Gladstone Investment (GAIN) 10-Q 12 Feb 25 2025 Q3 Quarterly report Financial data

COVER

COVER - shares	9 Months Ended
	Dec. 31, 2024	Feb. 11, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		36,837,381
Entity Central Index Key	0001321741
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
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% Notes due 2026
Document Information [Line Items]
Title of 12(b) Security	5.00% Notes due 2026
Trading Symbol	GAINN
Security Exchange Name	NASDAQ
4.875% Notes due 2028
Document Information [Line Items]
Title of 12(b) Security	4.875% Notes due 2028
Trading Symbol	GAINZ
Security Exchange Name	NASDAQ
8.00% 2028 Notes
Document Information [Line Items]
Title of 12(b) Security	8.00% Notes due 2028
Trading Symbol	GAINL
Security Exchange Name	NASDAQ
7.875% 2030 Notes
Document Information [Line Items]
Title of 12(b) Security	7.875% Notes due 2030
Trading Symbol	GAINI
Security Exchange Name	NASDAQ

CONSOLIDATED STATEMENTS OF ASSE

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) $ in Thousands		Dec. 31, 2024		Mar. 31, 2024
ASSETS
Investments at fair value		$ 1,072,230		$ 920,504	[1]
Cash and cash equivalents		2,569		2,460
Restricted cash and cash equivalents		578		760
Interest receivable		6,245		7,627
Due from administrative agent		3,301		3,427
Deferred financing costs, net		1,180		1,643
Other assets, net		1,657		1,662
TOTAL ASSETS		1,087,760		938,083
Borrowings:
Line of credit at fair value (Cost of $91,500 and $67,000, respectively)		91,500		67,000
Notes payable, net		455,058		331,345
Total borrowings		546,558		398,345
Accounts payable and accrued expenses		1,898		732
Interest payable		3,750		3,465
Other liabilities		578		759
TOTAL LIABILITIES		597,707		445,372
Commitments and contingencies	[2]
NET ASSETS		490,053		492,711
ANALYSIS OF NET ASSETS
Common stock, $0.001 par value per share, 100,000,000 shares authorized, 36,837,381 and 36,688,667 shares issued and outstanding, respectively		37		37
Capital in excess of par value		445,547		444,706
Cumulative net unrealized appreciation of investments		50,489		66,214
Overdistributed net investment income		(21,460)		(19,562)
Accumulated net realized gain in excess of distributions		15,440		1,316
Total distributable earnings		44,469		47,968
TOTAL NET ASSETS		$ 490,053		$ 492,711
NET ASSET VALUE PER SHARE (in USD per share)		$ 13.30		$ 13.43
Related Party
Borrowings:
Fees due to related party		$ 44,923		$ 42,071
Fees Due to Adviser | Related Party
Borrowings:
Fees due to related party	[3]	44,305		41,344
Fee Due to Administrator | Related Party
Borrowings:
Fees due to related party	[3]	618		727
Non-Control/Non-Affiliate Investments
ASSETS
Investments at fair value		740,581	[4]	622,233	[5]
Affiliate Investments
ASSETS
Investments at fair value		331,145	[6]	295,366	[7]
Control Investments
ASSETS
Investments at fair value		$ 504	[8]	$ 2,905	[9]
[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. Refer to Note 9 — Commitments and Contingencies 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	Dec. 31, 2024		Mar. 31, 2024
Cost	$ 1,021,741		$ 854,290	[1]
Line of credit, cost	$ 91,500		$ 67,000
Common stock, par value (in USD per share)	$ 0.001		$ 0.001
Common stock, authorized (in shares)	100,000,000		100,000,000
Common stock, issued (in shares)	36,837,381		36,688,667
Common stock, outstanding (in shares)	36,837,381		36,688,667
Non-Control/Non-Affiliate Investments
Cost	$ 644,871	[2]	$ 544,799	[3]
Affiliate Investments
Cost	359,461	[4]	292,082	[5]
Control Investments
Cost	$ 17,409	[6]	$ 17,409	[7]
[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. 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		3 Months Ended		9 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
INVESTMENT INCOME
Interest income		$ 20,528	$ 21,699	$ 62,149	$ 60,369
Dividend income		0	0	1,419	1,907
Success fee income		843	1,382	2,546	1,382
Total investment income		21,371	23,081	66,114	63,658
EXPENSES
Base management fee	[1]	4,872	4,602	13,937	12,874
Loan servicing fee	[1]	2,405	2,332	6,821	6,829
Incentive fee	[1]	9,353	1,667	7,797	15,401
Administration fee	[1]	405	450	1,478	1,306
Interest expense on borrowings		6,385	6,520	19,264	17,598
Amortization of deferred financing costs and discounts		691	589	1,951	1,708
Professional fees		400	411	1,211	1,030
Other general and administrative expenses		955	891	3,757	2,404
Expenses before credits from Adviser		25,466	17,462	56,216	59,150
Credits to base management fee – loan servicing fee	[1]	(2,405)	(2,332)	(6,821)	(6,829)
Credits to fees from adviser - other	[1]	(2,851)	(1,793)	(4,147)	(5,117)
Total expenses, net of credits to fees		20,210	13,337	45,248	47,204
NET INVESTMENT INCOME		1,161	9,744	20,866	16,454
REALIZED AND UNREALIZED GAIN (LOSS)
Total net realized gain		0	43,461	42,305	44,905
Total net unrealized appreciation (depreciation)		37,329	(46,626)	(15,725)	1,362
Net realized and unrealized gain (loss)		37,329	(3,165)	26,580	46,267
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$ 38,490	$ 6,579	$ 47,446	$ 62,721
BASIC AND DILUTED PER COMMON SHARE:
Net investment income, basic (in USD per share)		$ 0.03	$ 0.28	$ 0.57	$ 0.49
Net investment income, diluted (in USD per share)		0.03	0.28	0.57	0.49
Net increase in net assets resulting from operations, basic (in USD per share)		1.05	0.19	1.29	1.85
Net increase in net assets resulting from operations, diluted (in USD per share)		$ 1.05	$ 0.19	$ 1.29	$ 1.85
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic (in shares)		36,727,873	34,351,597	36,701,783	33,921,300
Diluted (in shares)		36,727,873	34,351,597	36,701,783	33,921,300
Cash and cash equivalents
INVESTMENT INCOME
Interest income		$ 74	$ 111	$ 174	$ 731
Non-Control/Non-Affiliate Investments
INVESTMENT INCOME
