek the requisite approval of our stockholders at such time. If we were to sell shares of our common stock below NAV per share, such sales would result in an immediate dilution to the NAV per share. This dilution would occur as a result of the sale of shares at a price below the then current NAV per share of our common stock and a proportionately greater decrease in a common stockholder’s interest in our earnings and assets and voting interest in us than the increase in our assets resulting from such issuance. The greater the difference between the sale price and the NAV per share at the time of the offering, the more significant the dilutive impact would be. Because the number of shares of common stock that could be so issued and the timing of any issuance is not currently known, the actual dilutive effect, if any, cannot be currently predicted. However, if, for example, we sold an additional 10% of our common stock at a 5% discount from NAV, an existing common stockholder who did not participate in that offering for its proportionate interest would suffer NAV dilution of up to 0.5% or $5 per $1,000 of NAV. | ||||||||||||||||||||
Risks Related to the 5.00% 2026 Notes, 4.875% 2028 Notes and 8.00% 2028 Notes (collectively, the "Notes") [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Risks Related to the 5.00% 2026 Notes, 4.875% 2028 Notes and 8.00% 2028 Notes (collectively, the "Notes") The Notes are unsecured and therefore are effectively subordinated to any secured indebtedness we may incur in the future and will rank pari passu with, or equal to, all outstanding and future unsecured indebtedness issued by us and our general liabilities (total liabilities, less debt). The Notes are not secured by any of our assets or any of the assets of our subsidiaries. As a result, the Notes are effectively subordinated to any secured indebtedness we may incur in the future (or any indebtedness that is initially unsecured to which we subsequently grant security) to the extent of the value of the assets securing such indebtedness. In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our existing or future secured indebtedness and the secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of the Notes. In addition, the Notes will rank pari passu with, or equal to, all outstanding and future unsecured indebtedness issued by us and our general liabilities (total liabilities, less debt). The Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries. The Notes are obligations exclusively of the Company and not of any of our subsidiaries. None of our subsidiaries is a guarantor of the Notes and the Notes are not required to be guaranteed by any subsidiaries we may acquire or create in the future. Except to the extent we are a creditor with recognized claims against our subsidiaries, all claims of creditors of our subsidiaries will have priority over our equity interests in such subsidiaries (and therefore the claims of our creditors, including holders of the Notes) with respect to the assets of such subsidiaries. Even if we are recognized as a creditor of one or more of our subsidiaries, our claims would still be effectively subordinated to any security interests in the assets of any such subsidiary and to any indebtedness or other liabilities of any such subsidiary senior to our claims. Consequently, the Notes are structurally subordinated to all indebtedness and other liabilities of any of our subsidiaries and any subsidiaries that we may in the future acquire or establish. Our wholly-owned subsidiary, Business Investment, is the obligor under our Credit Facility, which is structurally senior to the Notes. In addition, our subsidiaries may incur substantial additional indebtedness in the future, all of which would be structurally senior to the Notes. The indenture under which the Notes were issued contains limited protection for holders of the Notes. The indenture under which the Notes were issued offers limited protection to holders of the Notes. The terms of the indenture and the Notes do not restrict our or any of our subsidiaries’ ability to engage in, or otherwise be a party to, a variety of corporate transactions, circumstances or events that could have an adverse impact on your investment in the Notes. In particular, the terms of the indenture and the Notes do not place any restrictions on our or our subsidiaries’ ability to: • issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness or other obligations that would be equal in right of payment to the Notes, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the Notes to the extent of the values of the assets securing such debt, (3) indebtedness of ours that is guaranteed by one or more of our subsidiaries and which therefore is structurally senior to the Notes and (4) securities, indebtedness or obligations issued or incurred by our subsidiaries that would be senior to our equity interests in our subsidiaries and therefore rank structurally senior to the Notes with respect to the assets of our subsidiaries, in each case other than an incurrence of indebtedness or other obligation that would cause a violation of Section 18(a)(1)(A) as modified by Section 61(a)(2) of the 1940 Act or any successor provisions, whether or not we continue to be subject to such provisions of the 1940 Act, which generally prohibit us incurring additional debt or issuing additional debt or preferred securities, unless our asset coverage, as defined in the 1940 Act, equals at least 150% after such incurrence or issuance; • pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities ranking junior in right of payment to the Notes, including preferred stock and any subordinated indebtedness, in each case other than dividends, purchases, redemptions or payments that would cause our asset coverage to fall below the threshold specified in Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act or any successor provisions thereto, whether or not we are subject to such provisions of the 1940 Act, giving effect to any no-action relief granted by the SEC to another BDC and upon which we may reasonably rely (or to us if we determine to seek such similar SEC no-action or other relief) permitting the BDC to declare any cash dividend or distribution notwithstanding the prohibition contained in Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act to maintain the BDC’s status as a RIC under Subchapter M of the Code; • sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets); • enter into transactions with affiliates; • create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions; • make investments; or • create restrictions on the payment of dividends or other amounts to us from our subsidiaries. In addition, the indenture and the Notes do not require us to make an offer to purchase the Notes in connection with a change of control or any other event. Furthermore, the terms of the indenture and the Notes do not protect holders of the Notes in the event that we experience changes (including significant adverse changes) in our financial condition, results of operations or credit ratings, if any, as they do not require that we or our subsidiaries adhere to any financial tests or ratios or specified levels of net worth, revenues, income, cash flow, or liquidity. Our ability to recapitalize, incur additional debt (including additional debt that matures prior to the maturity of the Notes) and take a number of other actions that are not limited by the terms of the Notes may have important consequences for you as a holder of the Notes, including making it more difficult for us to satisfy our obligations with respect to the Notes or negatively affecting the trading value of the Notes. Other debt we issue or incur in the future could contain more protections for its holders than the indenture and the Notes, including additional covenants and events of default. The issuance or incurrence of any such debt with incremental protections could affect the market for, trading levels, and prices of the Notes. An active trading market for the Notes may not exist, which could limit your ability to sell the Notes or affect the market price of the Notes. An active trading market for the Notes may not exist in the future and holders may not be able to sell their Notes. Even if an active trading market does exist, the Notes may trade at a discount from their initial offering price depending on prevailing interest rates, the market for similar securities, our credit ratings, if any, general economic conditions, our financial condition, performance and prospects and other factors. To the extent an active trading market does not exist, the liquidity and trading price for the Notes may be harmed. Accordingly, holders of the Notes may be required to bear the financial risk of an investment in the Notes for an indefinite period of time. If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the Notes. Any default under the agreements governing our indebtedness, including a default under the Credit Facility or other indebtedness to which we may be a party, that is not waived by the required lenders or holders, and the remedies sought by the holders of such indebtedness could make us unable to pay principal, premium, if any, and interest on the Notes and substantially decrease the market value of the Notes. If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on our indebtedness, or if we otherwise fail to comply with the various covenants, including financial and operating covenants, in the instruments governing our indebtedness, we could be in default under the terms of the agreements governing such indebtedness, including the Notes. In the event of such default, the holders of such indebtedness could elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest, the lenders under the Credit Facility or other debt we may incur in the future could elect to terminate their commitments, cease making further loans and institute foreclosure proceedings against our assets, and we could be forced into bankruptcy or liquidation. If our operating performance declines, we may in the future need to refinance or restructure our debt, including the Notes, sell assets, reduce or delay capital investments, seek to raise additional capital or seek to obtain waivers from the required lenders under the Credit Facility or other debt that we may incur in the future to avoid being in default. If we are unable to implement one or more of these alternatives, we may not be able to meet our payment obligations under the Notes or our other debt. If we breach our covenants under the Credit Facility or other debt and seek a waiver, we may not be able to obtain a waiver from the required lenders or holders. If this occurs, we would be in default under the Credit Facility or other debt, the lenders or holders could exercise their rights as described above, and we could be forced into bankruptcy or liquidation. If we are unable to repay debt, lenders having secured obligations, including the lenders under the Credit Facility, could proceed against the collateral securing the debt. Because the Credit Facility has, and any future credit facilities will likely have, customary cross-default provisions, if the indebtedness under the Notes or the Credit Facility or under any future credit facility is accelerated, we may be unable to repay or finance the amounts due. We may choose to redeem the Notes when prevailing interest rates are relatively low. At any time with respect to the 5.00% 2026 Notes and the 4.875% 2028 Notes and on or after August 1, 2025, with respect to the 8.00% 2028 Notes, we may choose to redeem the Notes from time to time, especially if prevailing interest rates are lower than the rate borne by the Notes. If prevailing rates are lower at the time of redemption, and we redeem the Notes, you likely would not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as the interest rate on the Notes being redeemed. Our redemption right also may adversely impact your ability to sell the Notes as the optional redemption date or period approaches. A downgrade, suspension or withdrawal of any credit rating assigned by a rating agency to us or the Notes could cause the liquidity or market value of the Notes to decline significantly. | ||||||||||||||||||||
General Risk Factors [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | General Risk Factors Cybersecurity risks and cyber incidents may adversely affect our business by causing a disruption to our operations, or the operations of businesses in which we invest, a compromise or corruption of our confidential information and/or damage to our business relationships, all of which could negatively impact our business, financial condition and operating results. Maintaining our network security is of critical importance because our systems store highly confidential financial models and portfolio company information. Although we have implemented, and will continue to implement, security measures, our technology platform may be vulnerable to intrusion, computer viruses or similar disruptive problems caused by cyber-attacks, including those employing artificial intelligence. A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity or availability of our information resources or those of our portfolio companies. These incidents may be an intentional attack or an unintentional event and could involve gaining unauthorized access to our information systems or those of our portfolio companies for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption. The result of these incidents may include disrupted operations, misstated or unreliable financial data, liability for stolen assets or information, increased cybersecurity protection and insurance costs, litigation and damage to our business relationships or those of our portfolio companies. As our and our portfolio companies’ reliance on technology has increased, so have the risks posed to our information systems, both internal and those provided to us by third-party service providers, and the information systems of our portfolio companies. We have implemented processes, procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, but these measures, as well as our increased awareness of the nature and extent of a risk of a cyber incident, do not guarantee that a cyber incident will not occur and/or that our financial results, operations or confidential information will not be negatively impacted by such an incident. In addition, any such incident, disruption or other loss of information could result in legal claims or proceedings, liability under laws that protect the privacy of personal information, and regulatory penalties, disrupt our operations, and damage our and our Adviser’s reputations, resulting in a loss of confidence in our services and our Adviser’s services, which could adversely affect our business. We are subject to risks associated with artificial intelligence and machine learning technology. Recent technological advances in artificial intelligence and machine learning technology pose risks to our Company and our portfolio companies. Our Company and our portfolio companies could be exposed to the risks of artificial intelligence and machine learning technology if third-party service providers or any counterparties, whether or not known to our Company, also use artificial intelligence and machine learning technology in their business activities. We and our portfolio companies may not be in a position to control the use of artificial intelligence and machine learning technology in third-party products or services. Use of artificial intelligence and machine learning technology could include the input of confidential information in contravention of applicable policies, contractual or other obligations or restrictions, resulting in such confidential information becoming partly accessible by other third-party artificial intelligence and machine learning technology applications and users. Independent of its context of use, artificial intelligence and machine learning technology is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that artificial intelligence and machine learning technology utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error—potentially materially so—and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of artificial intelligence and machine learning technology. To the extent that we or our portfolio companies are exposed to the risks of artificial intelligence and machine learning technology use, any such inaccuracies or errors could have adverse impacts on our Company or our investments. Artificial intelligence and machine learning technology and its applications, including in the private investment and financial sectors, continue to develop rapidly, and it is impossible to predict the future risks that may arise from such developments. We are subject to risks related to corporate social responsibility. Our business (including that of our portfolio companies) faces increasing public scrutiny related to environmental, social and governance (“ESG”) activities, which are increasingly considered to contribute to the long-term sustainability of a company’s performance. A variety of organizations measure the performance of companies on ESG topics, and the results of these assessments are widely publicized. Adverse incidents with respect to ESG activities could impact the value of our brand, our relationship with future portfolio companies, the cost of our operations and relationships with investors, all of which could adversely affect our business and results of operations. Additionally, new regulatory initiatives related to ESG that are applicable to us and our portfolio companies could adversely affect our business. The SEC has adopted rules that require additional disclosures about ESG investment practices by investment advisers and certain funds, including BDCs. The SEC has also adopted rules that, among other matters, establish a framework for reporting of climate-related risks. Compliance with these rules may be onerous and expensive. Further, compliance with any new laws, regulations or disclosure obligations increases our regulatory burden and could make compliance more difficult and expensive, affect the manner in which we or our portfolio companies conduct our businesses and adversely affect our profitability. We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our common stock and our ability to pay dividends. Our business is dependent on our and third parties’ communications and information systems. Any failure or interruption of those systems, including as a result of the termination of an agreement with any third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control and adversely affect our business. There could be: • sudden electrical or telecommunications outages; • natural disasters such as earthquakes, tornadoes and hurricanes; • disease pandemics; • events arising from local or larger scale political or social matters, including terrorist acts; and • cyber-attacks. These events, in turn, could have a material adverse effect on our operating results and negatively affect the market price of our common stock and our ability to pay dividends to our stockholders. Changes in laws or regulations governing our operations, or changes in the interpretation thereof, and any failure by us to comply with laws or regulations governing our operations may adversely affect our business. We, and our portfolio companies, are subject to regulation by laws at the local, state and federal levels. These laws and regulations, as well as their interpretation, may be changed from time to time. Accordingly, any change in these laws or regulations, or their interpretation, or any failure by us or our portfolio companies to comply with these laws or regulations may adversely affect our business. For additional information regarding the regulations to which we are subject, see “ Business—Material U.S. Federal Income Tax Considerations — RIC Status” and “Business — Regulation as a BDC. ” We may experience fluctuations in our quarterly and annual operating results. We may experience fluctuations in our quarterly and annual operating results due to a number of factors, including, among others, variations in our investment income, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, rapidly changing valuation of our portfolio companies, placing and removing investments on non-accrual status, the degree to which we encounter competition in our markets, the ability to sell investments at attractive terms, the ability to fund and close suitable investments, and general economic conditions, including the impacts of inflation and rising interest rates. The majority of our portfolio companies are in industries that are directly impacted by inflation, such as manufacturing and consumer goods and services. Our portfolio companies may not be able to pass on to customers increases in their costs of production which could greatly affect their operating results, impacting their ability to service and repay our loans. In addition, any potential future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future realized and unrealized losses and therefore reduce our net assets. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods. | ||||||||||||||||||||