Interest income		15,041	15,237	44,688	41,353
Dividend income		0	0	1,419	0
Success fee income		407	1,382	1,960	1,382
REALIZED AND UNREALIZED GAIN (LOSS)
Total net realized gain		0	43,459	21	43,748
Total net unrealized appreciation (depreciation)		30,247	(42,325)	18,277	7,470
Affiliate Investments
INVESTMENT INCOME
Interest income		5,413	6,351	17,287	18,285
Dividend income		0	0	0	1,907
Success fee income		436	0	586	0
REALIZED AND UNREALIZED GAIN (LOSS)
Total net realized gain		0	2	42,284	275
Total net unrealized appreciation (depreciation)		7,149	(4,110)	(31,600)	(5,887)
Control Investments
REALIZED AND UNREALIZED GAIN (LOSS)
Total net realized gain		0	0	0	882
Total net unrealized appreciation (depreciation)		(67)	(99)	(2,402)	(192)
Other
REALIZED AND UNREALIZED GAIN (LOSS)
Total net unrealized appreciation (depreciation)		$ 0	$ (92)	$ 0	$ (29)
[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		3 Months Ended
		Dec. 31, 2024	Sep. 30, 2024		Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023		Jun. 30, 2023
Investment Company, Net Assets [Roll Forward]
Net assets, beginning balance		$ 458,375	$ 477,380		$ 492,711	$ 475,666	$ 436,435		$ 439,742
OPERATIONS
Net investment income (loss)		1,161	7,291		12,414	9,744	(1,730)		8,440
Net realized gain on investments		0	42,303		2	43,461	289		1,155
Net unrealized (depreciation) appreciation of investments		37,329	(34,112)		(18,942)	(46,534)	48,745		(820)
Net unrealized depreciation of other		0	0		0	(92)	52		11
Net (decrease) increase in net assets from operations		38,490	15,482		(6,526)	6,579	47,356		8,786
DISTRIBUTIONS
Distributions to common stockholders from net investment income	[1]	(5,870)	(8,805)		(8,805)	(15,093)	(6,665)		(7,069)
Distributions to common stockholders from net realized gains	[1]	(2,947)	(25,682)	[2]	0	(28,009)	(5,519)	[2]	(5,024)
Net decrease in net assets from distributions	[1]	(8,817)	(34,487)		(8,805)	(43,102)	(12,184)		(12,093)
CAPITAL ACTIVITY
Issuance of common stock		2,029	0		0	21,130	4,121		0
Discounts, commissions, and offering costs for issuance of common stock		(24)	0		0	(332)	(62)		0
Net increase in net assets from capital activity		2,005	0		0	20,798	4,059		0
NET (DECREASE) INCREASE IN NET ASSETS		31,678	(19,005)		(15,331)	(15,725)	39,231		(3,307)
Net assets, ending balance		$ 490,053	$ 458,375		$ 477,380	$ 459,941	$ 475,666		$ 436,435
[1] Refer to Note 8 — Distributions to Common Stockholders in the accompanying Notes to Consolidated Financial Statements for additional information. Includes $0.70 per common share of distributions declared and unpaid as of September 30, 2024, as such distribution was a supplemental distribution declared on September 17, 2024 with a record date of October 4, 2024 and a payment date of October 15, 2024.

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Parenthetical) - $ / shares	3 Months Ended												9 Months Ended
	Dec. 31, 2024	[1]	Sep. 30, 2024	[1]	Jun. 30, 2024	[1]	Dec. 31, 2023	[1]	Sep. 30, 2023	[1]	Jun. 30, 2023	[1]	Dec. 31, 2024	Dec. 31, 2023
Investment Company [Abstract]
Net investment income (loss) (in USD per share)	$ 0.16		$ 0.24		$ 0.24		$ 0.43		$ 0.20		$ 0.21		$ 0.64	$ 0.84
Gain (loss) on investment (in USD per share)	$ 0.08		$ 0.70		$ 0		$ 0.81		$ 0.16		$ 0.15		$ 0.78	$ 1.12
[1] Refer to Note 8 — Distributions to Common Stockholders in the accompanying Notes to Consolidated Financial Statements for additional information.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		9 Months Ended
		Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations		$ 47,446	$ 62,721
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:
Purchase of investments		(207,192)	(182,988)
Principal repayments of investments		33,500	27,500
Net proceeds from the sale and recapitalization of investments		48,546	52,228
Net realized gain on investments		(42,305)	(44,905)
Net unrealized depreciation (appreciation) of investments and other		15,725	(1,362)
Amortization of deferred financing costs and discounts		1,951	1,708
Bad debt expense (recoveries), net		1,093	(54)
Changes in assets and liabilities:
Decrease (increase) in interest receivable		553	(3,537)
Decrease in due from administrative agent		126	1,748
(Increase) decrease in other assets, net		(103)	99
Increase in accounts payable and accrued expenses		1,403	810
Increase in interest payable		285	1,236
(Decrease) increase in other liabilities		(181)	496
Net cash used in operating activities		(96,372)	(75,717)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock		2,029	25,251
Discounts, commissions, and offering costs for issuance of common stock		(24)	(297)
Proceeds from line of credit		192,000	231,900
Repayments on line of credit		(167,500)	(184,500)
Proceeds from issuance of notes payable		126,500	74,750
Deferred financing and offering costs		(4,597)	(3,671)
Distributions paid to common stockholders		(52,109)	(67,379)
Net cash provided by financing activities		96,299	76,054
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS		(73)	337
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD		3,220	3,248
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD		3,147	3,585
CASH PAID FOR INTEREST		17,912	15,585
Adviser
Changes in assets and liabilities:
Increase (decrease) in fee due to related party	[1]	2,890	8,724
Administrator
Changes in assets and liabilities:
Increase (decrease) in fee due to related party	[1]	(109)	(141)
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 on investments		(42,305)	(44,905)
Net unrealized depreciation (appreciation) of investments and other		15,725	(1,391)
Other
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:
Net unrealized depreciation (appreciation) of investments and other		$ 0	$ 29
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.

CONSOLIDATED SCHEDULE OF INVEST

CONSOLIDATED SCHEDULE OF INVESTMENTS - USD ($) $ in Thousands		Dec. 31, 2024		Mar. 31, 2024
Schedule of Investments [Line Items]
Cost		$ 1,021,741		$ 854,290	[1]
Fair Value		1,072,230		920,504	[1]
Diversified/Conglomerate Services
Schedule of Investments [Line Items]
Fair Value		167,188		264,535
Home and Office Furnishings, Housewares, and Durable Consumer Products
Schedule of Investments [Line Items]
Fair Value		164,017		160,038
Hotels, Motels, Inns, and Gaming
Schedule of Investments [Line Items]
Fair Value		116,534		77,366
Oil and Gas
Schedule of Investments [Line Items]
Fair Value		67,775		51,171
Printing and Publishing
Schedule of Investments [Line Items]
Fair Value		14,400		14,238
Aerospace and Defense
Schedule of Investments [Line Items]
Fair Value		108,464		29,064
Electronics
Schedule of Investments [Line Items]
Fair Value		71,321		0
Leisure, Amusement, Motion Pictures, and Entertainment
Schedule of Investments [Line Items]
Fair Value		74,334		39,350
Telecommunications
Schedule of Investments [Line Items]
Fair Value		6,796		9,002
Secured First Lien Debt
Schedule of Investments [Line Items]
Cost		660,499		513,425
Fair Value		599,911		474,856
Secured Second Lien Debt
Schedule of Investments [Line Items]
Cost		119,958		144,958
Fair Value		108,743		138,703
Preferred Equity
Schedule of Investments [Line Items]
Cost		191,687		145,070
Fair Value		308,226		213,480
Common Equity/ Equivalents
Schedule of Investments [Line Items]
Cost		49,597		50,837
Fair Value		55,350		93,465
Non-Control/Non-Affiliate Investments
Schedule of Investments [Line Items]
Cost		644,871	[2]	544,799	[3]
Fair Value		740,581	[2]	622,233	[3]
Non-Control/Non-Affiliate Investments | Secured First Lien Debt
Schedule of Investments [Line Items]
Cost		407,436	[2]	324,731	[3]
Fair Value		386,753	[2]	324,348	[3]
Non-Control/Non-Affiliate Investments | Secured First Lien Debt | Diversified/Conglomerate Manufacturing
Schedule of Investments [Line Items]
Cost		5,950	[2]	5,950	[3]
Fair Value		5,155	[2]	5,567	[3]
Non-Control/Non-Affiliate Investments | Secured First Lien Debt | Diversified/Conglomerate Services
Schedule of Investments [Line Items]
Cost		82,950	[2]	82,950	[3]
Fair Value		63,062	[2]	82,950	[3]
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	[2]	36,750	[3]
Fair Value		36,750	[2]	36,750	[3]
Non-Control/Non-Affiliate Investments | Secured First Lien Debt | Hotels, Motels, Inns, and Gaming
Schedule of Investments [Line Items]
Cost		85,600	[2]	65,100	[3]
Fair Value		85,600	[2]	65,100	[3]
Non-Control/Non-Affiliate Investments | Secured First Lien Debt | Oil and Gas
Schedule of Investments [Line Items]
Cost		34,250	[2]	34,750	[3]
Fair Value		34,250	[2]	34,750	[3]
Non-Control/Non-Affiliate Investments | Secured First Lien Debt | Printing and Publishing
Schedule of Investments [Line Items]
Cost		14,400	[2]	13,000	[3]
Fair Value		14,400	[2]	13,000	[3]
Non-Control/Non-Affiliate Investments | Secured Second Lien Debt
Schedule of Investments [Line Items]
Cost		93,340	[2]	93,340	[3]
Fair Value		92,854	[2]	93,340	[3]
Non-Control/Non-Affiliate Investments | Secured Second Lien Debt | Aerospace and Defense
Schedule of Investments [Line Items]
Cost		25,696	[2]	25,696	[3]
Fair Value		25,696	[2]	25,696	[3]
Non-Control/Non-Affiliate Investments | Preferred Equity
Schedule of Investments [Line Items]
Cost		99,498	[2]	82,110	[3]
Fair Value		210,624	[2]	162,522	[3]
Non-Control/Non-Affiliate Investments | Preferred Equity | Diversified/Conglomerate Services
Schedule of Investments [Line Items]
Cost		11,206	[2]	11,206	[3]
Fair Value		9,474	[2]	19,759	[3]
Non-Control/Non-Affiliate Investments | Preferred Equity | Home and Office Furnishings, Housewares, and Durable Consumer Products
Schedule of Investments [Line Items]
Cost		16,236	[2]	16,236	[3]
Fair Value		52,546	[2]	49,650	[3]
Non-Control/Non-Affiliate Investments | Common Equity/ Equivalents
Schedule of Investments [Line Items]
Cost		44,597	[2]	44,618	[3]
Fair Value		50,350	[2]	42,023	[3]
Affiliate Investments
Schedule of Investments [Line Items]
Cost		359,461	[4]	292,082	[5]
Fair Value		331,145	[4]	295,366	[5]
Affiliate Investments | Secured First Lien Debt
Schedule of Investments [Line Items]
Cost		243,853	[4]	179,484	[5]
Fair Value		212,654	[4]	147,603	[5]
Affiliate Investments | Secured First Lien Debt | Diversified/Conglomerate Services
Schedule of Investments [Line Items]
Cost		100,498	[4]	100,498	[5]
Fair Value		80,336	[4]	77,351	[5]
Affiliate Investments | Secured First Lien Debt | Electronics
Schedule of Investments [Line Items]
Cost	[4]	49,152
Fair Value	[4]	49,152
Affiliate Investments | Secured First Lien Debt | Leisure, Amusement, Motion Pictures, and Entertainment
Schedule of Investments [Line Items]
Cost	[4]	20,120
Fair Value	[4]	20,120
Affiliate Investments | Secured First Lien Debt | Telecommunications
Schedule of Investments [Line Items]
Cost		17,833	[4]	17,736	[5]
Fair Value		6,796	[4]	9,002	[5]
Affiliate Investments | Secured Second Lien Debt
Schedule of Investments [Line Items]
Cost		26,618	[4]	51,618	[5]
Fair Value		15,889	[4]	45,363	[5]
Affiliate Investments | Preferred Equity
Schedule of Investments [Line Items]
Cost		83,990	[4]	54,761	[5]
Fair Value		97,602	[4]	50,958	[5]
Affiliate Investments | Preferred Equity | Diversified/Conglomerate Services
Schedule of Investments [Line Items]
Cost		24,309	[4]	24,309	[5]
Fair Value		14,316	[4]	8,033	[5]
Affiliate Investments | Common Equity/ Equivalents
Schedule of Investments [Line Items]
Cost		5,000	[4]	6,219	[5]
Fair Value		5,000	[4]	51,442	[5]
Control Investments
Schedule of Investments [Line Items]
Cost		17,409	[6]	17,409	[7]
Fair Value		504	[6]	2,905	[7]
Control Investments | Secured First Lien Debt
Schedule of Investments [Line Items]
Cost		9,210	[6]	9,210	[7]
Fair Value		504	[6]	2,905	[7]
Control Investments | Preferred Equity
Schedule of Investments [Line Items]
Cost		8,199	[6]	8,199	[7]
Fair Value		$ 0	[6]	$ 0	[7]
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Common Stock Warrants
Schedule of Investments [Line Items]
Units		3.50%	[8],[9],[10],[11],[12]	3.50%	[13],[14],[15],[16],[17]
Cost		$ 0	[8],[11],[12]	$ 0	[13],[15],[17]
Fair Value		0	[8],[11],[12]	0	[13],[15],[17]
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Line of Credit 1
Schedule of Investments [Line Items]
Principal amount		3,080	[8],[9],[10],[11],[18]	3,080	[13],[14],[16],[17]
Cost		3,080	[8],[11],[18]	3,080	[13],[17]