7.125% Series A Cumulative Term Preferred Stock [Member] | |||||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||||
Senior Securities Amount | $ 40,000,000 | $ 40,000,000 | |||||||||||||||||||
Senior Securities Coverage per Unit | $ 2,214 | $ 2,301 | |||||||||||||||||||
Preferred Stock Liquidating Preference | 25 | 25 | |||||||||||||||||||
Senior Securities Average Market Value per Unit | $ 25.60 | $ 25.78 | |||||||||||||||||||
6.75% Series B Cumulative Term Preferred Stock [Member] | |||||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||||
Senior Securities Amount | $ 41,400,000 | $ 41,400,000 | $ 41,400,000 | $ 41,400,000 | |||||||||||||||||
Senior Securities Coverage per Unit | $ 2,373 | $ 2,356 | $ 2,214 | $ 2,301 | |||||||||||||||||
Preferred Stock Liquidating Preference | 25 | 25 | 25 | 25 | |||||||||||||||||
Senior Securities Average Market Value per Unit | $ 25.20 | $ 26 | $ 24.43 | $ 25.38 | |||||||||||||||||
6.50% Series C Cumulative Term Preferred Stock due 2022 [Member] | |||||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||||
Senior Securities Amount | $ 40,250,000 | $ 40,250,000 | $ 40,250,000 | ||||||||||||||||||
Senior Securities Coverage per Unit | $ 2,373 | $ 2,356 | $ 2,214 | ||||||||||||||||||
Preferred Stock Liquidating Preference | 25 | 25 | 25 | ||||||||||||||||||
Senior Securities Average Market Value per Unit | $ 25.33 | $ 25.64 | $ 23.92 | ||||||||||||||||||
6.25% Series D Cumulative Term Preferred Stock due 2023 [Member] | |||||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||||
Senior Securities Amount | $ 57,500,000 | $ 57,500,000 | $ 57,500,000 | $ 57,500,000 | |||||||||||||||||
Senior Securities Coverage per Unit | $ 2,938 | $ 3,091 | $ 2,373 | $ 2,356 | |||||||||||||||||
Preferred Stock Liquidating Preference | 25 | 25 | 25 | 25 | |||||||||||||||||
Senior Securities Average Market Value per Unit | $ 20.46 | $ 25.38 | $ 25.22 | $ 25.43 | |||||||||||||||||
6.375% Series E Cumulative Term Preferred Stock due 2025 [Member] | |||||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||||
Senior Securities Amount | $ 94,371,325 | $ 74,750,000 | $ 74,750,000 | ||||||||||||||||||
Senior Securities Coverage per Unit | $ 2,486 | $ 2,938 | $ 3,091 | ||||||||||||||||||
Preferred Stock Liquidating Preference | 25 | 25 | 25 | ||||||||||||||||||
Senior Securities Average Market Value per Unit | $ 25.44 | $ 19.52 | $ 25.55 | ||||||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||||
Senior Securities Amount | $ 67,000,000 | $ 35,200,000 | $ 67,000,000 | $ 35,200,000 | $ 0 | $ 22,400,000 | $ 49,200,000 | $ 53,000,000 | $ 107,000,000 | $ 69,700,000 | $ 95,000,000 | $ 118,800,000 | |||||||||
Senior Securities Coverage per Unit | $ 2,190 | $ 2,447 | $ 2,190 | $ 2,447 | $ 2,529 | $ 3,980 | $ 9,935 | $ 9,976 | $ 5,257 | $ 6,613 | $ 4,838 | $ 2,301 | |||||||||
5.00% Notes Due 2026 [Member] | |||||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||||
Senior Securities Amount | $ 127,937,500 | $ 127,937,500 | $ 127,937,500 | $ 127,937,500 | $ 127,937,500 | $ 127,937,500 | |||||||||||||||
Senior Securities Coverage per Unit | $ 2,190 | $ 2,447 | $ 2,190 | $ 2,447 | $ 2,529 | $ 3,980 | |||||||||||||||
Preferred Stock Liquidating Preference | $ 25 | $ 25 | 25 | 25 | 25 | 25 | |||||||||||||||
Senior Securities Average Market Value per Unit | $ 24.16 | $ 23.47 | $ 25.13 | $ 25.85 | |||||||||||||||||
4.875% Notes due 2028 [Member] | |||||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||||
Senior Securities Amount | $ 134,550,000 | $ 134,550,000 | $ 134,550,000 | $ 134,550,000 | $ 134,550,000 | ||||||||||||||||
Senior Securities Coverage per Unit | $ 2,190 | $ 2,447 | $ 2,190 | $ 2,447 | $ 2,529 | ||||||||||||||||
Preferred Stock Liquidating Preference | $ 25 | $ 25 | 25 | 25 | 25 | ||||||||||||||||
Senior Securities Average Market Value per Unit | $ 22.95 | $ 23 | $ 25.07 | ||||||||||||||||||
8.00% Notes Due 2028 [Member] | |||||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||||
Senior Securities Amount | $ 74,750,000 | $ 74,750,000 | |||||||||||||||||||
Senior Securities Coverage per Unit | $ 2,190 | $ 2,190 | |||||||||||||||||||
Preferred Stock Liquidating Preference | $ 25 | 25 | |||||||||||||||||||
Senior Securities Average Market Value per Unit | $ 25.86 | ||||||||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||||||||||||||||||||
Long Term Debt, Title [Text Block] | 8.00% Notes due 2028 | ||||||||||||||||||||
Long Term Debt, Structuring [Text Block] | In May 2023, we completed a public offering of the 8.00% 2028 Notes with an aggregate principal amount of $74.8 million, which resulted in net proceeds of approximately $72.3 million after deducting underwriting discounts, commissions and offering costs borne by us. The 8.00% 2028 Notes are traded under the ticker symbol “GAINL” on Nasdaq. The 8.00% 2028 Notes will mature on August 1, 2028 and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after August 1, 2025. The 8.00% 2028 Notes bear interest at a rate of 8.00% per year (which equates to $6.0 million per year), payable quarterly in arrears. | ||||||||||||||||||||
Long Term Debt, Dividends and Covenants [Text Block] | The indenture relating to the 8.00% 2028 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Exchange Act, we will provide the holders of the 8.00% 2028 Notes and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. | ||||||||||||||||||||
Secured Debt [Member] | |||||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||||
Senior Securities Amount | $ 5,095,785 | $ 5,095,785 | $ 5,095,785 | $ 5,095,785 | $ 5,095,785 | $ 5,095,785 | $ 5,095,785 | $ 5,095,785 | |||||||||||||
Senior Securities Coverage per Unit | $ 2,529 | $ 3,980 | $ 9,935 | $ 9,976 | $ 5,257 | $ 6,613 | $ 4,838 | $ 2,301 | |||||||||||||
Notes 2026 Five Point Zero [Member] | |||||||||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||||||||||||||||||||
Long Term Debt, Title [Text Block] | 5.00% Notes due 2026 | ||||||||||||||||||||
Long Term Debt, Structuring [Text Block] | In March 2021, we completed a public offering of the 5.00% 2026 Notes with an aggregate principal amount of $127.9 million, which resulted in net proceeds of approximately $123.8 million after deducting underwriting discounts, commissions and offering costs borne by us. The 5.00% 2026 Notes are traded under the ticker symbol “GAINN” on Nasdaq. The 5.00% 2026 Notes will mature on May 1, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company’s option. The 5.00% 2026 Notes bear interest at a rate of 5.00% per year (which equates to $6.4 million per year), payable quarterly in arrears. | ||||||||||||||||||||
Long Term Debt, Dividends and Covenants [Text Block] | The indenture relating to the 5.00% 2026 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Exchange Act, we will provide the holders of the 5.00% 2026 Notes, as applicable, and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. | ||||||||||||||||||||
Notes 2028 Four Point Eight Seven Five [Member] | |||||||||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||||||||||||||||||||
Long Term Debt, Title [Text Block] | 4.875% Notes due 2028 | ||||||||||||||||||||
Long Term Debt, Structuring [Text Block] | In August 2021, we completed a public offering of the 4.875% 2028 Notes with an aggregate principal amount of $134.6 million, which resulted in net proceeds of approximately $131.3 million after deducting underwriting discounts, commissions and offering costs borne by us. The 4.875% 2028 Notes are traded under the ticker symbol “GAINZ” on Nasdaq. The 4.875% 2028 Notes will mature on November 1, 2028 and may be redeemed in whole or in part at any time or from time to time at the Company’s option. The 4.875% 2028 Notes bear interest at a rate of 4.875% per year (which equates to $6.6 million per year), payable quarterly in arrears. | ||||||||||||||||||||
Long Term Debt, Dividends and Covenants [Text Block] | The indenture relating to the 4.875% 2028 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Exchange Act, we will provide the holders of the 4.875% 2028 Notes, as applicable, and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. | ||||||||||||||||||||
Series E Term Preferred Stock [Member] | |||||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||||
Preferred Stock Liquidating Preference | $ 25 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Consolidated Financial Statements and these accompanying notes are prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and conform to the applicable requirements of Regulation S-X. Management believes it has made all necessary adjustments so that our accompanying Consolidated Financial Statements are presented fairly and that all such adjustments are of a normal recurring nature. Our accompanying Consolidated Financial Statements include our accounts and the accounts of our wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. |
Consolidation | Consolidation In accordance with Article 6 of Regulation S-X, we do not consolidate portfolio company investments. Under the investment company rules and regulations pursuant to the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies, codified in ASC 946, we are precluded from consolidating any entity other than another investment company, except that ASC 946 provides for the consolidation of a controlled operating company that provides substantially all of its services to the investment company or its consolidated subsidiaries. |
Use of Estimates | Use of Estimates Preparing financial statements requires management to make estimates and assumptions that affect the amounts reported in our accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements . Actual results may differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all short-term, highly-liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value. We place our cash with financial institutions, and at times, cash held in checking accounts may exceed the Federal Deposit Insurance Corporation insured limit. We seek to mitigate this concentration of credit risk by depositing funds with major financial institutions. |
Restricted Cash and Cash Equivalents | Restricted Cash and Cash Equivalents Restricted cash and cash equivalents are generally cash and cash equivalents held in escrow received as part of an investment exit. Restricted cash and cash equivalents are carried at cost, which approximates fair value. |
Classification of Investments, Investment Valuation Policy, and Realized Gain or Loss and Unrealized Appreciation or Depreciation of Portfolio Investments | Classification of Investments In accordance with the provisions of the 1940 Act applicable to BDCs, we classify portfolio investments on our accompanying Consolidated Statements of Assets and Liabilities , Consolidated Statements of Operations , and Consolidated Schedules of Investments into the following categories: • Non-Control/Non-Affiliate Investments — Non-Control/Non-Affiliate investments are those that are neither control nor affiliate investments and in which we typically own less than 5.0% of the issued and outstanding voting securities; • Affiliate Investments — Affiliate investments are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities; and • Control Investments — Control investments are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities. Investment Valuation Policy Accounting Recognition We record our investments at fair value in accordance with the FASB ASC Topic 820, “ Fair Value Measurements and Disclosures” (“ASC 820”) and the 1940 Act. Investment transactions are recorded on the trade date. Realized gains or losses are generally measured by the difference between the net proceeds from the repayment or sale and the cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, and include investments charged off during the period, net of recoveries. Unrealized appreciation or depreciation primarily reflects the change in investment fair values, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. Board Responsibility Our board of directors (the “Board of Directors”) has approved investment valuation policies and procedures pursuant to Rule 2a-5 under the 1940 Act (the “Policy”) and, in July 2022, designated the Adviser to serve as the Board of Directors’ valuation designee (“Valuation Designee”) under the 1940 Act. In accordance with the 1940 Act, our Board of Directors has the ultimate responsibility for reviewing the good faith fair value determination of our investments for which market quotations are not readily available based on our Policy and for overseeing the Valuation Designee. Such review and oversight includes receiving written fair value determinations and supporting materials provided by the Valuation Designee, in coordination with the Administrator and with the oversight by the Company's chief valuation officer (collectively, the “Valuation Team”). The Valuation Committee of our Board of Directors (comprised entirely of independent directors) meets to review the valuation determinations and supporting materials, discusses the information provided by the Valuation Team, determines whether the Valuation Team has followed the Policy, and reviews other facts and circumstances, including current valuation risks, conflicts of interest, material valuation matters, appropriateness of valuation methodologies, back-testing results, price challenges/overrides, and ongoing monitoring and oversight of pricing services. After the Valuation Committee concludes its meeting, it and the chief valuation officer, representing the Valuation Designee, present the Valuation Committee’s findings on the Valuation Designee's determinations to the entire Board of Directors so that the full Board of Directors may review the Valuation Designee's determined fair values of such investments in accordance with the Policy. There is no single standard for determining fair value (especially for privately-held businesses), as fair value depends upon the specific facts and circumstances of each individual investment. In determining the fair value of our investments, the Valuation Team, led by the chief valuation officer, uses the Policy, and each quarter the Valuation Committee and Board of Directors review the Policy to determine if changes thereto are advisable and whether the Valuation Team has applied the Policy consistently. Use of Third-Party Valuation Firms The Valuation Team engages third party valuation firms to provide independent assessments of fair value of certain of our investments. A third-party valuation firm generally provides estimates of fair value on our debt investments. The Valuation Team generally assigns the third-party valuation firm’s estimates of fair value to our debt investments where we do not have the ability to effectuate a sale of the applicable portfolio company. The Valuation Team corroborates the third-party valuation firm’s estimates of fair value using one or more of the valuation techniques discussed below. The Valuation Team’s estimate of value on a specific debt investment may significantly differ from the third-party valuation firm’s. When this occurs, our Valuation Committee and Board of Directors review whether the Valuation Team has followed the Policy and the Valuation Committee reviews whether the Valuation Designee’s determined fair value is reasonable in light of the Policy and other relevant facts and circumstances. We may engage other independent valuation firms to provide earnings multiple ranges, as well as other information, and evaluate such information for incorporation into the total enterprise value (“TEV”) of certain of our investments. Generally, at least once per year, we engage an independent valuation firm to value or review the valuation of each of our significant equity investments, which includes providing the information noted above. The Valuation Team evaluates such information for incorporation into our TEV, including review of all inputs provided by the independent valuation firm. The Valuation Team