Fair Value		3,080	[8],[11],[18]	3,080	[13],[17]
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Line of Credit 2
Schedule of Investments [Line Items]
Principal amount		753	[8],[9],[10],[11],[18]	656	[13],[14],[16],[17]
Cost		753	[8],[11],[18]	656	[13],[17]
Fair Value		753	[8],[11],[18]	$ 656	[13],[17]
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Preferred Stock
Schedule of Investments [Line Items]
Shares	[13],[14],[15],[16],[17]			14,304
Cost	[13],[15],[17]			$ 4,722
Fair Value	[13],[15],[17]			0
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Term Debt
Schedule of Investments [Line Items]
Principal amount	[13],[14],[16],[17]			14,000
Cost	[13],[17]			14,000
Fair Value	[13],[17]			$ 5,266
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Term Debt 1
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[11],[18]	14,000
Cost	[8],[11],[18]	14,000
Fair Value	[8],[11],[18]	$ 2,963
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.– Preferred Stock
Schedule of Investments [Line Items]
Shares	[8],[9],[10],[11],[12]	14,304
Cost	[8],[11],[12]	$ 4,722
Fair Value	[8],[11],[12]	$ 0
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Preferred Stock
Schedule of Investments [Line Items]
Shares		6,653	[9],[10],[11],[12]	6,653	[14],[15],[16],[17]
Cost		$ 6,653	[11],[12]	$ 6,653	[15],[17]
Fair Value		48,081	[11],[12]	48,759	[15],[17]
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 1
Schedule of Investments [Line Items]
Principal amount		17,700	[9],[10],[11]	17,700	[14],[16],[17]
Cost		17,700	[11]	17,700	[17]
Fair Value		17,700	[11]	17,700	[17]
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 2
Schedule of Investments [Line Items]
Principal amount		6,850	[9],[10],[11]	6,850	[14],[16],[17]
Cost		6,850	[11]	6,850	[17]
Fair Value		$ 6,850	[11]	$ 6,850	[17]
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc - Preferred Equity
Schedule of Investments [Line Items]
Shares	[9],[10],[11],[12]	21,000
Cost	[11],[12]	$ 21,000
Fair Value	[11],[12]	23,453
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc – Term Debt
Schedule of Investments [Line Items]
Principal amount	[9],[10],[11]	38,250
Cost	[11]	38,250
Fair Value	[11]	$ 38,250
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc. – Preferred Stock
Schedule of Investments [Line Items]
Shares	[14],[15],[16],[17]			21,000
Cost	[15],[17]			$ 21,000
Fair Value	[15],[17]			22,181
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc. – Term Debt
Schedule of Investments [Line Items]
Principal amount	[14],[16],[17]			38,250
Cost	[17]			38,250
Fair Value	[17]			$ 38,250
Investment, Identifier [Axis]: Diligent Delivery Systems – Common Stock Warrants
Schedule of Investments [Line Items]
Units		8%	[9],[10],[11],[12]	8%	[14],[15],[16],[19]
Cost		$ 500	[11],[12]	$ 500	[15],[19]
Fair Value		0	[11],[12]	500	[15],[19]
Investment, Identifier [Axis]: Diligent Delivery Systems – Term Debt
Schedule of Investments [Line Items]
Principal amount		13,000	[9],[10],[18],[20]	13,000	[14],[16],[19]
Cost		13,000	[18],[20]	13,000	[19]
Fair Value		12,514	[18],[20]	$ 13,000	[19]
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc - Term Debt
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[11],[18]	9,210
Cost	[8],[11],[18]	9,210
Fair Value	[8],[11],[18]	$ 504
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. - Preferred Stock
Schedule of Investments [Line Items]
Shares	[8],[9],[10],[11],[12]	8,199
Cost	[8],[11],[12]	$ 8,199
Fair Value	[8],[11],[12]	$ 0
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Preferred Stock
Schedule of Investments [Line Items]
Shares	[13],[14],[15],[16],[17]			8,199
Cost	[13],[15],[17]			$ 8,199
Fair Value	[13],[15],[17]			0
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Term Debt
Schedule of Investments [Line Items]
Principal amount	[13],[14],[16],[17],[21]			9,210
Cost	[13],[17],[21]			9,210
Fair Value	[13],[17],[21]			$ 2,905
Investment, Identifier [Axis]: Educators Resource, Inc. – Preferred Stock
Schedule of Investments [Line Items]
Shares		8,560	[9],[10],[11],[12]	8,560	[14],[15],[16],[17]
Cost		$ 8,560	[11],[12]	$ 8,560	[15],[17]
Fair Value		24,131	[11],[12]	29,638	[15],[17]
Investment, Identifier [Axis]: Educators Resource, Inc. – Term Debt
Schedule of Investments [Line Items]
Principal amount		20,000	[9],[10],[11]	20,000	[14],[16],[17]
Cost		20,000	[11]	20,000	[17]
Fair Value		$ 20,000	[11]	$ 20,000	[17]
Investment, Identifier [Axis]: Funko Acquisition Holdings, LLC – Common Units
Schedule of Investments [Line Items]
Shares	[13],[14],[15],[16],[22]			4,239
Cost	[13],[15],[22]			$ 21
Fair Value	[13],[15],[22]			$ 18
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Common Stock
Schedule of Investments [Line Items]
Shares		16,957	[9],[10],[11],[12]	16,957	[14],[15],[16],[17]
Cost		$ 11,513	[11],[12]	$ 11,513	[15],[17]
Fair Value		4,075	[11],[12]	3,368	[15],[17]
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 1
Schedule of Investments [Line Items]
Principal amount		6,900	[9],[10],[11]	6,900	[14],[16],[17]
Cost		6,900	[11]	6,900	[17]
Fair Value		6,900	[11]	6,900	[17]
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 2
Schedule of Investments [Line Items]
Principal amount		18,796	[9],[10],[11]	18,796	[14],[16],[17]
Cost		18,796	[11]	18,796	[17]
Fair Value		$ 18,796	[11]	$ 18,796	[17]
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Common Stock
Schedule of Investments [Line Items]
Shares		63,747	[9],[10],[11],[12]	63,747	[14],[15],[16],[17]
Cost		$ 8	[11],[12]	$ 8	[15],[17]
Fair Value		$ 0	[11],[12]	$ 0	[15],[17]
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Preferred Stock
Schedule of Investments [Line Items]
Shares		19,280	[9],[10],[11],[12]	19,280	[14],[15],[16],[17]
Cost		$ 9,583	[11],[12]	$ 9,583	[15],[17]
Fair Value		4,465	[11],[12]	891	[15],[17]
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Term Debt
Schedule of Investments [Line Items]
Principal amount	[9],[10],[11]	12,200
Cost	[11]	12,200
Fair Value	[11]	$ 12,200
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Term Debt
Schedule of Investments [Line Items]
Principal amount	[14],[16],[17]			12,200
Cost	[17]			12,200
Fair Value	[17]			12,200
Investment, Identifier [Axis]: Gladstone Alternative Income Fund. – Common Equity
Schedule of Investments [Line Items]
Units	[9],[10],[12],[23]	50,000,000%
Cost	[12],[23]	$ 5,000
Fair Value	[12],[23]	5,000
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc. - Line of Credit
Schedule of Investments [Line Items]
Principal amount	[9],[10],[11]	2,000
Cost	[11]	2,000
Fair Value	[11]	2,000
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc. - Term Debt
Schedule of Investments [Line Items]
Principal amount	[9],[10],[11]	12,000
Cost	[11]	12,000
Fair Value	[11]	12,000
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc. – Line of Credit
Schedule of Investments [Line Items]
Principal amount	[14],[16],[17]			1,000
Cost	[17]			1,000
Fair Value	[17]			$ 1,000
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc. – Line of Credit Two
Schedule of Investments [Line Items]
Principal amount	[9],[10],[11]	400
Cost	[11]	400
Fair Value	[11]	$ 400
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc. – Preferred Stock
Schedule of Investments [Line Items]
Shares	[14],[15],[16],[17]			3,275,000
Cost	[15],[17]			$ 3,275
Fair Value	[15],[17]			1,238
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc. – Term Debt
Schedule of Investments [Line Items]
Principal amount	[14],[16],[17]			12,000
Cost	[17]			12,000
Fair Value	[17]			$ 12,000
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc.- Preferred Stock
Schedule of Investments [Line Items]
Shares	[9],[10],[11],[12]	3,275,000
Cost	[11],[12]	$ 3,275
Fair Value	[11],[12]	$ 0
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Preferred Stock
Schedule of Investments [Line Items]
Shares		10,080	[9],[10],[11],[12]	10,080	[14],[15],[16],[17]
Cost		$ 0	[11],[12]	$ 0	[15],[17]
Fair Value		0	[11],[12]	0	[15],[17]
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Term Debt
Schedule of Investments [Line Items]
Principal amount		57,700	[9],[10],[11]	57,700	[14],[16],[17]
Cost		57,700	[11]	57,700	[17]
Fair Value		$ 37,812	[11]	$ 57,700	[17]
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Preferred Stock
Schedule of Investments [Line Items]
Shares		67,490	[9],[10],[11],[12]	67,490	[14],[15],[16],[17]
Cost		$ 6,749	[11],[12]	$ 6,749	[15],[17]
Fair Value		6,539	[11],[12]	2,607	[15],[17]
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Term Debt
Schedule of Investments [Line Items]
Principal amount		22,000	[9],[10],[11]	22,000	[14],[16],[17]
Cost		22,000	[11]	22,000	[17]
Fair Value		22,000	[11]	22,000	[17]
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Line of Credit
Schedule of Investments [Line Items]
Principal amount	[14],[16],[17],[21]			5,000
Cost	[17],[21]			5,000
Fair Value	[17],[21]			2,682
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 1
Schedule of Investments [Line Items]
Principal amount		16,500	[9],[10],[11],[18]	16,500	[14],[16],[17],[21]
Cost		16,500	[11],[18]	16,500	[17],[21]
Fair Value		9,838	[11],[18]	8,852	[17],[21]
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 2
Schedule of Investments [Line Items]
Principal amount	[14],[16],[17],[21]			26,000
Cost	[17],[21]			26,000
Fair Value	[17],[21]			13,949
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 3
Schedule of Investments [Line Items]
Principal amount	[14],[16],[17],[21]			2,438
Cost	[17],[21]			2,438
Fair Value	[17],[21]			$ 1,308
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Line of Credit
Schedule of Investments [Line Items]
Principal amount	[9],[10],[11],[18]	5,000
Cost	[11],[18]	5,000
Fair Value	[11],[18]	2,981
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 2
Schedule of Investments [Line Items]
Principal amount	[9],[10],[11],[18]	26,000
Cost	[11],[18]	26,000
Fair Value	[11],[18]	15,503
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 3
Schedule of Investments [Line Items]
Principal amount	[9],[10],[11],[18]	2,438
Cost	[11],[18]	2,438
Fair Value	[11],[18]	$ 1,454
Investment, Identifier [Axis]: J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock
Schedule of Investments [Line Items]
Shares		10,920	[9],[10],[11],[12]	10,920	[14],[15],[16],[17]
Cost		$ 10,920	[11],[12]	$ 10,920	[15],[17]
Fair Value		$ 0	[11],[12]	$ 0	[15],[17]
Investment, Identifier [Axis]: Mason West, LLC – Preferred Stock
Schedule of Investments [Line Items]
Shares		11,206	[9],[10],[11],[12]	11,206	[14],[15],[16],[17]
Cost		$ 11,206	[11],[12]	$ 11,206	[15],[17]
Fair Value		9,474	[11],[12]	19,759	[15],[17]
Investment, Identifier [Axis]: Mason West, LLC – Term Debt
Schedule of Investments [Line Items]
Principal amount		25,250	[9],[10],[11]	25,250	[14],[16],[17]
Cost		25,250	[11]	25,250	[17]
Fair Value		25,250	[11]	25,250	[17]
Investment, Identifier [Axis]: Nielsen-Kellerman Acquisition Corp. Line of Credit
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[11]	1,070
Cost	[8],[11]	1,070
Fair Value	[8],[11]	1,070
Investment, Identifier [Axis]: Nielsen-Kellerman Acquisition Corp. TL - Term Debt
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[11]	48,082
Cost	[8],[11]	48,082
Fair Value	[8],[11]	$ 48,082
Investment, Identifier [Axis]: Nielsen-Kellerman Acquisition Corp. – Preferred Stock
Schedule of Investments [Line Items]
Shares	[8],[9],[10],[11],[12]	22,169
Cost	[8],[11],[12]	$ 22,169
Fair Value	[8],[11],[12]	22,169
Investment, Identifier [Axis]: Nocturne Luxury Villas, Inc. – Line of Credit
Schedule of Investments [Line Items]
Principal amount		6,000	[9],[10],[11]	4,000	[14],[16],[17]
Cost		6,000	[11]	4,000	[17]
Fair Value		$ 6,000	[11]	$ 4,000	[17]
Investment, Identifier [Axis]: Nocturne Luxury Villas, Inc. – Preferred Stock
Schedule of Investments [Line Items]
Shares		6,600	[9],[10],[11],[12]	6,600	[14],[15],[16],[17]
Cost		$ 6,600	[11],[12]	$ 6,600	[15],[17]
Fair Value		30,934	[11],[12]	12,266	[15],[17]
Investment, Identifier [Axis]: Nocturne Luxury Villas, Inc. – Term Debt
Schedule of Investments [Line Items]
Principal amount		79,600	[9],[10],[11],[24]	61,100	[14],[16],[17],[25]
Cost		79,600	[11],[24]	61,100	[17],[25]
Fair Value		$ 79,600	[11],[24]	$ 61,100	[17],[25]
Investment, Identifier [Axis]: Nth Degree Investment Group, LLC – Common Stock
Schedule of Investments [Line Items]
Shares	[14],[15],[16],[17]			17,216,976
Cost	[15],[17]			$ 6,219
Fair Value	[15],[17]			51,442
Investment, Identifier [Axis]: Nth Degree Investment Group, LLC – Term Debt
Schedule of Investments [Line Items]
Principal amount	[14],[16],[26]			25
Cost	[26]			25,000
Fair Value	[26]			25,000
Investment, Identifier [Axis]: Old World Christmas, Inc. – Term Loan
Schedule of Investments [Line Items]
Principal amount	[14],[16],[17]			43,000
Cost	[17]			43,000
Fair Value	[17]			$ 43,000
Investment, Identifier [Axis]: Old World Christmas, Inc. – Preferred Stock