then presents a determination to our Valuation Committee as to the fair value. Our Valuation Committee reviews the determined fair value and whether it is reasonable in light of the Policy and other relevant facts and circumstances. Valuation Techniques In accordance with ASC 820, the Valuation Team uses the following techniques when valuing our investment portfolio: • Total Enterprise Value — In determining the fair value using a TEV, the Valuation Team first calculates the TEV of the portfolio company by incorporating some or all of the following factors: the portfolio company’s ability to make payments and other specific portfolio company attributes; the earnings of the portfolio company (the trailing or projected twelve month revenue or earnings before interest, taxes, depreciation and amortization (“EBITDA”)); EBITDA multiples obtained from our indexing methodology whereby the original transaction EBITDA multiple at the time of our closing is indexed to a general subset of comparable disclosed transactions and EBITDA multiples from recent sales to third parties of similar securities in similar industries; a comparison to publicly traded securities in similar industries; and other pertinent factors. The Valuation Team generally reviews industry statistics and may use outside experts when gathering this information. Once the TEV is determined for a portfolio company, the Valuation Team generally allocates the TEV to the portfolio company’s securities based on the facts and circumstances of the securities, which typically results in the allocation of fair value to securities based on the order of their relative priority in the capital structure. Generally, the Valuation Team uses TEV to value our equity investments and, in the circumstances where we have the ability to effectuate a sale of a portfolio company, our debt investments. TEV is primarily calculated using EBITDA and EBITDA multiples; however, TEV may also be calculated using revenue and revenue multiples or a discounted cash flow (“DCF”) analysis whereby future expected cash flows of the portfolio company are discounted to determine a net present value using estimated risk-adjusted discount rates, which incorporate adjustments for nonperformance and liquidity risks. • Yield Analysis — The Valuation Team generally determines the fair value of our debt investments for which we do not have the ability to effectuate a sale of the applicable portfolio company using the yield analysis, which includes a DCF calculation and assumptions that the Valuation Team believes market participants would use, including: estimated remaining life, current market yield, current leverage, and interest rate spreads. This technique develops a modified discount rate that incorporates risk premiums including, among other things, increased probability of default, increased loss upon default, and increased liquidity risk. Generally, the Valuation Team uses the yield analysis to corroborate both estimates of value provided by a third-party valuation firm and market quotes. • Market Quotes — For our investments for which a limited market exists, we generally base fair value on readily available and reliable market quotations, which are corroborated by the Valuation Team (generally by using the yield analysis described above). In addition, the Valuation Team assesses trading activity for similar investments and evaluates variances in quotations and other market insights to determine if any available quoted prices are reliable. Typically, the Valuation Team uses the lower indicative bid price in the bid-to-ask price range obtained from the respective originating syndication agent’s trading desk on or near the valuation date. The Valuation Team may take further steps to consider additional information to validate that price in accordance with the Policy. For securities that are publicly traded, we generally base fair value on the closing market price of the securities we hold as of the reporting date. For restricted securities that are publicly traded, we generally base fair value on the closing market price of the securities we hold as of the reporting date less a discount for the restriction, which includes consideration of the nature and term to expiration of the restriction and the lack of marketability of the security. • Investments in Funds — For equity investments in other funds for which we cannot effectuate a sale of the fund, the Valuation Team generally determines the fair value of our invested capital at the net asset value (“NAV”) provided by the fund. Any invested capital that is not yet reflected in the NAV provided by the fund is valued at par value. The Valuation Team may also determine fair value of our investments in other investment funds based on the capital accounts of the underlying entity. In addition to the valuation techniques listed above, the Valuation Team may also consider other factors when determining the fair value of our investments, including: the nature and realizable value of the collateral, including external parties’ guaranties, any relevant offers or letters of intent to acquire the portfolio company, timing of expected loan repayments, and the markets in which the portfolio company operates. Fair value measurements of our investments may involve subjective judgments and estimates and, due to the uncertainty inherent in valuing these securities, the determinations of fair value may fluctuate from period to period and may differ materially from the values that could be obtained if a ready market for these securities existed. Our NAV could be materially affected if the determinations regarding the fair value of our investments are materially different from the values that we ultimately realize upon our disposal of such securities. Additionally, changes in the market environment and other events that may occur over the life of the investment may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which it is recorded. Refer to Note 3 — Investments for additional information regarding fair value measurements and our application of ASC 820. Realized Gain or Loss and Unrealized Appreciation or Depreciation of Portfolio Investments Gains or losses on the sale of investments are calculated by using the specific identification method. A realized gain or loss is recognized on the trade date, typically when an investment is disposed of, and is computed as the difference between the cost basis of the investment on the disposition date and the net proceeds received from such disposition. Unrealized appreciation or depreciation reflects the difference between the fair value of the investment and the cost basis of such investment. We determine the fair value of each individual investment each reporting period and record changes in fair value as unrealized appreciation or depreciation in our accompanying Consolidated Statement of Operations . |
Revenue Recognition | Revenue Recognition Interest Income Recognition Interest income, adjusted for amortization of premiums, amendment fees, and acquisition costs and the accretion of discounts, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when a loan becomes 90 days or more past due, or if our qualitative assessment indicates that the debtor is unable to service its debt or other obligations, we will place the loan on non-accrual status and cease recognizing interest income on that loan until the borrower has demonstrated the ability and intent to pay contractual amounts due. However, we remain contractually entitled to this interest. Interest payments received on non-accrual loans may be recognized as income or applied to the cost basis, depending upon management’s judgment. Generally, non-accrual loans are restored to accrual status when past-due principal and interest are paid and, in management’s judgment, are likely to remain current, or, due to a restructuring, the interest income is deemed to be collectible. As of March 31, 2024, our loans to Edge Adhesives Holdings, Inc. ("Edge") and J.R. Hobbs were on non-accrual status, with an aggregate debt cost basis of $59.1 million, or 9.0% of the cost basis of all debt investments in our portfolio, and an aggregate fair value of $29.7 million, or 4.8% of the fair value of all debt investments in our portfolio. As of March 31, 2023, our loans to Edge, J.R. Hobbs and The Mountain were on non-accrual status, with an aggregate debt cost basis of $66.9 million, or 12.0% of the cost basis of all debt investments in our portfolio, and an aggregate fair value of $31.7 million, or 6.2% of the fair value of all debt investments in our portfolio. Paid-in-kind (“PIK”) interest, computed at the contractual rate specified in the loan agreement, is added to the principal balance of the loan and recorded as interest income. Thus, the actual collection of PIK income may be deferred until the time of debt principal repayment. As of March 31, 2024 and 2023, we did not have any loans with a PIK interest component. Success Fee Income Recognition We record success fees as income when earned, which often occurs upon receipt of cash. Success fees are generally contractually due upon a change of control in a portfolio company, typically resulting from an exit or sale, and are non-recurring. Dividend Income Recognition |
Deferred Financing and Offering Costs | Deferred Financing and Offering Costs |
Related Party Fees | Related Party Fees We are party to the Advisory Agreement with the Adviser, which is indirectly owned and controlled by our chairman and chief executive officer. In accordance with the Advisory Agreement, we pay the Adviser fees as compensation for its services, consisting of a base management fee and an incentive fee. Additionally, we pay the Adviser a loan servicing fee as compensation for its services as servicer under the terms of the Fifth Amended and Restated Credit Agreement dated April 30, 2013, as amended from time to time (the "Credit Facility"). |
Federal Income Taxes | Federal Income Taxes We intend to continue to maintain our qualification as a RIC under subchapter M of the Code for federal income tax purposes. As a RIC, we generally are not subject to federal income tax on the portion of our taxable income and gains distributed to our stockholders. To maintain our qualification as a RIC, we must maintain our status as a BDC and meet certain source-of-income and asset diversification requirements. In addition, to qualify to be taxed as a RIC, we must generally distribute to stockholders, for each taxable year, at least 90% of our taxable ordinary income plus the excess of our net short-term capital gains over net long-term capital losses (“Investment Company Taxable Income”). Our policy generally is to make distributions to our stockholders in an amount up to 100% of our Investment Company Taxable Income. We intend to continue to make sufficient distributions to qualify as a RIC and to generally limit taxable income, although we may retain some or all of our net long-term capital gains and pay income taxes on such gains. Refer to Note 10 — Federal and State Income Taxes for additional information regarding our RIC requirements. FASB ASC 740, Income Taxes (“ASC 740”), requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authorities. Tax positions not deemed to satisfy the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current fiscal year. We have evaluated the implications of ASC 740 for all open tax years and in all major tax jurisdictions and determined that there is no material impact on our accompanying Consolidated Financial Statements . Our federal income tax returns for fiscal years 2023, 2022 and 2021 remain subject to examination by the Internal Revenue Service (“IRS”). We are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized benefits will change materially in the next twelve months. |
Distributions | Distributions Distributions to stockholders are recorded on the ex-dividend date. We are required to distribute at least 90% of our Investment Company Taxable Income for each taxable year as a distribution to our stockholders to maintain our ability to be taxed as a RIC under Subchapter M of the Code. It is our policy to generally pay out as a distribution up to 100% of those amounts. The amount to be paid is determined by our Board of Directors and is based upon management’s estimate of Investment Company Taxable Income, net long-term capital gains, as well as amounts to be distributed in accordance with Section 855(a) of the Code. Based on that estimate, our Board of Directors declares monthly distributions, and supplemental distributions, as applicable, each quarter. At fiscal year-end, we may elect to treat a portion of the first distributions paid after year-end as having been paid in the prior year in accordance with Section 855(a) of the Code. We may retain some or all of our net long-term capital gains, if any, and designate them as deemed distributions, or distribute these capital gains to stockholders in cash. If we elect to retain net long-term capital gains and deem them distributed, each U.S. common stockholder will be treated as if they received a distribution of their pro-rata share of the retained net long-term capital gain and the U.S. federal income tax paid. As a result, each common stockholder will (i) be required to report their pro-rata share of the retained gain on their tax return as long-term capital gain, (ii) receive a refundable tax credit for their pro-rata share of federal income tax paid by us on the retained gain, and (iii) increase the tax basis of their shares of common stock by an amount equal to the deemed distribution less the tax credit. Refer to Note 9 — Distributions to Common Stockholders for further information. Our common stockholders who hold their shares through our transfer agent, Computershare, Inc. (“Computershare”), have the option to participate in a dividend reinvestment plan offered by Computershare, as the plan agent. This is an “opt in” dividend reinvestment plan, meaning that common stockholders may elect to have their cash distributions automatically reinvested in additional shares of our common stock. Common stockholders who do not so elect will receive their distributions in cash. Any distributions reinvested under the plan will be taxable to a common stockholder to the same extent, and with the same character, as if the common stockholder had received the distribution in cash. The common stockholder will have an adjusted basis in the additional common shares purchased through the plan equal to the dollar amount that would have been received if the U.S. stockholder had received the dividend or distribution in cash. The additional common shares will have a new holding period commencing on the day following the date on which the shares are credited to the common stockholder’s account. Computershare purchases shares in the open market in connection with the obligations under the plan. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2022, the FASB issued Accounting Standards Update 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”), which clarifies the measurement and presentation of fair value for equity securities subject to contractual restrictions that prohibit the sale of the equity security. ASU 2022-03 is effective for annual reporting periods beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. Our early adoption of ASU 2022-03 did not have a material impact on our financial position, results of operations or cash flows. |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Fair Value, Assets Measured on Recurring Basis | As of March 31, 2024 and 2023, our investments, by security type, at fair value were categorized as follows within the ASC 820 fair value hierarchy: Fair Value Measurements Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of March 31, 2024: Secured first lien debt $ 474,856 $ — $ — $ 474,856 Secured second lien debt 138,703 — — 138,703 Preferred equity 213,480 — — 213,480 Common equity/equivalents 93,465 — 18 (A) 93,447 Total Investments at March 31, 2024 $ 920,504 $ — $ 18 $ 920,486 Fair Value Measurements Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of March 31, 2023: Secured first lien debt $ 437,517 $ — $ — $ 437,517 Secured second lien debt 75,734 — — 75,734 Preferred equity 222,585 — — 222,585 Common equity/equivalents 17,707 — 27 (A) 17,680 Total Investments at March 31, 2023 $ 753,543 $ — $ 27 $ 753,516 (A) Fair value was determined based on the closing market price of shares of Funko, Inc. (our units in Funko can be converted into common shares of Funko, Inc.) at the reporting date less a discount for lack of marketability, as our investment was subject to certain restrictions. The following table presents our investments, valued using Level 3 inputs within the ASC 820 fair value hierarchy, and carried at fair value as of March 31, 2024 and 2023, by caption on our accompanying Consolidated Statements of Assets and Liabilities, and by security type: Total Recurring Fair Value Measurements Reported in Consolidated Statements of Assets and Liabilities Valued Using Level 3 Inputs March 31, 2024 2023 Non-Control/Non-Affiliate Investments Secured first lien debt $ 324,348 $ 279,748 Secured second lien debt 93,340 50,842 Preferred equity 162,522 164,534 Common equity/equivalents (A) 42,005 1,724 Total Non-Control/Non-Affiliate Investments 622,215 496,848 Affiliate Investments Secured first lien debt 147,603 157,769 Secured second lien debt 45,363 24,892 Preferred equity 50,958 58,051 Common equity/equivalents 51,442 15,243 Total Affiliate Investments 295,366 255,955 Control Investments Secured first lien debt 2,905 — Secured second lien debt — — Preferred equity — — Common equity/equivalents — 713 Total Control Investments 2,905 713 Total investments at fair value using Level 3 inputs $ 920,486 $ 753,516 (A) Excludes our investment in Funko with a fair value of $18 thousand and $27 thousand as of March 31, 2024 and 2023, respectively, which was valued using Level 2 inputs. |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The weighted-average calculations in the table below are based on the principal balances for all debt-related calculations and on the cost basis for all equity-related calculations for the particular input. Quantitative Information about Level 3 Fair Value Measurements Fair Value as of Valuation Technique/ Methodology Unobservable Range / Weighted-Average as of March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 Secured first lien debt $ 474,856 $ 432,126 TEV EBITDA multiple 4.2x – 8.8x / 6.4x 4.4x – 7.7x / 6.4x EBITDA $1,091 – $23,547 / $10,509 $4,251 – $19,083 / $10,764 Revenue multiple 0.3x – 0.6x / 0.4x 0.3x – 0.6x / 0.3x Revenue $31,586 – $93,916 / $77,580 $15,483 – $109,615 / $94,957 — 5,391 Yield Analysis Discount Rate N/A 19.4% – 19.9% / 19.7% Secured second lien debt 113,703 62,750 TEV EBITDA multiple 5.1x – 15.0x / 7.0x 5.4x – 6.6x / 6.2x EBITDA $5,648 – $23,003 / $14,192 $4,112 – $6,379 / $5,501 25,000 12,984 Yield Analysis Discount Rate 13.8% – 13.8% / 13.8% 14.0% – 14.0% / 14.0% Preferred equity 213,480 222,585 TEV EBITDA multiple 4.2x – 8.8x / 6.1x 4.4x – 7.7x / 5.9x EBITDA $1,091 – $23,547 / $9,502 $4,251 – $19,083 / $9,486 Revenue multiple 0.3x – 0.6x / 0.4x 0.3x – 0.6x / 0.4x Revenue $31,586 – $93,916 / $75,099 $15,483 – $109,615 / $69,247 Common equity/equivalents (A) 93,447 17,680 TEV EBITDA multiple 5.0x – 15.0x / 6.4x 4.7x – 7.2x / 6.4x EBITDA $1,154 – $63,269 / $23,615 $1,105 – $30,833 / $6,273 Total $ 920,486 $ 753,516 (A) Fair value as of both March 31, 2024 and 2023 excludes our investment in Funko with a fair value of $18 thousand and $27 thousand, respectively, which was valued using Level 2 inputs. |