Schedule of Investments [Line Items]
Shares		6,180	[9],[10],[11],[12]	6,180	[14],[15],[16],[17]
Cost		$ 0	[11],[12]	$ 0	[15],[17]
Fair Value		36,721	[11],[12]	$ 30,638	[15],[17]
Investment, Identifier [Axis]: Old World Christmas, Inc. – Secured First Lien Term Loan
Schedule of Investments [Line Items]
Principal amount	[9],[10],[11]	38,000
Cost	[11]	38,000
Fair Value	[11]	$ 38,000
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Preferred Stock
Schedule of Investments [Line Items]
Shares		158,598	[9],[10],[11],[12]	158,598	[14],[15],[16],[17]
Cost		$ 19,730	[11],[12]	$ 19,730	[15],[17]
Fair Value		0	[11],[12]	0	[15],[17]
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Term Debt
Schedule of Investments [Line Items]
Principal amount		26,618	[9],[10],[11]	26,618	[14],[16],[17]
Cost		26,618	[11]	26,618	[17]
Fair Value		15,889	[11]	20,363	[17]
Investment, Identifier [Axis]: Phoenix Door Systems, Inc – Line of Credit
Schedule of Investments [Line Items]
Principal amount		2,750	[9],[10],[11]	2,750	[14],[16],[17]
Cost		2,750	[11]	2,750	[17]
Fair Value		$ 2,750	[11]	$ 2,750	[17]
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Common Stock
Schedule of Investments [Line Items]
Shares		4,221	[9],[10],[11],[12]	4,221	[14],[15],[16],[17]
Cost		$ 1,830	[11],[12]	$ 1,830	[15],[17]
Fair Value		0	[11],[12]	0	[15],[17]
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Term Debt
Schedule of Investments [Line Items]
Principal amount		3,200	[9],[10],[11]	3,200	[14],[16],[17]
Cost		3,200	[11]	3,200	[17]
Fair Value		2,405	[11]	$ 2,817	[17]
Investment, Identifier [Axis]: Pyrotek Special Effects, Inc. - Line of Credit
Schedule of Investments [Line Items]
Principal amount	[9],[10],[11],[27]	3,000
Cost	[11],[27]	3,000
Fair Value	[11],[27]	3,000
Investment, Identifier [Axis]: Pyrotek Special Effects, Inc. - Term Debt
Schedule of Investments [Line Items]
Principal amount	[9],[10],[11],[27]	17,120
Cost	[11],[27]	17,120
Fair Value	[11],[27]	$ 17,120
Investment, Identifier [Axis]: Pyrotek Special Effects, Inc.. – Preferred Stock
Schedule of Investments [Line Items]
Shares	[9],[10],[11],[12],[27]	7,060,000
Cost	[11],[12],[27]	$ 7,060
Fair Value	[11],[12],[27]	$ 7,060
Investment, Identifier [Axis]: Ricardo Defense, Inc. - Preferred Stock
Schedule of Investments [Line Items]
Shares	[8],[9],[10],[11],[12]	17,388
Cost	[8],[11],[12]	$ 17,388
Fair Value	[8],[11],[12]	17,388
Investment, Identifier [Axis]: Ricardo Defense, Inc. – Term Debt
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[11]	61,305
Cost	[8],[11]	61,305
Fair Value	[8],[11]	$ 61,305
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Common Stock
Schedule of Investments [Line Items]
Shares		18,721	[9],[10],[11],[12]	18,721	[14],[15],[16],[17]
Cost		$ 30,746	[11],[12]	$ 30,746	[15],[17]
Fair Value		46,275	[11],[12]	38,137	[15],[17]
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt
Schedule of Investments [Line Items]
Principal amount	[14],[16],[17]			54,644
Cost	[17]			54,644
Fair Value	[17]			$ 54,644
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt 1
Schedule of Investments [Line Items]
Principal amount	[9],[10],[11]	54,644
Cost	[11]	54,644
Fair Value	[11]	$ 54,644
Investment, Identifier [Axis]: Schylling, Inc. – Preferred Stock
Schedule of Investments [Line Items]
Shares		4,000	[9],[10],[11],[12]	4,000	[14],[15],[16],[17]
Cost		$ 4,000	[11],[12]	$ 4,000	[15],[17]
Fair Value		19,173	[11],[12]	11,369	[15],[17]
Investment, Identifier [Axis]: Schylling, Inc. – Term Debt
Schedule of Investments [Line Items]
Principal amount		27,981	[9],[10],[11]	27,981	[14],[16],[17]
Cost		27,981	[11]	27,981	[17]
Fair Value		27,981	[11]	27,981	[17]
Investment, Identifier [Axis]: The E3 Company, LLC – Line of Credit
Schedule of Investments [Line Items]
Principal amount		500	[9],[10],[11]	1,000	[14],[16],[17]
Cost		500	[11]	1,000	[17]
Fair Value		$ 500	[11]	$ 1,000	[17]
Investment, Identifier [Axis]: The E3 Company, LLC – Preferred Stock
Schedule of Investments [Line Items]
Shares		11,233	[9],[10],[11],[12]	11,233	[14],[15],[16],[17]
Cost		$ 11,233	[11],[12]	$ 11,233	[15],[17]
Fair Value		33,525	[11],[12]	16,421	[15],[17]
Investment, Identifier [Axis]: The E3 Company, LLC – Term Debt
Schedule of Investments [Line Items]
Principal amount		33,750	[9],[10],[11]	33,750	[14],[16],[17]
Cost		33,750	[11]	33,750	[17]
Fair Value		$ 33,750	[11]	$ 33,750	[17]
Investment, Identifier [Axis]: The Maids International, LLC – Preferred Stock
Schedule of Investments [Line Items]
Shares		6,640	[9],[10],[11],[12]	6,640	[14],[15],[16],[17]
Cost		$ 6,640	[11],[12]	$ 6,640	[15],[17]
Fair Value		7,777	[11],[12]	5,426	[15],[17]
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt
Schedule of Investments [Line Items]
Principal amount	[14],[16],[17]			28,560
Cost	[17]			28,560
Fair Value	[17]			$ 28,560
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt
Schedule of Investments [Line Items]
Principal amount	[9],[10],[11]	28,560
Cost	[11]	28,560
Fair Value	[11]	$ 28,560
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd. - Preferred Stock
Schedule of Investments [Line Items]
Shares		6,000	[9],[10],[11],[12]	6,000	[14],[15],[16],[17]
Cost		$ 6,000	[11],[12]	$ 6,000	[15],[17]
Fair Value		17,336	[11],[12]	12,287	[15],[17]
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd. - Term Debt
Schedule of Investments [Line Items]
Principal amount	[14],[16],[17]			18,250
Cost	[17]			18,250
Fair Value	[17]			$ 18,250
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 2
Schedule of Investments [Line Items]
Principal amount	[9],[10],[11]	18,250
Cost	[11]	18,250
Fair Value	[11]	$ 18,250
[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. 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. (K) One or more of our affiliated funds, Gladstone Capital Corporation and Gladstone Alternative Income Fund, 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. 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. Debt security is on non-accrual status. 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 an 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. 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. Fair value was based on net asset value provided by the fund as a practical expedient. Debt security is subject to an interest rate ceiling. 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. This portfolio company is headquartered in Ontario, Canada.

CONSOLIDATED SCHEDULE OF INVE_2

CONSOLIDATED SCHEDULE OF INVESTMENTS (Parenthetical) - USD ($) $ in Thousands		6 Months Ended		9 Months Ended
		Sep. 30, 2024	[5],[6],[7],[9],[15]	Dec. 31, 2024		Mar. 31, 2024
Schedule of Investments [Line Items]
Investment owned, percent of net assets				218.80%	[1],[2],[3],[4]	186.80%	[5],[6],[7],[8],[9]
Investments owned, fair value				$ 1,072,230		$ 920,504	[8]
Percentage threshold of qualified assets representing total assets in order to acquire non-qualified assets				70%		70%
Investment, interest rate, paid in cash				4.30%		5.30%
Cumulative net unrealized appreciation						$ 180,500
Cumulative gross unrealized depreciation						115,800
Cumulative gross unrealized appreciation for federal income tax purposes						64,700
Based on a tax cost						855,800
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Common Stock Warrants
Schedule of Investments [Line Items]
Investments owned, fair value				$ 0	[10],[11],[12]	$ 0	[13],[14],[15]
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Line of Credit 1
Schedule of Investments [Line Items]
Investment, reference rate and spread				2%	[1],[2],[3],[4],[10],[11],[16]	2%	[5],[6],[7],[9],[13],[15]
Investment interest rate				7%	[1],[2],[3],[4],[10],[11],[16]	7.30%	[5],[6],[7],[9],[13],[15]
Line of credit facility, available				$ 0	[1],[2],[3],[4],[10],[11],[16]	$ 0	[5],[6],[7],[9],[13],[15]
Investments owned, fair value				$ 3,080	[10],[11],[16]	$ 3,080	[13],[15]
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Line of Credit 2
Schedule of Investments [Line Items]
Investment, reference rate and spread				2%	[1],[2],[3],[4],[10],[11],[16]	2%	[5],[6],[7],[9],[13],[15]
Investment interest rate				7%	[1],[2],[3],[4],[10],[11],[16]	7.30%	[5],[6],[7],[9],[13],[15]
Line of credit facility, available				$ 297	[1],[2],[3],[4],[10],[11],[16]	$ 394	[5],[6],[7],[9],[13],[15]
Investments owned, fair value				$ 753	[10],[11],[16]	656	[13],[15]
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Preferred Stock
Schedule of Investments [Line Items]
Investments owned, fair value	[13],[14],[15]					$ 0
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Term Debt
Schedule of Investments [Line Items]
Investment, reference rate and spread	[5],[6],[7],[9],[13],[15]					2%
Investment interest rate	[5],[6],[7],[9],[13],[15]					7.30%
Investments owned, fair value	[13],[15]					$ 5,266
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Term Debt 1
Schedule of Investments [Line Items]
Investment, reference rate and spread	[1],[2],[3],[4],[10],[11],[16]			2%
Investment interest rate	[1],[2],[3],[4],[10],[11],[16]			7%
Investments owned, fair value	[10],[11],[16]			$ 2,963
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.– Preferred Stock
Schedule of Investments [Line Items]
Investments owned, fair value	[10],[11],[12]			0
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Preferred Stock
Schedule of Investments [Line Items]
Investments owned, fair value				$ 48,081	[11],[12]	$ 48,759	[14],[15]
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 1
Schedule of Investments [Line Items]
Investment, reference rate and spread				10%	[1],[2],[3],[4],[11]	10%	[5],[6],[7],[9],[15]
Investment interest rate				14.30%	[1],[2],[3],[4],[11]	15.30%	[5],[6],[7],[9],[15]
Investments owned, fair value				$ 17,700	[11]	$ 17,700	[15]
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 2
Schedule of Investments [Line Items]
Investment, reference rate and spread				10%	[1],[2],[3],[4],[11]	10%	[5],[6],[7],[9],[15]
Investment interest rate				14.30%	[1],[2],[3],[4],[11]	15.30%	[5],[6],[7],[9],[15]
Investments owned, fair value				$ 6,850	[11]	$ 6,850	[15]
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc - Preferred Equity
Schedule of Investments [Line Items]
Investments owned, fair value	[11],[12]			$ 23,453
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc – Term Debt
Schedule of Investments [Line Items]
Investment, reference rate and spread	[1],[2],[3],[4],[11]			11%
Investment interest rate	[1],[2],[3],[4],[11]			15.30%
Investments owned, fair value	[11]			$ 38,250
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc. – Preferred Stock
Schedule of Investments [Line Items]
Investments owned, fair value	[14],[15]					$ 22,181
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc. – Term Debt
Schedule of Investments [Line Items]
Investment, reference rate and spread	[5],[6],[7],[9],[15]					11%
Investment interest rate	[5],[6],[7],[9],[15]					16.30%
Investments owned, fair value	[15]					$ 38,250
Investment, Identifier [Axis]: Diligent Delivery Systems – Common Stock Warrants
Schedule of Investments [Line Items]
Investments owned, fair value				$ 0	[11],[12]	$ 500	[14],[17]
Investment, Identifier [Axis]: Diligent Delivery Systems – Term Debt
Schedule of Investments [Line Items]
Investment, reference rate and spread				9%	[1],[2],[3],[4],[16],[18]	9%	[5],[6],[7],[9],[17]
Investment interest rate				13.30%	[1],[2],[3],[4],[16],[18]	14.30%	[5],[6],[7],[9],[17]
Investments owned, fair value				$ 12,514	[16],[18]	$ 13,000	[17]
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc - Term Debt
Schedule of Investments [Line Items]
Investment, reference rate and spread	[1],[2],[3],[4],[10],[11],[16]			5.50%
Investment interest rate	[1],[2],[3],[4],[10],[11],[16]			9.80%
Investments owned, fair value	[10],[11],[16]			$ 504
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. - Preferred Stock
Schedule of Investments [Line Items]
Investments owned, fair value	[10],[11],[12]			0
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Preferred Stock
Schedule of Investments [Line Items]
Investments owned, fair value	[13],[14],[15]					$ 0
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Term Debt
Schedule of Investments [Line Items]
Investment, reference rate and spread	[5],[6],[7],[9],[13],[15],[19]					5.50%