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables provide our portfolio’s changes in fair value, broken out by security type, during the years ended March 31, 2024 and 2023 for all investments for which the Adviser determines fair value using unobservable (Level 3) inputs. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Secured Secured Preferred Common Total Year ended March 31, 2024: Fair value as of March 31, 2023 $ 437,517 $ 75,734 $ 222,585 $ 17,680 $ 753,516 Total gain (loss): Net realized gain (loss) (A) (4,550) (3,200) 36,833 881 29,964 Net unrealized appreciation (depreciation) (B) (7,859) (1,031) 34,050 37,159 62,319 Reversal of previously recorded (appreciation) depreciation upon realization (B) 3,212 3,200 (35,329) (92) (29,009) New investments, repayments and settlements (C) : Issuances / originations 74,536 64,000 14,688 30,700 183,924 Settlements / repayments (28,000) — — — (28,000) Sales (D) — — (50,726) (1,502) (52,228) Transfers (E) — — (8,621) 8,621 — Fair value as of March 31, 2024 $ 474,856 $ 138,703 $ 213,480 $ 93,447 $ 920,486 Secured Secured Preferred Common Total Year ended March 31, 2023: Fair value as of March 31, 2022 $ 425,087 $ 67,958 $ 217,599 $ 3,678 $ 714,322 Total gain (loss): Net realized gain (loss) (A) — (10,000) 20,778 — 10,778 Net unrealized appreciation (depreciation) (B) (29,552) (5,235) 11,216 13,622 (9,949) Reversal of previously recorded (appreciation) depreciation upon realization (B) — 10,001 (12,250) — (2,249) New investments, repayments and settlements (C) : Issuances / originations 107,200 5,188 21,000 380 133,768 Settlements / repayments (50,800) (6,596) — — (57,396) Sales (D) — — (35,758) — (35,758) Transfers (E) (14,418) 14,418 — — — Fair value as of March 31, 2023 $ 437,517 $ 75,734 $ 222,585 $ 17,680 $ 753,516 (A) Included in net realized gain (loss) on investments on our accompanying Consolidated Statements of Operations for the respective years ended March 31, 2024 and 2023. (B) Included in net unrealized appreciation (depreciation) of investments on our accompanying Consolidated Statements of Operations for the respective years ended March 31, 2024 and 2023. (C) Includes increases in the cost basis of investments resulting from new portfolio investments, the amortization of discounts, and other non-cash disbursements to portfolio companies, as well as decreases in the cost basis of investments resulting from principal repayments or sales, the amortization of premiums and acquisition costs, and other cost-basis adjustments. (D) 2024: Includes $0.3 million of proceeds from the recapitalization of Old World Christmas, Inc. ("Old World") 2023: Includes $13.4 million of proceeds from the recapitalization of Old World and $12.3 million of proceeds from the recapitalization of Horizon Facilities Services, Inc ("Horizon"). (E) 2024 : Transfers represent preferred equity of SFEG Holdings, Inc. ("SFEG") with a total cost basis and fair value of $4.8 million and $8.6 million, respectively, which was converted to common equity in October 2023. 2023 : Transfers include (1) secured second lien debt of Ginsey with a total cost basis and fair value of $12.2 million, which was converted into secured first lien debt in August 2022 and (2) secured first lien debt of PSI Molded Plastics, Inc. with a total cost basis and fair value of $26.6 million, which was converted into secured second lien debt in September 2022. |
Schedule of Investment Holdings | The following table summarizes our investments by security type as of March 31, 2024 and 2023: March 31, 2024 March 31, 2023 Cost Fair Value Cost Fair Value Secured first lien debt $ 513,425 60.1 % $ 474,856 51.6 % $ 471,439 65.4 % $ 437,517 58.1 % Secured second lien debt 144,958 16.9 % 138,703 15.0 % 84,158 11.7 % 75,734 10.1 % Total debt 658,383 77.0 % 613,559 66.6 % 555,597 77.1 % 513,251 68.2 % Preferred equity 145,070 17.0 % 213,480 23.2 % 149,099 20.7 % 222,585 29.5 % Common equity/equivalents 50,837 6.0 % 93,465 10.2 % 15,934 2.2 % 17,707 2.3 % Total equity/equivalents 195,907 23.0 % 306,945 33.4 % 165,033 22.9 % 240,292 31.8 % Total investments $ 854,290 100.0 % $ 920,504 100.0 % $ 720,630 100.0 % $ 753,543 100.0 % Investments at fair value consisted of the following industry classifications as of March 31, 2024 and 2023: March 31, 2024 March 31, 2023 Fair Value Percentage of Total Investments Fair Value Percentage of Diversified/Conglomerate Services $ 264,535 28.7 % $ 268,954 35.7 % Home and Office Furnishings, Housewares, and Durable Consumer Products 160,038 17.3 % 143,685 19.1 % Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) 92,781 10.1 % 20,088 2.7 % Hotels, Motels, Inns, and Gaming 77,366 8.4 % 58,713 7.8 % Buildings and Real Estate 60,431 6.6 % 60,571 8.0 % Oil and Gas 51,171 5.6 % — — % Healthcare, Education, and Childcare 49,638 5.4 % 37,445 5.0 % Leisure, Amusement, Motion Pictures, and Entertainment 39,350 4.3 % 47,616 6.3 % Mining, Steel, Iron and Non-Precious Metals 30,537 3.3 % 25,998 3.5 % Aerospace and Defense 29,064 3.2 % 22,215 2.8 % Chemicals, Plastics, and Rubber 20,363 2.2 % 24,891 3.3 % Printing and Publishing 14,238 1.5 % — — % Cargo Transport 13,500 1.5 % 14,707 2.0 % Telecommunications 9,002 1.0 % 18,987 2.5 % Other < 2.0% 8,490 0.9 % 9,673 1.3 % Total investments $ 920,504 100.0 % $ 753,543 100.0 % Investments at fair value were included in the following geographic regions of the U.S. as of March 31, 2024 and 2023: March 31, 2024 March 31, 2023 Location Fair Value Percentage of Total Investments Fair Value Percentage of Total Investments South $ 346,838 37.7 % $ 171,056 22.7 % West 223,871 24.3 % 197,989 26.3 % Northeast 207,870 22.6 % 266,612 35.4 % Midwest 141,925 15.4 % 117,886 15.6 % Total investments $ 920,504 100.0 % $ 753,543 100 % The geographic region indicates the location of the headquarters for our portfolio companies. A portfolio company may have additional business locations in other geographic regions. |
Schedule of Investments Classified by Contractual Maturity Date | The following table summarizes the contractual principal repayment and maturity of our investment portfolio for the next five fiscal years and thereafter, assuming no voluntary prepayments, as of March 31, 2024: Amount For the fiscal years ending March 31: 2025 $ 72,770 2026 236,193 2027 185,776 2028 38,250 2029 100,394 Thereafter 25,000 Total contractual repayments $ 658,383 Investments in equity securities 195,907 Total cost basis of investments held as of March 31, 2024: $ 854,290 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table summarizes the base management fees, loan servicing fees, incentive fees, and associated non-contractual, unconditional, and irrevocable credits reflected in our accompanying Consolidated Statements of Operations : Year Ended March 31, 2024 2023 2022 Average total assets subject to base management fee (A) $ 875,000 $ 739,900 $ 705,650 Multiplied by annual base management fee of 2.0% 2.0 % 2.0 % 2.0 % Base management fee (B) 17,500 14,798 14,113 Credits to fees from Adviser - other (B) (5,596) (3,811) (6,497) Net base management fee $ 11,904 $ 10,987 $ 7,616 Loan servicing fee (B) $ 9,118 $ 7,880 $ 7,178 Credits to base management fee - loan servicing fee (B) (9,118) (7,880) (7,178) Net loan servicing fee $ — $ — $ — Incentive fee – income-based $ 8,336 $ 9,176 $ 8,074 Incentive fee – capital gains-based (C) 12,711 (296) 18,286 Total incentive fee (B) 21,047 8,880 26,360 Credits to fees from Adviser - other (B) — — — Net total incentive fee $ 21,047 $ 8,880 $ 26,360 (A) Average total assets subject to the base management fee is defined in the Advisory Agreement as total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings, valued at the end of the applicable quarters within the respective periods and adjusted appropriately for any share issuances or repurchases during the periods. (B) Reflected as a line item on our accompanying Consolidated Statements of Operations . (C) The capital gains-based incentive fees are recorded in accordance with GAAP and do not necessarily reflect amounts contractually due under the terms of the Advisory Agreement. Amounts due to related parties on our accompanying Consolidated Statements of Assets and Liabilities were as follows: As of March 31, 2024 2023 Base management and loan servicing fee due to Adviser, net of credits $ 2,386 $ 1,574 Incentive fee due to Adviser (A) 38,936 27,259 Other due to Adviser 22 86 Total fees due to Adviser $ 41,344 $ 28,919 Fee due to Administrator 727 716 Total related party fees due $ 42,071 $ 29,635 (A) Includes a capital gains-based incentive fee of $36.7 million and $25.1 million as of March 31, 2024 and 2023, respectively, recorded in accordance with GAAP requirements and which was not contractually due under the terms of the Advisory Agreement. Refer to Note 4 — Related Party Transactions — Transactions with the Adviser — Incentive Fee for additional information, including capital gains-based incentive fee payments made. |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | The following tables summarize noteworthy information related to the Credit Facility: As of March 31, 2024 2023 Commitment amount $ 200,000 $ 180,000 Borrowings outstanding at cost $ 67,000 $ 35,200 Availability (A) $ 133,000 $ 144,800 For the Years Ended March 31 2024 2023 2022 Weighted-average borrowings outstanding $ 60,980 $ 16,186 $ 18,051 Effective interest rate (B) 10.1 % 17.3 % 12.5 % Commitment (unused) fees incurred $ 986 $ 1,655 $ 1,641 (A) Availability is subject to various constraints, characteristics, and applicable advance rates based on collateral quality under the Credit Facility, which equated to an adjusted availability of $133.0 million and $144.8 million as of March 31, 2024 and 2023, respectively. (B) Excludes the impact of deferred financing costs and includes unused commitment fees. |
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables provide relevant information and disclosures about the Credit Facility as of and for the years ended March 31, 2024 and 2023, as required by ASC 820: Level 3 – Borrowings Recurring Fair Value Measurements Reported in Consolidated Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3) As of March 31, 2024 2023 Credit Facility $ 67,000 $ 35,171 Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3) Reported in Consolidated Statements of Assets and Liabilities Credit Facility Year ended March 31, 2024: Fair value at March 31, 2023 $ 35,171 Borrowings 242,300 Repayments (210,500) Unrealized appreciation 29 Fair value at March 31, 2024 $ 67,000 Year ended March 31, 2023: Fair value at March 31, 2022 $ — Borrowings 102,500 Repayments (67,300) Unrealized depreciation (29) Fair value at March 31, 2023 $ 35,171 |
Schedule of Debt | The following tables summarizes the 5.00% 2026 Notes, 4.875% 2028 Notes and 8.00% 2028 Notes as of March 31, 2024 and 2023: As of March 31, 2024: Description Ticker Date Issued Maturity Date (A) Interest Notes Principal Aggregate 5.00% 2026 Notes GAINN March 2, 2021 May 1, 2026 5.00% 5,117,500 $ 25.00 $ 127,938 4.875% 2028 Notes GAINZ August 18, 2021 November 1, 2028 4.875% 5,382,000 $ 25.00 134,550 8.00% 2028 Notes GAINL May 31, 2023 August 1, 2028 8.00% 2,990,000 $ 25.00 74,750 Notes payable, gross (B) 13,489,500 337,238 Less: Unamortized Discounts (5,893) Notes payable, net (C) $ 331,345 As of March 31, 2023: Description Ticker Date Issued Maturity Date (A) Interest Notes Principal Aggregate 5.00% 2026 Notes GAINN March 2, 2021 May 1, 2026 5.00% 5,117,500 $ 25.00 $ 127,938 4.875% 2028 Notes GAINZ August 18, 2021 November 1, 2028 4.875% 5,382,000 $ 25.00 134,550 Notes payable, gross (B) 10,499,500 262,488 Less: Unamortized Discounts (5,052) Notes payable, net (C) $ 257,436 (A) The 5.00% 2026 Notes and the 4.875% 2028 Notes can be redeemed at our option at any time. The 8.00% 2028 Notes can be redeemed at our option at any time on or after August 1, 2025. (B) As of March 31, 2024 and 2023, asset coverage on our senior securities representing indebtedness, calculated pursuant to Sections 18 and 61 of the 1940 Act, was 219.0% and 244.7%, respectively. (C) Reflected as a line item on our accompanying Consolidated Statements of Assets and Liabilities . |
MANDATORILY REDEEMABLE PREFER_2
MANDATORILY REDEEMABLE PREFERRED STOCK (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Dividends Declared | The following tables summarize dividends declared by our Board of Directors and paid by us on each of the Series E Term Preferred Stock during the year ended March 31, 2022: For the Year Ended March 31, 2022 : Declaration Date Record Payment Date Dividend per Share of Series E Term Preferred Stock (A) April 13, 2021 April 23, 2021 April 30, 2021 $ 0.13281250 April 13, 2021 May 19, 2021 May 28, 2021 0.13281250 April 13, 2021 June 18, 2021 June 30, 2021 0.13281250 July 13, 2021 July 23, 2021 July 30, 2021 0.13281250 July 13, 2021 August 23, 2021 August 31, 2021 0.07968750 (B) Total $ 0.61093750 (A) We voluntarily redeemed all outstanding shares of the Series E Term Preferred Stock on August 19, 2021 (B) Represents accrued and unpaid dividends up to, but excluding, the redemption date of August 19, 2021. |
NET INCREASE (DECREASE) IN NE_2
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER WEIGHTED-AVERAGE COMMON SHARE (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted Net increase in net assets resulting from operations per weighted-average common share for the years ended March 31, 2024, 2023, and 2022: Year Ended March 31, 2024 2023 2022 Numerator: net increase (decrease) in net assets resulting from operations $ 85,305 $ 35,547 $ 102,316 Denominator: basic and diluted weighted-average common shares 34,466,724 33,311,785 33,205,023 Basic and diluted net increase (decrease) in net assets resulting from operations per weighted-average common share $ 2.47 $ 1.07 $ 3.08 |
DISTRIBUTIONS TO COMMON STOCK_2
DISTRIBUTIONS TO COMMON STOCKHOLDERS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Investment Company, Cash Distributions Paid To Common Stockholders | We paid the following cash distributions to our common stockholders for the years ended March 31, 2024, 2023 and 2022. For the Year Ended March 31, 2024 : Declaration Date Record Date Payment Date Distribution April 11, 2023 April 21, 2023 April 28, 2023 $ 0.080 April 11, 2023 May 23, 2023 May 31, 2023 0.080 April 11, 2023 June 5, 2023 June 15, 2023 0.120 (A) April 11, 2023 June 21, 2023 June 30, 2023 0.080 July 11, 2023 July 21, 2023 July 31, 2023 0.080 July 11, 2023 August 23, 2023 August 31, 2023 0.080 July 11, 2023 September 7, 2023 September 15, 2023 0.120 (A) July 11, 2023 September 21, 2023 September 29, 2023 0.080 October 10, 2023 October 20, 2023 October 31, 2023 0.080 October 10, 2023 November 7, 2023 November 17, 2023 0.120 (A) October 10, 2023 November 20, 2023 November 30, 2023 0.080 October 24, 2023 December 5, 2023 December 15, 2023 0.880 (A) October 10, 2023 December 18, 2023 December 29, 2023 0.080 January 9, 2024 January 23, 2024 January 31, 2024 0.080 January 9, 2024 February 21, 2024 February 29, 2024 0.080 January 9, 2024 March 21, 2024 March 29, 2024 0.080 Year ended March 31, 2024 $ 2.200 For the Year Ended March 31, 2023 : Declaration Date Record Date Payment Date Distribution April 12, 2022 April 22, 2022 April 29, 2022 $ 0.075 April 12, 2022 May 20, 2022 May 31, 2022 0.075 April 12, 2022 June 6, 2022 June 15, 2022 0.120 (A) April 12, 2022 June 22, 2022 June 30, 2022 0.075 July 12, 2022 July 22, 2022 July 29, 2022 0.075 July 12, 2022 August 23, 2022 August 31, 2022 0.075 July 12, 2022 September 22, 2022 September 30, 2022 0.075 October 11, 2022 October 21, 2022 October 31, 2022 0.080 October 11, 2022 November 18, 2022 November 30, 2022 0.080 October 11, 2022 December 6, 2022 December 15, 2022 0.120 (A) October 11, 2022 December 20, 2022 December 30, 2022 0.080 January 10, 2023 January 20, 2023 January 31, 2023 0.080 January 10, 2023 February 17, 2023 February 28, 2023 0.080 January 10, 2023 March 3, 2023 March 15, 2023 0.240 (A) January 10, 2023 March 17, 2023 March 31, 2023 0.080 Year ended March 31, 2023: $ 1.410 For the Year Ended March 31, 2022 : Declaration Date Record Date Payment Date Distribution April 13, 2021 April 23, 2021 April 30, 2021 $ 0.070 April 13, 2021 May 19, 2021 May 28, 2021 0.070 April 13, 2021 June 8, 2021 June 17, 2021 0.060 (A) April 13, 2021 June 18, 2021 June 30, 2021 0.070 July 13, 2021 July 23, 2021 July 30, 2021 0.070 July 13, 2021 August 23, 2021 August 31, 2021 0.070 July 13, 2021 September 3, 2021 September 15, 2021 0.030 (A) July 13, 2021 September 22, 2021 September 30, 2021 0.070 October 12, 2021 October 22, 2021 October 29, 2021 0.075 October 12, 2021 November 19, 2021 November 30, 2021 0.075 October 12, 2021 December 7, 2021 December 15, 2021 0.090 (A) October 12, 2021 December 23, 2021 December 31, 2021 0.075 January 11, 2022 January 21, 2022 January 31, 2022 0.075 January 11, 2022 February 4, 2022 February 14, 2022 0.120 (A) January 11, 2022 February 18, 2022 February 28, 2022 0.075 January 11, 2022 March 23, 2022 March 31, 2022 0.075 Year ended March 31, 2022: $ 1.170 (A) Represents a supplemental distribution to common stockholders. |
Schedule of Stockholders Equity | The components of our net assets on a tax basis were as follows: Year Ended March 31, 2024 2023 Common stock $ 37 $ 34 Capital in excess of par value 444,706 401,798 Cumulative unrealized appreciation of investments 64,737 31,129 Cumulative unrealized depreciation of other — 29 Undistributed ordinary income 18,708 21,380 Undistributed capital gain 1,373 10,552 Other temporary differences (36,850) (25,180) Net Assets $ 492,711 $ 439,742 |
Schedule of Investment Company, Changes in Net Assets | For the years ended March 31, 2024 and 2023, we recorded the following adjustments for estimated permanent book-tax differences to reflect tax character. Results of operations, total net assets, and cash flows were not affected by these adjustments. Tax Year Ended March 31, 2024 2023 Underdistributed (overdistributed) net investment income $ 1,695 $ 1,301 Accumulated net realized gain in excess of distributions $ (881) $ 263 Capital in excess of par value $ (814) $ (1,564) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Principal Balances of Unused Line of Credit and Delayed Draw Term Debt Commitments and Guaranties | The following table summarizes the principal balances of unused line of credit and delayed draw term debt commitments and guaranties as of March 31, 2024 and 2023, which are not reflected as liabilities in the accompanying Consolidated Statements of Assets and Liabilities : As of March 31, 2024 2023 Unused line of credit commitments $ 2,394 $ 2,150 Total $ 2,394 $ 2,150 |
FINANCIAL HIGHLIGHTS (Tables)
FINANCIAL HIGHLIGHTS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Investment Company [Abstract] | |
Schedule of Investment Company, Financial Highlights | As of and for the Year Ended March 31, 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Per Common Share Data: Net asset value at beginning of year (A) $ 13.09 $ 13.43 $ 11.52 $ 11.17 $ 12.40 $ 10.85 $ 9.95 $ 9.22 9.18 8.34 Income from investment operations (B) Net investment income 0.63 1.11 0.45 0.54 1.11 0.23 0.68 0.74 0.68 0.75 Net realized gain (loss) on investments and other 0.88 0.32 0.37 0.32 1.36 2.04 0.04 0.51 (0.15) — Taxes on deemed distributions of long-term capital gains — — — — (0.31) (0.41) — — — — Net unrealized appreciation (depreciation) of investments and other 0.96 (0.36) 2.26 0.42 (2.38) 0.63 1.16 0.23 0.29 1.13 Total from investment operations 2.47 1.07 3.08 1.28 (0.22) 2.49 1.88 1.48 0.82 1.88 Effect of equity capital activity (B) Cash distributions to common stockholders from net investment income (C) (1.08) (0.92) (0.91) (0.83) (0.75) (0.69) (0.84) (0.75) (0.64) (0.77) Cash distributions to common stockholders from realized gains (C) (1.12) (0.49) (0.26) (0.10) (0.28) (0.24) (0.05) — (0.11) — Discounts, commissions, and offering costs (0.02) (0.01) — — — — (0.03) — (0.01) (0.03) Net accretive (dilutive) effect of equity offering (D) 0.10 0.01 — — 0.01 — (0.04) — (0.03) (0.22) Total from equity capital activity (2.12) (1.41) (1.17) (0.93) (1.02) (0.93) (0.96) (0.75) (0.79) (1.02) Other, net (E) (0.01) — — — 0.01 (0.01) (0.02) — 0.01 (0.02) Net asset value at end of year (A) $ 13.43 $ 13.09 $ 13.43 $ 11.52 $ 11.17 12.40 10.85 9.95 9.22 9.18 Per common share market value at beginning of year $ 13.25 $ 16.13 $ 12.23 $ 7.85 $ 11.60 10.10 $ 9.07 7.02 7.40 8.27 Per common share market value at end of year $ 14.23 $ 13.25 $ 16.13 $ 12.23 $ 7.85 $ 11.60 $ 10.10 $ 9.07 $ 7.02 $ 7.40 Total investment return (F) 25.52 % (8.90 %) 42.40 % 70.65 % (26.23 %) 24.95 % 21.82 % 41.58 % 4.82 % 11.96 % Common stock outstanding at end of year (A) 36,688,667 33,591,505 33,205,023 33,205,023 33,049,463 32,822,459 32,653,635 30,270,958 30,270,958 29,775,958 Consolidated Statement of Assets and Liabilities Data: Net assets at end of year $ 492,711 $ 439,742 $ 445,830 $ 382,364 $ 369,031 $ 407,110 $ 354,200 $ 301,082 $ 279,022 $ 273,429 Average net assets (G) $ 461,819 $ 446,899 $ 425,985 $ 365,568 $ 404,336 $ 391,786 $ 328,533 $ 294,030 $ 276,293 $ 229,350 Senior Securities Data: Total borrowings, at cost $ 404,238 $ 297,688 $ 267,584 $ 155,434 $ 54,296 $ 58,096 $ 112,096 $ 74,796 $ 100,096 $ 123,896 Mandatorily redeemable preferred stock (H) $ — $ — $ — $ 94,371 $ 132,250 $ 132,250 $ 139,150 $ 139,150 $ 121,650 $ 81,400 Ratios/Supplemental Data: Ratio of net expenses to average net assets (I) 14.19 % 9.97 % 13.51 % 10.58 % 6.32 % 13.30 % 11.08 % 10.02 % 10.94 % 9.48 % Ratio of net investment income to average net assets (J) 4.72 % 8.28 % 3.52 % 4.91 % 8.99 % 1.92 % 6.68 % 7.63 % 7.50 % 8.68 % (A) Based on actual shares of common stock outstanding at the beginning or end of the corresponding year, as appropriate. (B) Based on weighted-average basic common share data for the corresponding year. (C) The tax character of distributions is determined based on taxable income calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP. For further information on the estimated character of our distributions to common stockholders, including changes in estimates, as applicable, refer to Note 9 — Distributions to Common Stockholders . (D) During the years ended March 31, 2024, 2023, and 2020, the accretive effect is the result of issuing common shares at a price above the then current NAV per share. During the year ended March 31, 2018, 2016, and 2015, the net dilutive effect is the result of issuing common shares at a price below the then current NAV per share. (E) Represents the impact of the different share amounts (weighted-average basic common shares outstanding for the corresponding year and actual common shares outstanding at the end of the year) in the Per Common Share Data calculations and rounding impacts. (F) Total investment return equals the change in the market value of our common stock from the beginning of the year, taking into account dividends reinvested in accordance with the terms of our dividend reinvestment plan. Total return does not take into account distributions that may be characterized as a return of capital. For further information on the estimated character of our distributions to common stockholders, including changes in estimates, as applicable, refer to Note 9 — Distributions to Common Stockholders . (G) Calculated using the average balance of net assets at the end of each month of the reporting year. (H) Represents the aggregate liquidation preference of our mandatorily redeemable preferred stock. (I) Ratio of net expenses to average net assets is computed using total expenses, net of any non-contractual, unconditional, and irrevocable credits of fees from the Adviser. Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of expenses to average net assets would have been 17.38%, 12.58%, 16.72%, 13.33%, 9.12%, 16.45%, 14.11%, 13.46%, 14.50%, and 12.90% for the fiscal years ended March 31, 2024, 2023, 2022, 2021, 2018, 2017, 2016, and 2015, respectively. Had we included Virginia state taxes incurred on the deemed distributions of retained capital gains for the fiscal year ended March 31, 2020 and 2019, the ratio of net expenses to average net assets would have been 6.89% and 14.07%, respectively. (J) Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of net investment income (loss) to average net assets would have been 1.53%, 5.66%, 0.31%, 2.16%, 6.20%, (1.22%), 3.66%, 4.19%, 3.94%, and 5.26% for the fiscal years ended March 31, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, and 2015, respectively. |
SUBSEQUENT EVENTS (Tables)
SUBSEQUENT EVENTS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Schedule of Distributions to Common Stockholders | In April 2024, our Board of Directors declared the following monthly cash distributions to common stockholders: Record Date Payment Date Distribution per Common Share April 19, 2024 April 30, 2024 $ 0.08 May 17, 2024 May 31, 2024 0.08 June 19, 2024 June 28, 2024 0.08 Total for the Quarter: $ 0.24 |
ORGANIZATION (Details)
ORGANIZATION (Details) | Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Investment portfolio, debt investments, intended percent | 75% |
Investment portfolio, equity investments, intended percent | 25% |
Investment portfolio, debt investments, actual percent | 77% |
Investment portfolio, equity investments, actual percent | 23% |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 | ||
Summary of Investment Holdings [Line Items] | ||||
Cost | $ 854,290 | [1] | $ 720,630 | [2] |
Fair value | 920,504 | [1] | 753,543 | [2] |
Edge Adhesives and J.R. Hobbs | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | $ 59,100 | |||
Cost percentage | 9% | |||
Fair value | $ 29,700 | |||
Fair value percentage | 4.80% | |||
Edge Adhesives Holdings, Inc., J.R. Hobbs Co. and The Mountain | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | $ 66,900 | |||
Cost percentage | 12% | |||
Fair value | $ 31,700 | |||
Fair value percentage | 6.20% | |||
Non-Control/Non-Affiliate investments | ||||
Summary of Investment Holdings [Line Items] | ||||
Investment owned, percent of voting securities | 5% | |||
Cost | $ 544,799 | [3] | $ 429,305 | [4] |
Fair value | 622,233 | [3] | 496,875 | [4] |
Affiliate investments | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | 292,082 | [5] | 276,055 | [6] |
Fair value | $ 295,366 | [5] | 255,955 | [6] |
Affiliate investments | Minimum | ||||
Summary of Investment Holdings [Line Items] | ||||
Investment owned, percent of voting securities | 5% | |||
Affiliate investments | Maximum | ||||
Summary of Investment Holdings [Line Items] | ||||
Investment owned, percent of voting securities | 25% | |||
Control investments | ||||
Summary of Investment Holdings [Line Items] | ||||
Investment owned, percent of voting securities | 25% | |||
Cost | $ 17,409 | [7] | 15,270 | [8] |
Fair value | $ 2,905 | [7] | $ 713 | [8] |
[1] Cumulative gross unrealized appreciation for federal income tax purposes is $180.5 million; cumulative gross unrealized depreciation for federal income tax purposes is $115.8 million. Cumulative net unrealized appreciation is $64.7 million, based on a tax cost of $855.8 million. Cumulative gross unrealized appreciation for federal income tax purposes is $150.4 million; cumulative gross unrealized depreciation for federal income tax purposes is $119.3 million. Cumulative net unrealized appreciation is $31.1 million, based on a tax cost of $722.4 million. Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities. Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities. Affiliate investments, as defined by the 1940 Act, are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities. Affiliate investments, as defined by the 1940 Act, are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities. Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities. Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities. |
INVESTMENTS - Fair Value, Asset
INVESTMENTS - Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | $ 920,504 | $ 753,543 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 18 | 27 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 920,486 | 753,516 |
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 920,486 | 753,516 |
Significant Unobservable Inputs (Level 3) | Non-Control/Non-Affiliate investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 622,215 | 496,848 |
Significant Unobservable Inputs (Level 3) | Affiliate investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 295,366 | 255,955 |
Significant Unobservable Inputs (Level 3) | Control investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 2,905 | 713 |
Secured First Lien Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 474,856 | 437,517 |
Secured First Lien Debt | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Secured First Lien Debt | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Secured First Lien Debt | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 474,856 | 437,517 |
Secured First Lien Debt | Significant Unobservable Inputs (Level 3) | Non-Control/Non-Affiliate investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 324,348 | 279,748 |
Secured First Lien Debt | Significant Unobservable Inputs (Level 3) | Affiliate investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 147,603 | 157,769 |
Secured First Lien Debt | Significant Unobservable Inputs (Level 3) | Control investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 2,905 | 0 |
Secured second lien debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 138,703 | 75,734 |
Secured second lien debt | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Secured second lien debt | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Secured second lien debt | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 138,703 | 75,734 |
Secured second lien debt | Significant Unobservable Inputs (Level 3) | Non-Control/Non-Affiliate investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 93,340 | 50,842 |
Secured second lien debt | Significant Unobservable Inputs (Level 3) | Affiliate investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 45,363 | 24,892 |
Secured second lien debt | Significant Unobservable Inputs (Level 3) | Control investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Preferred equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 213,480 | 222,585 |
Preferred equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Preferred equity | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Preferred equity | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 213,480 | 222,585 |
Preferred equity | Significant Unobservable Inputs (Level 3) | Non-Control/Non-Affiliate investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 162,522 | 164,534 |
Preferred equity | Significant Unobservable Inputs (Level 3) | Affiliate investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 50,958 | 58,051 |
Preferred equity | Significant Unobservable Inputs (Level 3) | Control investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Common equity/equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 93,465 | 17,707 |
Common equity/equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Common equity/equivalents | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 18 | 27 |
Common equity/equivalents | Significant Other Observable Inputs (Level 2) | Funko Acquisition Holdings, LLC | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 18 | 27 |
Common equity/equivalents | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 93,447 | 17,680 |
Common equity/equivalents | Significant Unobservable Inputs (Level 3) | Non-Control/Non-Affiliate investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 42,005 | 1,724 |
Common equity/equivalents | Significant Unobservable Inputs (Level 3) | Affiliate investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 51,442 | 15,243 |
Common equity/equivalents | Significant Unobservable Inputs (Level 3) | Control investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | $ 0 | $ 713 |
INVESTMENTS - Fair Value Measur
INVESTMENTS - Fair Value Measurement Inputs and Valuation Techniques (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | $ 920,504 | [1] | $ 753,543 | [2] |
Investments at fair value | 920,504 | 753,543 | ||
Secured First Lien Debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | 474,856 | 437,517 | ||
Secured Second Lien Debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | 138,703 | 75,734 | ||
Preferred Equity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | 213,480 | 222,585 | ||
Common Equity/ Equivalents | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | 93,465 | 17,707 | ||
Significant Unobservable Inputs (Level 3) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 920,486 | 753,516 | ||
Investments at fair value | 920,486 | 753,516 | ||
Significant Unobservable Inputs (Level 3) | Secured First Lien Debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | 474,856 | 437,517 | ||
Significant Unobservable Inputs (Level 3) | Secured Second Lien Debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | 138,703 | 75,734 | ||
Significant Unobservable Inputs (Level 3) | Preferred Equity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | 213,480 | 222,585 | ||
Significant Unobservable Inputs (Level 3) | Common Equity/ Equivalents | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | 93,447 | 17,680 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Secured First Lien Debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 474,856 | 432,126 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Secured Second Lien Debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 113,703 | 62,750 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Preferred Equity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 213,480 | 222,585 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Common Equity/ Equivalents | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | $ 93,447 | $ 17,680 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Secured First Lien Debt | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 4.2 | 4.4 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Secured First Lien Debt | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 8.8 | 7.7 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Secured First Lien Debt | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 6.4 | 6.4 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Secured Second Lien Debt | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 5.1 | 5.4 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Secured Second Lien Debt | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 15 | 6.6 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Secured Second Lien Debt | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 7 | 6.2 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Preferred Equity | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 4.2 | 4.4 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Preferred Equity | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 8.8 | 7.7 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Preferred Equity | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 6.1 | 5.9 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Common Equity/ Equivalents | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 5 | 4.7 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Common Equity/ Equivalents | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 15 | 7.2 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Common Equity/ Equivalents | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 6.4 | 6.4 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Secured First Lien Debt | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | $ 1,091 | $ 4,251 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Secured First Lien Debt | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 23,547 | 19,083 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Secured First Lien Debt | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 10,509 | 10,764 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Secured Second Lien Debt | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 5,648 | 4,112 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Secured Second Lien Debt | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 23,003 | 6,379 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Secured Second Lien Debt | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 14,192 | 5,501 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Preferred Equity | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 1,091 | 4,251 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Preferred Equity | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 23,547 | 19,083 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Preferred Equity | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 9,502 | 9,486 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Common Equity/ Equivalents | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 1,154 | 1,105 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Common Equity/ Equivalents | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 63,269 | 30,833 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Common Equity/ Equivalents | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | $ 23,615 | $ 6,273 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Secured First Lien Debt | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 0.3 | 0.3 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Secured First Lien Debt | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 0.6 | 0.6 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Secured First Lien Debt | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 0.4 | 0.3 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Preferred Equity | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 0.3 | 0.3 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Preferred Equity | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 0.6 | 0.6 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Preferred Equity | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 0.4 | 0.4 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Secured First Lien Debt | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | $ 31,586 | $ 15,483 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Secured First Lien Debt | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 93,916 | 109,615 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Secured First Lien Debt | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 77,580 | 94,957 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Preferred Equity | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 31,586 | 15,483 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Preferred Equity | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 93,916 | 109,615 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Preferred Equity | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 75,099 | 69,247 | ||
Significant Unobservable Inputs (Level 3) | Yield Analysis | Secured First Lien Debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 0 | 5,391 | ||
Significant Unobservable Inputs (Level 3) | Yield Analysis | Secured Second Lien Debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | $ 25,000 | $ 12,984 | ||
Significant Unobservable Inputs (Level 3) | Yield Analysis | Discount Rate | Secured First Lien Debt | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 0.194 | |||
Significant Unobservable Inputs (Level 3) | Yield Analysis | Discount Rate | Secured First Lien Debt | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 0.199 | |||
Significant Unobservable Inputs (Level 3) | Yield Analysis | Discount Rate | Secured First Lien Debt | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 0.197 | |||
Significant Unobservable Inputs (Level 3) | Yield Analysis | Discount Rate | Secured Second Lien Debt | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 0.138 | 0.140 | ||
Significant Unobservable Inputs (Level 3) | Yield Analysis | Discount Rate | Secured Second Lien Debt | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 0.138 | 0.140 | ||
Significant Unobservable Inputs (Level 3) | Yield Analysis | Discount Rate | Secured Second Lien Debt | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 0.138 | 0.140 | ||
Significant Other Observable Inputs (Level 2) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 18 | $ 27 | ||
Significant Other Observable Inputs (Level 2) | Secured First Lien Debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | Secured Second Lien Debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | Preferred Equity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | Common Equity/ Equivalents | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | 18 | 27 | ||
Significant Other Observable Inputs (Level 2) | Common Equity/ Equivalents | Funko Acquisition Holdings, LLC | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 18 | $ 27 | ||
[1] Cumulative gross unrealized appreciation for federal income tax purposes is $180.5 million; cumulative gross unrealized depreciation for federal income tax purposes is $115.8 million. Cumulative net unrealized appreciation is $64.7 million, based on a tax cost of $855.8 million. Cumulative gross unrealized appreciation for federal income tax purposes is $150.4 million; cumulative gross unrealized depreciation for federal income tax purposes is $119.3 million. Cumulative net unrealized appreciation is $31.1 million, based on a tax cost of $722.4 million. |
INVESTMENTS - Fair Value, Ass_2
INVESTMENTS - Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||
Mar. 31, 2024 | Mar. 31, 2023 | Oct. 31, 2023 | Sep. 30, 2022 | Aug. 31, 2022 | Mar. 31, 2022 | Aug. 31, 2012 | |||
New investments, repayments and settlements: | |||||||||
Cost | $ 854,290 | [1] | $ 720,630 | [2] | |||||
Fair value | 920,504 | [1] | 753,543 | [2] | |||||
Horizon Facilities Services, Inc. | |||||||||
New investments, repayments and settlements: | |||||||||
Realized gain (loss) on preferred equity | 12,300 | ||||||||
SFEG Holdings, Inc | |||||||||
New investments, repayments and settlements: | |||||||||
Cost | $ 4,800 | ||||||||
Fair value | $ 8,600 | ||||||||
Ginsey Home Solutions, Inc. | |||||||||
New investments, repayments and settlements: | |||||||||
Cost | $ 12,200 | $ 5,000 | |||||||
Fair value | $ 12,200 | ||||||||
PSI Molded Plastics, Inc | |||||||||
New investments, repayments and settlements: | |||||||||
Cost | $ 26,600 | ||||||||
Fair value | $ 26,600 | ||||||||
Total | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Beginning balance | 920,486 | 753,516 | $ 714,322 | ||||||
New investments, repayments and settlements: | |||||||||
Issuances / originations | 183,924 | 133,768 | |||||||
Settlements / repayments | (28,000) | (57,396) | |||||||
Sales | (52,228) | (35,758) | |||||||
Transfers | 0 | 0 | |||||||
Ending balance | 920,486 | 753,516 | |||||||
Total | Debt and Equity Securities, Realized Gain (Loss) | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Total gain (loss) | 29,964 | 10,778 | |||||||
Total | Debt and Equity Securities, Unrealized Gain (Loss) | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Total gain (loss) | 62,319 | (9,949) | |||||||
Reversal of previously recorded (appreciation) depreciation upon realization | (29,009) | (2,249) | |||||||
Secured First Lien Debt | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Beginning balance | 474,856 | 437,517 | 425,087 | ||||||
New investments, repayments and settlements: | |||||||||
Issuances / originations | 74,536 | 107,200 | |||||||
Settlements / repayments | (28,000) | (50,800) | |||||||
Sales | 0 | 0 | |||||||
Transfers | 0 | (14,418) | |||||||
Ending balance | 474,856 | 437,517 | |||||||
Secured First Lien Debt | Debt and Equity Securities, Realized Gain (Loss) | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Total gain (loss) | (4,550) | 0 | |||||||
Secured First Lien Debt | Debt and Equity Securities, Unrealized Gain (Loss) | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Total gain (loss) | (7,859) | (29,552) | |||||||
Reversal of previously recorded (appreciation) depreciation upon realization | 3,212 | 0 | |||||||
Secured Second Lien Debt | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Beginning balance | 138,703 | 75,734 | 67,958 | ||||||
New investments, repayments and settlements: | |||||||||
Issuances / originations | 64,000 | 5,188 | |||||||
Settlements / repayments | 0 | (6,596) | |||||||
Sales | 0 | 0 | |||||||
Transfers | 0 | 14,418 | |||||||
Ending balance | 138,703 | 75,734 | |||||||
Secured Second Lien Debt | Debt and Equity Securities, Realized Gain (Loss) | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Total gain (loss) | (3,200) | (10,000) | |||||||
Secured Second Lien Debt | Debt and Equity Securities, Unrealized Gain (Loss) | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Total gain (loss) | (1,031) | (5,235) | |||||||
Reversal of previously recorded (appreciation) depreciation upon realization | 3,200 | 10,001 | |||||||
Preferred Equity | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Beginning balance | 213,480 | 222,585 | 217,599 | ||||||
New investments, repayments and settlements: | |||||||||
Issuances / originations | 14,688 | 21,000 | |||||||
Settlements / repayments | 0 | 0 | |||||||
Sales | (50,726) | (35,758) | |||||||
Transfers | (8,621) | 0 | |||||||
Ending balance | 213,480 | 222,585 | |||||||
Preferred Equity | Debt and Equity Securities, Realized Gain (Loss) | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Total gain (loss) | 36,833 | 20,778 | |||||||
Preferred Equity | Debt and Equity Securities, Unrealized Gain (Loss) | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Total gain (loss) | 34,050 | 11,216 | |||||||
Reversal of previously recorded (appreciation) depreciation upon realization | (35,329) | (12,250) | |||||||
Common Equity/ Equivalents | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Beginning balance | 93,447 | 17,680 | $ 3,678 | ||||||
New investments, repayments and settlements: | |||||||||
Issuances / originations | 30,700 | 380 | |||||||
Settlements / repayments | 0 | 0 | |||||||
Sales | (1,502) | 0 | |||||||
Transfers | 8,621 | 0 | |||||||
Ending balance | 93,447 | 17,680 | |||||||
Common Equity/ Equivalents | Debt and Equity Securities, Realized Gain (Loss) | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Total gain (loss) | 881 | 0 | |||||||
Common Equity/ Equivalents | Debt and Equity Securities, Unrealized Gain (Loss) | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Total gain (loss) | 37,159 | 13,622 | |||||||
Reversal of previously recorded (appreciation) depreciation upon realization | $ (92) | $ 0 | |||||||
[1] Cumulative gross unrealized appreciation for federal income tax purposes is $180.5 million; cumulative gross unrealized depreciation for federal income tax purposes is $115.8 million. Cumulative net unrealized appreciation is $64.7 million, based on a tax cost of $855.8 million. Cumulative gross unrealized appreciation for federal income tax purposes is $150.4 million; cumulative gross unrealized depreciation for federal income tax purposes is $119.3 million. Cumulative net unrealized appreciation is $31.1 million, based on a tax cost of $722.4 million. |
INVESTMENTS - Narrative (Detail
INVESTMENTS - Narrative (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2024 USD ($) portfolioCompany industry state | Oct. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Aug. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | May 31, 2023 USD ($) | Mar. 31, 2024 USD ($) portfolioCompany industry state | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | ||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Purchase of investments | $ 183,924 | $ 133,756 | $ 92,738 | |||||||||
Dividend income: | 1,907 | 10,865 | 2,595 | |||||||||
Cost | $ 854,290 | [1] | 854,290 | [1] | 720,630 | [2] | ||||||
Success fee income: | 3,605 | 10,402 | 10,308 | |||||||||
Principal repayments of investments | 28,000 | 52,300 | 51,398 | |||||||||
Net realized gain (loss): | $ 30,256 | 10,753 | $ 12,444 | |||||||||
Number of investment portfolio company | portfolioCompany | 24 | 24 | ||||||||||
Number of states which have invested in the company location | state | 18 | 18 | ||||||||||
Number of industries that have made investments | industry | 16 | 16 | ||||||||||
Investments owned, fair value | $ 920,504 | [1] | $ 920,504 | [1] | 753,543 | [2] | ||||||
Uncollectible receivables allowance, minimum required day for uncollectible adjustment | 90 days | |||||||||||
Gross receivables from portfolio companies | 2,200 | $ 2,200 | 2,200 | |||||||||
Allowance for uncollectible receivables | 1,400 | 1,400 | 1,600 | |||||||||
Investment Portfolio Benchmark | Customer Concentration Risk | Five Largest Portfolio Investments | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Investments owned, fair value | 393,500 | $ 393,500 | ||||||||||
Concentration risk, percentage | 42.70% | |||||||||||
Secured First Lien Debt | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Cost | 513,425 | $ 513,425 | 471,439 | |||||||||
Investments owned, fair value | 474,856 | 474,856 | 437,517 | |||||||||
Preferred Equity | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Cost | 145,070 | 145,070 | 149,099 | |||||||||
Investments owned, fair value | 213,480 | 213,480 | 222,585 | |||||||||
Secured Second Lien Debt | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Cost | 144,958 | 144,958 | 84,158 | |||||||||
Investments owned, fair value | 138,703 | 138,703 | 75,734 | |||||||||
Common Equity/ Equivalents | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Cost | 50,837 | 50,837 | 15,934 | |||||||||
Investments owned, fair value | 93,465 | 93,465 | 17,707 | |||||||||
Home Concepts Acquisition, Inc | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Purchase of investments | $ 15,300 | |||||||||||
Home Concepts Acquisition, Inc | Secured First Lien Debt | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Purchase of investments | 12,000 | |||||||||||
Home Concepts Acquisition, Inc | Preferred Equity | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Purchase of investments | $ 3,300 | |||||||||||
Old World Christmas, Inc. | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Purchase of investments | $ 2,500 | |||||||||||
Proceeds from equity | 2,200 | |||||||||||
Dividend income: | 1,900 | |||||||||||
Realized gain on preferred equity | 300 | $ 300 | $ 13,400 | |||||||||
Nth Degree Investment Group, LLC | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Purchase of investments | 30,000 | |||||||||||
Nth Degree Investment Group, LLC | Secured Second Lien Debt | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Purchase of investments | 25,000 | |||||||||||
Nth Degree Investment Group, LLC | Common Equity/ Equivalents | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Purchase of investments | 5,000 | |||||||||||
Specialty Knives & Tools, LLC | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Realized gain on preferred equity | 900 | |||||||||||
Net proceeds from the sale of investments | 1,500 | |||||||||||
Cost | $ 600 | |||||||||||
Nocturne Luxury Villas, Inc. | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Purchase of investments | $ 18,700 | |||||||||||
The E3 Company, LLC | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Purchase of investments | $ 46,000 | |||||||||||
The E3 Company, LLC | Secured First Lien Debt | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Purchase of investments | 34,800 | |||||||||||
The E3 Company, LLC | Preferred Equity | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Purchase of investments | $ 11,200 | |||||||||||
SFEG Holdings, Inc | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Purchase of investments | $ 64,700 | |||||||||||
Cost | 4,800 | |||||||||||
Investments owned, fair value | 8,600 | |||||||||||
SFEG Holdings, Inc | Secured Second Lien Debt | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Purchase of investments | 39,000 | |||||||||||
SFEG Holdings, Inc | Common Equity/ Equivalents | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Purchase of investments | 25,700 | |||||||||||
Counsel Press, Inc., | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Realized gain on preferred equity | 43,500 | |||||||||||
Success fee income: | 1,400 | |||||||||||
Principal repayments of investments | $ 27,500 | |||||||||||
The Mountain | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Net realized gain (loss): | $ (14,700) | |||||||||||
[1] Cumulative gross unrealized appreciation for federal income tax purposes is $180.5 million; cumulative gross unrealized depreciation for federal income tax purposes is $115.8 million. Cumulative net unrealized appreciation is $64.7 million, based on a tax cost of $855.8 million. Cumulative gross unrealized appreciation for federal income tax purposes is $150.4 million; cumulative gross unrealized depreciation for federal income tax purposes is $119.3 million. Cumulative net unrealized appreciation is $31.1 million, based on a tax cost of $722.4 million. |
INVESTMENTS - Summary Investmen
INVESTMENTS - Summary Investment Holdings (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | |||
Summary of Investment Holdings [Line Items] | ||||
Cost | $ 854,290 | [1] | $ 720,630 | [2] |
Fair value | $ 920,504 | [1] | $ 753,543 | [2] |
Investment Owned, At Cost | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 100% | 100% | ||
Investment Owned, At Fair Value | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 100% | 100% | ||
Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 100% | 100% | ||
Investment Owned, At Fair Value | Geographic Regions Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 100% | 100% | ||
South | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 346,838 | $ 171,056 | ||
South | Investment Owned, At Fair Value | Geographic Regions Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 37.70% | 22.70% | ||
West | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 223,871 | $ 197,989 | ||
West | Investment Owned, At Fair Value | Geographic Regions Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 24.30% | 26.30% | ||
Northeast | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 207,870 | $ 266,612 | ||
Northeast | Investment Owned, At Fair Value | Geographic Regions Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 22.60% | 35.40% | ||
Midwest | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 141,925 | $ 117,886 | ||
Midwest | Investment Owned, At Fair Value | Geographic Regions Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 15.40% | 15.60% | ||
Diversified/Conglomerate Services | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 264,535 | $ 268,954 | ||
Diversified/Conglomerate Services | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 28.70% | 35.70% | ||
Home and Office Furnishings, Housewares, and Durable Consumer Products | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 160,038 | $ 143,685 | ||
Home and Office Furnishings, Housewares, and Durable Consumer Products | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 17.30% | 19.10% | ||
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 92,781 | $ 20,088 | ||
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 10.10% | 2.70% | ||
Hotels, Motels, Inns, and Gaming | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 77,366 | $ 58,713 | ||
Hotels, Motels, Inns, and Gaming | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 8.40% | 7.80% | ||
Buildings and Real Estate | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 60,431 | $ 60,571 | ||
Buildings and Real Estate | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 6.60% | 8% | ||
Oil and Gas | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 51,171 | $ 0 | ||
Oil and Gas | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 5.60% | 0% | ||
Healthcare, Education, and Childcare | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 49,638 | $ 37,445 | ||
Healthcare, Education, and Childcare | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 5.40% | 5% | ||
Leisure, Amusement, Motion Pictures, and Entertainment | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 39,350 | $ 47,616 | ||
Leisure, Amusement, Motion Pictures, and Entertainment | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 4.30% | 6.30% | ||
Mining, Steel, Iron and Non-Precious Metals | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 30,537 | $ 25,998 | ||
Mining, Steel, Iron and Non-Precious Metals | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 3.30% | 3.50% | ||
Aerospace and Defense | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 29,064 | $ 22,215 | ||
Aerospace and Defense | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 3.20% | 2.80% | ||
Chemicals, Plastics, and Rubber | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 20,363 | $ 24,891 | ||
Chemicals, Plastics, and Rubber | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 2.20% | 3.30% | ||
Printing and Publishing | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 14,238 | $ 0 | ||
Printing and Publishing | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 1.50% | 0% | ||
Cargo Transport | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 13,500 | $ 14,707 | ||
Cargo Transport | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 1.50% | 2% | ||
Telecommunications | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 9,002 | $ 18,987 | ||
Telecommunications | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 1% | 2.50% | ||
Other less than 2.0% | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 8,490 | $ 9,673 | ||
Other less than 2.0% | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 0.90% | 1.30% | ||
Total debt | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | $ 658,383 | $ 555,597 | ||
Fair value | $ 613,559 | $ 513,251 | ||
Total debt | Investment Owned, At Cost | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 77% | 77.10% | ||
Total debt | Investment Owned, At Fair Value | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 66.60% | 68.20% | ||
Secured First Lien Debt | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | $ 513,425 | $ 471,439 | ||
Fair value | $ 474,856 | $ 437,517 | ||
Secured First Lien Debt | Investment Owned, At Cost | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 60.10% | 65.40% | ||
Secured First Lien Debt | Investment Owned, At Fair Value | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 51.60% | 58.10% | ||
Secured Second Lien Debt | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | $ 144,958 | $ 84,158 | ||
Fair value | $ 138,703 | $ 75,734 | ||
Secured Second Lien Debt | Investment Owned, At Cost | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 16.90% | 11.70% | ||
Secured Second Lien Debt | Investment Owned, At Fair Value | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 15% | 10.10% | ||
Total equity/equivalents | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | $ 195,907 | $ 165,033 | ||
Fair value | $ 306,945 | $ 240,292 | ||
Total equity/equivalents | Investment Owned, At Cost | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 23% | 22.90% | ||
Total equity/equivalents | Investment Owned, At Fair Value | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 33.40% | 31.80% | ||
Preferred Equity | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | $ 145,070 | $ 149,099 | ||
Fair value | $ 213,480 | $ 222,585 | ||
Preferred Equity | Investment Owned, At Cost | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 17% | 20.70% | ||
Preferred Equity | Investment Owned, At Fair Value | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 23.20% | 29.50% | ||
Common Equity/ Equivalents | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | $ 50,837 | $ 15,934 | ||
Fair value | $ 93,465 | $ 17,707 | ||
Common Equity/ Equivalents | Investment Owned, At Cost | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 6% | 2.20% | ||
Common Equity/ Equivalents | Investment Owned, At Fair Value | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 10.20% | 2.30% | ||
[1] Cumulative gross unrealized appreciation for federal income tax purposes is $180.5 million; cumulative gross unrealized depreciation for federal income tax purposes is $115.8 million. Cumulative net unrealized appreciation is $64.7 million, based on a tax cost of $855.8 million. Cumulative gross unrealized appreciation for federal income tax purposes is $150.4 million; cumulative gross unrealized depreciation for federal income tax purposes is $119.3 million. Cumulative net unrealized appreciation is $31.1 million, based on a tax cost of $722.4 million. |
INVESTMENTS - Investments Class
INVESTMENTS - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 | [2] | |
Investments, Debt and Equity Securities [Abstract] | ||||
2025 | $ 72,770 | |||
2026 | 236,193 | |||
2027 | 185,776 | |||
2028 | 38,250 | |||
2029 | 100,394 | |||
Thereafter | 25,000 | |||
Total contractual repayments | 658,383 | |||
Investments in equity securities | 195,907 | |||
Total cost basis of investments held as of March 31, 2024: | $ 854,290 | [1] | $ 720,630 | |
[1] Cumulative gross unrealized appreciation for federal income tax purposes is $180.5 million; cumulative gross unrealized depreciation for federal income tax purposes is $115.8 million. Cumulative net unrealized appreciation is $64.7 million, based on a tax cost of $855.8 million. Cumulative gross unrealized appreciation for federal income tax purposes is $150.4 million; cumulative gross unrealized depreciation for federal income tax purposes is $119.3 million. Cumulative net unrealized appreciation is $31.1 million, based on a tax cost of $722.4 million. |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) | 12 Months Ended | ||||||||||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Related Party Transaction [Line Items] | |||||||||||
Base management fee | 2% | 2% | 2% | ||||||||
Base management fee, percent fee | 100% | ||||||||||
Investment company, excess expense reimbursable | $ 300,000 | $ 200,000 | $ 300,000 | ||||||||
Maximum base management fee paid cannot exceed a percentage of total assets | 2% | ||||||||||
Ratio of net investment income (loss) to average net assets – annualized | 1.53% | 5.66% | 0.31% | 2.16% | 6.20% | (1.22%) | 3.66% | 4.19% | 3.94% | 5.26% | |
Investment company, capital gains-based incentive fees | $ 1,100,000 | $ 0 | $ 5,300,000 | ||||||||
Investment company, capital gains-based incentive fees payable (reversal) | 12,700,000 | (300,000) | 18,300,000 | ||||||||
Administration fee | [1] | 1,789,000 | 1,811,000 | 1,806,000 | |||||||
Success fee income: | 3,605,000 | 10,402,000 | 10,308,000 | ||||||||
Related Party | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Co-investment expense | 100,000 | 0 | |||||||||
Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Success fee income: | 300,000 | $ 1,600,000 | $ 3,200,000 | ||||||||
Affiliated Entity | Advisory Agreement | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Incentive fee base on minimum rate of return required on investment | $ 0 | ||||||||||
Percentage of pre-incentive fee net investment income is less than the hurdle rate | 100% | ||||||||||
Investment company, pre-incentive fee net investment income, percent threshold of net assets | 2.1875% | ||||||||||
Pre-incentive fee net investment income exceeds the hurdle rate | 20% | ||||||||||
Investment company, capital gains-based incentive fees | 20% | ||||||||||
Affiliated Entity | Advisory Agreement | Minimum | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Ratio of net investment income (loss) to average net assets – annualized | 1.75% | ||||||||||
Adviser | Chief Executive Officer | Related Party | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Noncontrolling interest, ownership percentage by parent | 100% | ||||||||||
Administrator | Chief Executive Officer | Related Party | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Noncontrolling interest, ownership percentage by parent | 100% | ||||||||||
Gladstone Securities, LLC | Chief Executive Officer | Related Party | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Noncontrolling interest, ownership percentage by parent | 100% | ||||||||||
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information. |
RELATED PARTY TRANSACTIONS - Sc
RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | ||
Related Party Transactions [Abstract] | ||||
Average total assets subject to base management fee | $ 875,000 | $ 739,900 | $ 705,650 | |
Multiplied by annual base management fee of 2.0% | 2% | 2% | 2% | |
Base management fee | [1] | $ 17,500 | $ 14,798 | $ 14,113 |
Credits to fees from Adviser - other | (5,596) | (3,811) | (6,497) | |
Net base management fee | 11,904 | 10,987 | 7,616 | |
Loan servicing fee | [1] | 9,118 | 7,880 | 7,178 |
Credits to base management fee – loan servicing fee | (9,118) | (7,880) | (7,178) | |
Net loan servicing fee | 0 | 0 | 0 | |
Incentive fee – income-based | 8,336 | 9,176 | 8,074 | |
Incentive fee – capital gains-based | 12,711 | (296) | 18,286 | |
Total incentive fee | [1] | 21,047 | 8,880 | 26,360 |
Credits to fees from Adviser - other | 0 | 0 | 0 | |
Net total incentive fee | $ 21,047 | $ 8,880 | $ 26,360 | |
Base management fee | 2% | 2% | 2% | |
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information. |
RELATED PARTY TRANSACTIONS - _2
RELATED PARTY TRANSACTIONS - Schedule of Related Party Fees Due (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 | |
Related Party Transaction [Line Items] | |||
Capital gains-based incentive fee | $ 36,700 | $ 25,100 | |
Related Party | |||
Related Party Transaction [Line Items] | |||
Fees due to related party | 42,071 | 29,635 | |
Related Party | Adviser | |||
Related Party Transaction [Line Items] | |||
Fees due to related party | [1] | 41,344 | 28,919 |
Related Party | Administrator | |||
Related Party Transaction [Line Items] | |||
Fees due to related party | [1] | 727 | 716 |
Base management and loan servicing fee due to Adviser, net of credits | Related Party | |||
Related Party Transaction [Line Items] | |||
Base management and loan servicing fee due to Adviser, net of credits | 2,386 | 1,574 | |
Incentive fee due to Adviser | Related Party | |||
Related Party Transaction [Line Items] | |||
Fees due to related party | 38,936 | 27,259 | |
Other due to Adviser | Related Party | |||
Related Party Transaction [Line Items] | |||
Fees due to related party | $ 22 | $ 86 | |
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information. |
BORROWINGS - Revolving Line of
BORROWINGS - Revolving Line of Credit Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Oct. 30, 2023 | Apr. 10, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Feb. 05, 2024 | Feb. 04, 2024 | Oct. 29, 2023 | |
Debt Instrument [Line Items] | |||||||
Indebtedness asset coverage on our senior securities | 219% | 244.70% | |||||
Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, term | 2 years | ||||||
Credit Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Unused fee percentage | 1% | 1% | |||||
Credit Facility | Line of Credit | Revolving Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 135,000 | $ 200,000 | $ 180,000 | $ 200,000 | $ 135,000 | $ 180,000 | |
Covenant, required minimum net worth of mandatory redeemable term preferred stock | $ 210,000 | ||||||
Covenant, required minimum net worth of mandatory redeemable term preferred stock, plus percent of all equity and subordinated debt raised | 50% | ||||||
Covenant, required minimum net worth of mandatory redeemable term preferred stock, minus percent of any equity or subordinated debt redeemed or retired | 50% | ||||||
Covenant, required minimum net worth of mandatory redeemable term preferred stock, plus percent of all equity and subordinated debt raised, minus percent of any equity or subordinated debt redeemed or retired | $ 348,700 | ||||||
Indebtedness asset coverage on our senior securities | 219% | ||||||
Senior security, indebtedness, asset coverage amount | $ 822,400 | ||||||
Credit Facility | Line of Credit | Revolving Line of Credit | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Indebtedness asset coverage on our senior securities | 150% | ||||||
Credit Facility | Line of Credit | Revolving Line of Credit | Less than or Equal to 50% of Commitment | |||||||
Debt Instrument [Line Items] | |||||||
Unused fee percentage | 0.50% | ||||||
Credit Facility | Line of Credit | Revolving Line of Credit | Greater than 50% but Less than or Equal to 65% of Commitment | |||||||
Debt Instrument [Line Items] | |||||||
Unused fee percentage | 0.75% | ||||||
Credit Facility | Line of Credit | Revolving Line of Credit | Greater Than 65% Of Commitment | |||||||
Debt Instrument [Line Items] | |||||||
Unused fee percentage | 1% | ||||||
Credit Facility | Secured Overnight Financing Rate (SOFR) | Line of Credit | Revolving Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, variable rate floor | 0.35% | ||||||
Debt instrument, basis spread on variable rate | 0.11% | 3.25% | |||||
Credit Facility | SOFR, Tranche One | Line of Credit | Revolving Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 3.15% | ||||||
Credit Facility | SOFR, Tranche Two | Line of Credit | Revolving Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 3.40% | ||||||
Credit Facility | SOFR, Thereafter | Line of Credit | Revolving Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 3.65% | ||||||
Credit Facility | SOFR, Thereafter, Adjustment | Line of Credit | Revolving Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 0.10% |
BORROWINGS - Schedule of Line o
BORROWINGS - Schedule of Line of Credit Facilities (Details) - USD ($) | 12 Months Ended | ||||||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Feb. 05, 2024 | Feb. 04, 2024 | Oct. 30, 2023 | Oct. 29, 2023 | |
Debt Instrument [Line Items] | |||||||
Borrowings outstanding at cost | $ 67,000,000 | $ 35,200,000 | |||||
Credit Facility | Revolving Line of Credit | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Commitment amount | 200,000,000 | 180,000,000 | $ 200,000,000 | $ 135,000,000 | $ 135,000,000 | $ 180,000,000 | |
Borrowings outstanding at cost | 67,000,000 | 35,200,000 | |||||
Availability | 133,000,000 | 144,800,000 | |||||
Weighted-average borrowings outstanding | $ 60,980,000 | $ 16,186,000 | $ 18,051,000 | ||||
Effective interest rate | 10.10% | 17.30% | 12.50% | ||||
Commitment (unused) fees incurred | $ 986,000 | $ 1,655,000 | $ 1,641,000 | ||||
Adjusted availability | $ 133,000,000 | $ 144,800,000 |
BORROWINGS - Fair Value Narrati
BORROWINGS - Fair Value Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Apr. 10, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |||
Debt Instrument [Line Items] | |||||
Investments owned, fair value | $ 920,504 | [1] | $ 753,543 | [2] | |
Collateral Pledged | |||||
Debt Instrument [Line Items] | |||||
Investments owned, fair value | $ 717,300 | $ 639,500 | |||
Credit Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Unused fee percentage | 1% | 1% | |||
Credit Facility | Revolving Line of Credit | Line of Credit | SOFR | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, variable rate floor | 0.35% | ||||
Debt instrument, basis spread on variable rate | 0.11% | 3.25% | |||
Credit Facility | Revolving Line of Credit | Line of Credit | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, variable rate floor | 0.50% | ||||
Debt instrument, basis spread on variable rate | 2.94% | ||||
[1] Cumulative gross unrealized appreciation for federal income tax purposes is $180.5 million; cumulative gross unrealized depreciation for federal income tax purposes is $115.8 million. Cumulative net unrealized appreciation is $64.7 million, based on a tax cost of $855.8 million. Cumulative gross unrealized appreciation for federal income tax purposes is $150.4 million; cumulative gross unrealized depreciation for federal income tax purposes is $119.3 million. Cumulative net unrealized appreciation is $31.1 million, based on a tax cost of $722.4 million. |
BORROWINGS - Fair Value, Liabil
BORROWINGS - Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Significant Unobservable Inputs (Level 3) - Fair Value, Recurring - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Debt Instrument [Line Items] | ||
Credit Facility | $ 67,000 | $ 35,171 |
Long-Term Debt | ||
Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3) Reported in Consolidated Statements of Assets and Liabilities | ||
Beginning balance | 35,171 | 0 |
Borrowings | 242,300 | 102,500 |
Repayments | (210,500) | (67,300) |
Unrealized appreciation (depreciation) | 29 | (29) |
Ending balance | $ 67,000 | $ 35,171 |
BORROWINGS - Notes Payable Narr
BORROWINGS - Notes Payable Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | |||||||||||
May 31, 2023 | Aug. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 155,434 | $ 404,238 | $ 297,688 | $ 267,584 | $ 54,296 | $ 58,096 | $ 112,096 | $ 74,796 | $ 100,096 | $ 123,896 | ||
Notes Payable | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 337,238 | $ 262,488 | ||||||||||
Notes Payable | 5.00% 2026 Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest Rate | 5% | 5% | 5% | |||||||||
Aggregate principal amount | $ 127,900 | $ 127,938 | $ 127,938 | |||||||||
Proceeds from issuance of long-term debt | 123,800 | |||||||||||
Borrowings outstanding at cost | $ 4,100 | |||||||||||
Notes payable, fair value disclosure | $ 123,900 | $ 121,500 | ||||||||||
Notes Payable | 4.875% 2028 Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest Rate | 4.875% | 4.875% | 4.875% | |||||||||
Aggregate principal amount | $ 134,600 | $ 134,550 | $ 134,550 | |||||||||
Proceeds from issuance of long-term debt | 131,300 | |||||||||||
Borrowings outstanding at cost | $ 3,300 | |||||||||||
Notes payable, fair value disclosure | $ 123,700 | $ 127,400 | ||||||||||
Notes Payable | 8.00% Notes due 2028 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest Rate | 8% | 8% | ||||||||||
Aggregate principal amount | $ 74,800 | $ 74,750 | ||||||||||
Proceeds from issuance of long-term debt | 72,300 | |||||||||||
Borrowings outstanding at cost | $ 2,500 | |||||||||||
Notes payable, fair value disclosure | $ 77,300 |
BORROWINGS - Schedule of Debt (
BORROWINGS - Schedule of Debt (Details) $ in Thousands | Mar. 31, 2024 USD ($) note | May 31, 2023 USD ($) | Mar. 31, 2023 USD ($) note | Mar. 31, 2022 USD ($) | Aug. 31, 2021 USD ($) | Mar. 31, 2021 USD ($) | Mar. 31, 2020 USD ($) | Mar. 31, 2019 USD ($) | Mar. 31, 2018 USD ($) | Mar. 31, 2017 USD ($) | Mar. 31, 2016 USD ($) | Mar. 31, 2015 USD ($) |
Debt Instrument [Line Items] | ||||||||||||
Aggregate Principal Amount | $ 404,238 | $ 297,688 | $ 267,584 | $ 155,434 | $ 54,296 | $ 58,096 | $ 112,096 | $ 74,796 | $ 100,096 | $ 123,896 | ||
Total borrowings | $ 398,345 | $ 292,607 | ||||||||||
Indebtedness asset coverage on our senior securities | 219% | 244.70% | ||||||||||
Notes Payable | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notes Outstanding | note | 13,489,500 | 10,499,500 | ||||||||||
Aggregate Principal Amount | $ 337,238 | $ 262,488 | ||||||||||
Less: Unamortized Discounts | (5,893) | (5,052) | ||||||||||
Total borrowings | $ 331,345 | $ 257,436 | ||||||||||
Notes Payable | 5.00% 2026 Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest Rate | 5% | 5% | 5% | |||||||||
Notes Outstanding | note | 5,117,500 | 5,117,500 | ||||||||||
Principal Amount per Note | 25 | 25 | ||||||||||
Aggregate Principal Amount | $ 127,938 | $ 127,938 | $ 127,900 | |||||||||
Notes Payable | 4.875% 2028 Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest Rate | 4.875% | 4.875% | 4.875% | |||||||||
Notes Outstanding | note | 5,382,000 | 5,382,000 | ||||||||||
Principal Amount per Note | 25 | 25 | ||||||||||
Aggregate Principal Amount | $ 134,550 | $ 134,550 | $ 134,600 | |||||||||
Notes Payable | 8.00% Notes due 2028 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest Rate | 8% | 8% | ||||||||||
Notes Outstanding | note | 2,990,000 | |||||||||||
Principal Amount per Note | 25 | |||||||||||
Aggregate Principal Amount | $ 74,750 | $ 74,800 |
BORROWINGS - Secured Borrowing
BORROWINGS - Secured Borrowing Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
May 31, 2014 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Aug. 31, 2022 | Aug. 31, 2012 | |||
Debt Instrument [Line Items] | ||||||||
Cost | $ 854,290 | [1] | $ 720,630 | [2] | ||||
Purchase of investments | $ 183,924 | $ 133,756 | $ 92,738 | |||||
Secured borrowing liability | $ 5,100 | |||||||
Ginsey Home Solutions, Inc. | ||||||||
Debt Instrument [Line Items] | ||||||||
Cost | $ 12,200 | $ 5,000 | ||||||
Purchase of investments | $ 100 | |||||||
[1] Cumulative gross unrealized appreciation for federal income tax purposes is $180.5 million; cumulative gross unrealized depreciation for federal income tax purposes is $115.8 million. Cumulative net unrealized appreciation is $64.7 million, based on a tax cost of $855.8 million. Cumulative gross unrealized appreciation for federal income tax purposes is $150.4 million; cumulative gross unrealized depreciation for federal income tax purposes is $119.3 million. Cumulative net unrealized appreciation is $31.1 million, based on a tax cost of $722.4 million. |
MANDATORILY REDEEMABLE PREFER_3
MANDATORILY REDEEMABLE PREFERRED STOCK - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | ||||||
Aug. 31, 2021 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Dividends Payable [Line Items] | |||||||
Investment company, cash distributions paid to common stockholders from ordinary income | 53.20% | 61.20% | 71.30% | ||||
Investment company, cash distributions paid to common stockholders from capital gains | 46.80% | 38.80% | 28.70% | ||||
Series E Term Preferred Stock | |||||||
Dividends Payable [Line Items] | |||||||
Preferred stock, dividend rate, percentage | 6.375% | ||||||
Preferred stock, liquidation preference (in USD per share) | $ 25 | ||||||
Loss on extinguishment of debt | $ 2 | ||||||
4.875% 2028 Notes | |||||||
Dividends Payable [Line Items] | |||||||
Preferred stock, liquidation preference (in USD per share) | $ 25 | $ 25 | $ 25 | ||||
Notes Payable | 4.875% 2028 Notes | |||||||
Dividends Payable [Line Items] | |||||||
Interest rate | 4.875% | 4.875% | 4.875% |
MANDATORILY REDEEMABLE PREFER_4
MANDATORILY REDEEMABLE PREFERRED STOCK - Dividends Declared And Cash Paid (Details) - $ / shares | 12 Months Ended | |||||
Aug. 31, 2021 | Jul. 30, 2021 | Jun. 30, 2021 | May 28, 2021 | Apr. 30, 2021 | Mar. 31, 2022 | |
Series E Term Preferred Stock | ||||||
Dividends Payable [Line Items] | ||||||
Dividend paid per share of Series E term preferred stock (in USD per share) | $ 0.07968750 | $ 0.13281250 | $ 0.13281250 | $ 0.13281250 | $ 0.13281250 | $ 0.61093750 |
REGISTRATION STATEMENT AND CO_2
REGISTRATION STATEMENT AND COMMON EQUITY OFFERINGS (Details) - USD ($) | 12 Months Ended | ||||||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Feb. 28, 2024 | Aug. 31, 2022 | Sep. 03, 2021 | Dec. 31, 2019 | |
Government Assistance [Line Items] | |||||||
Proceeds from issuance of common stock | $ 44,508,000 | $ 5,492,000 | $ 0 | ||||
Registration Statement on Form N-2 (File No. 333-277452) | |||||||
Government Assistance [Line Items] | |||||||
Securities, aggregate value authorized | $ 450,000,000 | ||||||
Securities, remaining capacity of aggregate value authorized | 450,000,000 | ||||||
Registration Statement on Form N-2 (File No. 333-259302) | |||||||
Government Assistance [Line Items] | |||||||
Securities, aggregate value authorized | $ 300,000,000 | ||||||
Securities, remaining capacity of aggregate value authorized | 175,300,000 | ||||||
Common Stock ATM Program | |||||||
Government Assistance [Line Items] | |||||||
Sale of stock, aggregate offering price authorized | $ 50,000,000 | $ 35,000,000 | |||||
Remaining capacity under the common stock ATM program | $ 0 | ||||||
Sale of stock, number of shares sold (in shares) | 3,097,162 | 386,482 | 0 | ||||
Sale of stock, weighted-average gross price per share (in USD per share) | $ 14.37 | $ 14.21 | |||||
Sale of stock, consideration received | $ 44,500,000 | $ 5,500,000 | |||||
Sale of stock, weighted-average net price per share after deducting commissions and offering costs (in USD per share) | $ 14.12 | $ 14.01 | |||||
Proceeds from issuance of common stock | $ 43,700,000 | $ 5,400,000 |
NET INCREASE (DECREASE) IN NE_3
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER WEIGHTED-AVERAGE COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |||
Numerator: net increase (decrease) in net assets resulting from operations | $ 85,305 | $ 35,547 | $ 102,316 |
Weighted-average common shares, basic (in shares) | 34,466,724 | 33,311,785 | 33,205,023 |
Weighted-average common shares, diluted (in shares) | 34,466,724 | 33,311,785 | 33,205,023 |
Net increase (decrease) in net assets resulting from operations per weighted-average common share, basic (in USD per share) | $ 2.47 | $ 1.07 | $ 3.08 |
Net increase (decrease) in net assets resulting from operations per weighted-average common share, diluted (in USD per share) | $ 2.47 | $ 1.07 | $ 3.08 |
DISTRIBUTIONS TO COMMON STOCK_3
DISTRIBUTIONS TO COMMON STOCKHOLDERS - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | ||||||
Investment company, cash distributions paid to common stockholders from ordinary income | 53.20% | 61.20% | 71.30% | |||
Investment company, cash distributions paid to common stockholders from capital gains | 46.80% | 38.80% | 28.70% | |||
Cash distributions to common stockholders | $ 76,100 | $ 47,000 | $ 38,900 | |||
Undistributed ordinary income | 18,708 | 21,380 | 13,900 | |||
Undistributed capital gain | $ 1,373 | $ 10,552 | $ 15,700 | |||
Investment company, deemed distribution approach, notice period | 60 days |
DISTRIBUTIONS TO COMMON STOCK_4
DISTRIBUTIONS TO COMMON STOCKHOLDERS - Dividends Declared (Details) - $ / shares | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 29, 2024 | Feb. 29, 2024 | Jan. 31, 2024 | Dec. 29, 2023 | Dec. 15, 2023 | Nov. 30, 2023 | Nov. 17, 2023 | Oct. 31, 2023 | Sep. 29, 2023 | Sep. 15, 2023 | Aug. 31, 2023 | Jul. 31, 2023 | Jun. 30, 2023 | Jun. 15, 2023 | May 31, 2023 | Apr. 28, 2023 | Mar. 31, 2023 | Mar. 15, 2023 | Feb. 28, 2023 | Jan. 31, 2023 | Dec. 30, 2022 | Dec. 15, 2022 | Nov. 30, 2022 | Oct. 31, 2022 | Sep. 30, 2022 | Aug. 31, 2022 | Jul. 29, 2022 | Jun. 30, 2022 | Jun. 15, 2022 | May 31, 2022 | Apr. 29, 2022 | Mar. 31, 2022 | Feb. 28, 2022 | Feb. 14, 2022 | Jan. 31, 2022 | Dec. 31, 2021 | Dec. 15, 2021 | Nov. 30, 2021 | Oct. 29, 2021 | Sep. 30, 2021 | Sep. 15, 2021 | Aug. 31, 2021 | Jul. 30, 2021 | Jun. 30, 2021 | Jun. 17, 2021 | May 28, 2021 | Apr. 30, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends paid (in USD per share) | $ 0.080 | $ 0.080 | $ 0.080 | $ 0.080 | $ 0.880 | $ 0.080 | $ 0.120 | $ 0.080 | $ 0.080 | $ 0.120 | $ 0.080 | $ 0.080 | $ 0.080 | $ 0.120 | $ 0.080 | $ 0.080 | $ 0.080 | $ 0.240 | $ 0.080 | $ 0.080 | $ 0.080 | $ 0.120 | $ 0.080 | $ 0.080 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.120 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.120 | $ 0.075 | $ 0.075 | $ 0.090 | $ 0.075 | $ 0.075 | $ 0.070 | $ 0.030 | $ 0.070 | $ 0.070 | $ 0.070 | $ 0.060 | $ 0.070 | $ 0.070 | $ 2.200 | $ 1.410 | $ 1.170 |
DISTRIBUTIONS TO COMMON STOCK_5
DISTRIBUTIONS TO COMMON STOCKHOLDERS - Components Of Our Net Assets On A Tax Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |||
Equity [Abstract] | |||||||
Common stock | $ 37 | $ 34 | |||||
Capital in excess of par value | 444,706 | 401,798 | |||||
Cumulative unrealized appreciation of investments | 64,737 | 31,129 | |||||
Cumulative unrealized depreciation of other | 0 | 29 | |||||
Undistributed ordinary income | 18,708 | 21,380 | $ 13,900 | ||||
Undistributed capital gain | 1,373 | 10,552 | 15,700 | ||||
Other temporary differences | (36,850) | (25,180) | |||||
TOTAL NET ASSETS | $ 492,711 | [1] | $ 439,742 | [1] | $ 445,830 | [1] | $ 382,364 |
[1] Refer to Note 9 — Distributions to Common Stockholders in the accompanying Notes to Consolidated Financial Statements for additional information. |
DISTRIBUTIONS TO COMMON STOCK_6
DISTRIBUTIONS TO COMMON STOCKHOLDERS - Investment Company, Changes in Net Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Underdistributed (overdistributed) net investment income | ||
Investment Company, Changes in Net Assets [Line Items] | ||
Increase (decrease) due to reclassifications of permanent differences | $ 1,695 | $ 1,301 |
Accumulated net realized gain in excess of distributions | ||
Investment Company, Changes in Net Assets [Line Items] | ||
Increase (decrease) due to reclassifications of permanent differences | (881) | 263 |
Capital in excess of par value | ||
Investment Company, Changes in Net Assets [Line Items] | ||
Increase (decrease) due to reclassifications of permanent differences | $ (814) | $ (1,564) |
FEDERAL AND STATE INCOME TAXES
FEDERAL AND STATE INCOME TAXES (Details) - USD ($) | 12 Months Ended | |||||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Investments, Owned, Federal Income Tax Note [Line Items] | ||||||
Investment company, target percentage of taxable income to distribute to shareholders (up to) | 100% | |||||
Income tax expense (benefit) | $ 0 | $ 0 | $ 0 | |||
Investment company, percentage of ordinary income distribution | 98% | |||||
Investment company, percentage of net capital gains distribution | 98.20% | |||||
Excise tax | $ 1,200,000 | $ 1,300,000 | $ 700,000 | |||
Capital Loss Carryforward | ||||||
Investments, Owned, Federal Income Tax Note [Line Items] | ||||||
Capital loss carryforwards | $ 0 | $ 0 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Mar. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Escrow holdbacks | $ 1 | $ 0.1 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Schedule of Principal Balances of Unused Line of Credit and Delayed Draw Term Debt Commitments and Guaranties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Commitments [Line Items] | ||
Total | $ 2,394 | $ 2,150 |
Unused line of credit commitments | ||
Other Commitments [Line Items] | ||
Total | $ 2,394 | $ 2,150 |
FINANCIAL HIGHLIGHTS (Details)
FINANCIAL HIGHLIGHTS (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Investment Company, Financial Highlights [Roll Forward] | ||||||||||
Net asset value at beginning of period (in USD per share) | $ 13.09 | $ 13.43 | $ 11.52 | $ 11.17 | $ 12.40 | $ 10.85 | $ 9.95 | $ 9.22 | $ 9.18 | $ 8.34 |
Income from investment operations | ||||||||||
Net investment income (in USD per share) | 0.63 | 1.11 | 0.45 | 0.54 | 1.11 | 0.23 | 0.68 | 0.74 | 0.68 | 0.75 |
Net realized gain (loss) on investments and other (in USD per share) | 0.88 | 0.32 | 0.37 | 0.32 | 1.36 | 2.04 | 0.04 | 0.51 | (0.15) | 0 |
Taxes on deemed distributions of long-term capital gains (in USD per share) | 0 | 0 | 0 | 0 | (0.31) | (0.41) | 0 | 0 | 0 | 0 |
Net unrealized appreciation (depreciation) of investments and other (in USD per share) | 0.96 | (0.36) | 2.26 | 0.42 | (2.38) | 0.63 | 1.16 | 0.23 | 0.29 | 1.13 |
Total from investment operations (in USD per share) | 2.47 | 1.07 | 3.08 | 1.28 | (0.22) | 2.49 | 1.88 | 1.48 | 0.82 | 1.88 |
Effect of equity capital activity | ||||||||||
Cash distributions to common stockholders from net investment income (in USD per share) | (1.08) | (0.92) | (0.91) | (0.83) | (0.75) | (0.69) | (0.84) | (0.75) | (0.64) | (0.77) |
Cash distributions to common stockholders from net realized gains (in USD per share) | (1.12) | (0.49) | (0.26) | (0.10) | (0.28) | (0.24) | (0.05) | 0 | (0.11) | 0 |
Discounts, commissions, and offering costs par share (in USD per share) | (0.02) | (0.01) | 0 | 0 | 0 | 0 | (0.03) | 0 | (0.01) | (0.03) |
Net accretive (dilutive) effect of equity offering (in USD per share) | 0.10 | 0.01 | 0 | 0 | 0.01 | 0 | (0.04) | 0 | (0.03) | (0.22) |
Total from equity capital activity (in USD per share) | (2.12) | (1.41) | (1.17) | (0.93) | (1.02) | (0.93) | (0.96) | (0.75) | (0.79) | (1.02) |
Other, net (in USD per share) | (0.01) | 0 | 0 | 0 | 0.01 | (0.01) | (0.02) | 0 | 0.01 | (0.02) |
Net asset value at end of period (in USD per share) | 13.43 | 13.09 | 13.43 | 11.52 | 11.17 | 12.40 | 10.85 | 9.95 | 9.22 | 9.18 |
Per common share market value at beginning of period (in USD per share) | 13.25 | 16.13 | 12.23 | 7.85 | 11.60 | 10.10 | 9.07 | 7.02 | 7.40 | 8.27 |
Per common share market value at end of period (in USD per share) | $ 14.23 | $ 13.25 | $ 16.13 | $ 12.23 | $ 7.85 | $ 11.60 | $ 10.10 | $ 9.07 | $ 7.02 | $ 7.40 |
Total investment return | 25.52% | (8.90%) | 42.40% | 70.65% | (26.23%) | 24.95% | 21.82% | 41.58% | 4.82% | 11.96% |
Common stock outstanding at end of period (in shares) | 36,688,667 | 33,591,505 | 33,205,023 | 33,205,023 | 33,049,463 | 32,822,459 | 32,653,635 | 30,270,958 | 30,270,958 | 29,775,958 |
Consolidated Statement of Assets and Liabilities Data: | ||||||||||
Net assets at end of year | $ 492,711 | $ 439,742 | $ 445,830 | $ 382,364 | $ 369,031 | $ 407,110 | $ 354,200 | $ 301,082 | $ 279,022 | $ 273,429 |
Average net assets | 461,819 | 446,899 | 425,985 | 365,568 | 404,336 | 391,786 | 328,533 | 294,030 | 276,293 | 229,350 |
Senior Securities Data: | ||||||||||
Total borrowings, at cost | 404,238 | 297,688 | 267,584 | 155,434 | 54,296 | 58,096 | 112,096 | 74,796 | 100,096 | 123,896 |
Mandatorily redeemable preferred stock | $ 0 | $ 0 | $ 0 | $ 94,371 | $ 132,250 | $ 132,250 | $ 139,150 | $ 139,150 | $ 121,650 | $ 81,400 |
Ratios/Supplemental Data: | ||||||||||
Ratio of net expenses to average net assets | 14.19% | 9.97% | 13.51% | 10.58% | 6.32% | 13.30% | 11.08% | 10.02% | 10.94% | 9.48% |
Ratio of net investment income to average net assets | 4.72% | 8.28% | 3.52% | 4.91% | 8.99% | 1.92% | 6.68% | 7.63% | 7.50% | 8.68% |
Ratio of expenses to average net assets - annualized | 17.38% | 12.58% | 16.72% | 13.33% | 9.12% | 16.45% | 14.11% | 13.46% | 14.50% | 12.90% |
Ratio of net expenses to average net assets | 6.89% | 14.07% | ||||||||
Ratio of net investment income (loss) to average net assets – annualized | 1.53% | 5.66% | 0.31% | 2.16% | 6.20% | (1.22%) | 3.66% | 4.19% | 3.94% | 5.26% |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 28, 2024 | May 31, 2024 | Apr. 30, 2024 | Mar. 29, 2024 | Feb. 29, 2024 | Jan. 31, 2024 | Dec. 29, 2023 | Dec. 15, 2023 | Nov. 30, 2023 | Nov. 17, 2023 | Oct. 31, 2023 | Sep. 29, 2023 | Sep. 15, 2023 | Aug. 31, 2023 | Jul. 31, 2023 | Jun. 30, 2023 | Jun. 15, 2023 | May 31, 2023 | Apr. 28, 2023 | Mar. 31, 2023 | Mar. 15, 2023 | Feb. 28, 2023 | Jan. 31, 2023 | Dec. 30, 2022 | Dec. 15, 2022 | Nov. 30, 2022 | Oct. 31, 2022 | Sep. 30, 2022 | Aug. 31, 2022 | Jul. 29, 2022 | Jun. 30, 2022 | Jun. 15, 2022 | May 31, 2022 | Apr. 29, 2022 | Mar. 31, 2022 | Feb. 28, 2022 | Feb. 14, 2022 | Jan. 31, 2022 | Dec. 31, 2021 | Dec. 15, 2021 | Nov. 30, 2021 | Oct. 29, 2021 | Sep. 30, 2021 | Sep. 15, 2021 | Aug. 31, 2021 | Jul. 30, 2021 | Jun. 30, 2021 | Jun. 17, 2021 | May 28, 2021 | Apr. 30, 2021 | Jun. 30, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends paid (in USD per share) | $ 0.080 | $ 0.080 | $ 0.080 | $ 0.080 | $ 0.880 | $ 0.080 | $ 0.120 | $ 0.080 | $ 0.080 | $ 0.120 | $ 0.080 | $ 0.080 | $ 0.080 | $ 0.120 | $ 0.080 | $ 0.080 | $ 0.080 | $ 0.240 | $ 0.080 | $ 0.080 | $ 0.080 | $ 0.120 | $ 0.080 | $ 0.080 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.120 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.120 | $ 0.075 | $ 0.075 | $ 0.090 | $ 0.075 | $ 0.075 | $ 0.070 | $ 0.030 | $ 0.070 | $ 0.070 | $ 0.070 | $ 0.060 | $ 0.070 | $ 0.070 | $ 2.200 | $ 1.410 | $ 1.170 | ||||
Subsequent Event | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends paid (in USD per share) | $ 0.080 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event | Forecast | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends paid (in USD per share) | $ 0.080 | $ 0.080 | $ 0.24 |