Investment interest rate	[5],[6],[7],[9],[13],[15],[19]					10.80%
Investments owned, fair value	[13],[15],[19]					$ 2,905
Investment, Identifier [Axis]: Educators Resource, Inc. – Preferred Stock
Schedule of Investments [Line Items]
Investments owned, fair value				$ 24,131	[11],[12]	$ 29,638	[14],[15]
Investment, Identifier [Axis]: Educators Resource, Inc. – Term Debt
Schedule of Investments [Line Items]
Investment, reference rate and spread				10.50%	[1],[2],[3],[4],[11]	10.50%	[5],[6],[7],[9],[15]
Investment interest rate				14.80%	[1],[2],[3],[4],[11]	15.80%	[5],[6],[7],[9],[15]
Investments owned, fair value				$ 20,000	[11]	$ 20,000	[15]
Investment, Identifier [Axis]: Funko Acquisition Holdings, LLC – Common Units
Schedule of Investments [Line Items]
Investments owned, fair value	[13],[14],[20]					18
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Common Stock
Schedule of Investments [Line Items]
Investments owned, fair value				$ 4,075	[11],[12]	$ 3,368	[14],[15]
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 1
Schedule of Investments [Line Items]
Investment, reference rate and spread				4.10%	[1],[2],[3],[4],[11]	4.10%	[5],[6],[7],[9],[15]
Investment interest rate				8.40%	[1],[2],[3],[4],[11]	9.40%	[5],[6],[7],[9],[15]
Investments owned, fair value				$ 6,900	[11]	$ 6,900	[15]
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 2
Schedule of Investments [Line Items]
Investment, reference rate and spread				7%	[1],[2],[3],[4],[11]	7%	[5],[6],[7],[9],[15]
Investment interest rate				11.30%	[1],[2],[3],[4],[11]	12.30%	[5],[6],[7],[9],[15]
Investments owned, fair value				$ 18,796	[11]	$ 18,796	[15]
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Common Stock
Schedule of Investments [Line Items]
Investments owned, fair value				0	[11],[12]	0	[14],[15]
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Preferred Stock
Schedule of Investments [Line Items]
Investments owned, fair value				$ 4,465	[11],[12]	$ 891	[14],[15]
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Term Debt
Schedule of Investments [Line Items]
Investment, reference rate and spread	[1],[2],[3],[4],[11]			10%
Investment interest rate	[1],[2],[3],[4],[11]			14.30%
Investments owned, fair value	[11]			$ 12,200
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Term Debt
Schedule of Investments [Line Items]
Investment, reference rate and spread	[5],[6],[7],[9],[15]					10%
Investment interest rate	[5],[6],[7],[9],[15]					15.30%
Investments owned, fair value	[15]					$ 12,200
Investment, Identifier [Axis]: Gladstone Alternative Income Fund. – Common Equity
Schedule of Investments [Line Items]
Investments owned, fair value	[12],[21]			$ 5,000
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc. - Line of Credit
Schedule of Investments [Line Items]
Investment, reference rate and spread	[1],[2],[3],[4],[11]			6%
Investment interest rate	[1],[2],[3],[4],[11]			10.30%
Line of credit facility, available	[1],[2],[3],[4],[11]			$ 0
Investments owned, fair value	[11]			$ 2,000
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc. - Term Debt
Schedule of Investments [Line Items]
Investment, reference rate and spread	[1],[2],[3],[4],[11]			9%
Investment interest rate	[1],[2],[3],[4],[11]			13.30%
Investments owned, fair value	[11]			$ 12,000
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc. – Line of Credit
Schedule of Investments [Line Items]
Investment, reference rate and spread	[5],[6],[7],[9],[15]					6%
Investment interest rate	[5],[6],[7],[9],[15]					11.30%
Line of credit facility, available	[5],[6],[7],[9],[15]					$ 1,000
Investments owned, fair value	[15]					1,000
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc. – Line of Credit Two
Schedule of Investments [Line Items]
Investment, reference rate and spread	[1],[2],[3],[4],[11]			6%
Investment interest rate	[1],[2],[3],[4],[11]			10.30%
Line of credit facility, available	[1],[2],[3],[4],[11]			$ 0
Investments owned, fair value	[11]			400
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc. – Preferred Stock
Schedule of Investments [Line Items]
Investments owned, fair value	[14],[15]					$ 1,238
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc. – Term Debt
Schedule of Investments [Line Items]
Investment, reference rate and spread	[5],[6],[7],[9],[15]					9%
Investment interest rate	[5],[6],[7],[9],[15]					14.30%
Investments owned, fair value	[15]					$ 12,000
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc.- Preferred Stock
Schedule of Investments [Line Items]
Investments owned, fair value	[11],[12]			0
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Preferred Stock
Schedule of Investments [Line Items]
Investments owned, fair value				$ 0	[11],[12]	$ 0	[14],[15]
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Term Debt
Schedule of Investments [Line Items]
Investment, reference rate and spread				7.50%	[1],[2],[3],[4],[11]	7.50%	[5],[6],[7],[9],[15]
Investment interest rate				11.80%	[1],[2],[3],[4],[11]	12.80%	[5],[6],[7],[9],[15]
Investments owned, fair value				$ 37,812	[11]	$ 57,700	[15]
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Preferred Stock
Schedule of Investments [Line Items]
Investments owned, fair value				$ 6,539	[11],[12]	$ 2,607	[14],[15]
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Term Debt
Schedule of Investments [Line Items]
Investment, reference rate and spread				11%	[1],[2],[3],[4],[11]	11%	[5],[6],[7],[9],[15]
Investment interest rate				15.30%	[1],[2],[3],[4],[11]	16.30%	[5],[6],[7],[9],[15]
Investments owned, fair value				$ 22,000	[11]	$ 22,000	[15]
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Line of Credit
Schedule of Investments [Line Items]
Investment, reference rate and spread	[5],[6],[7],[9],[15],[19]					6%
Investment interest rate	[5],[6],[7],[9],[15],[19]					11.30%
Line of credit facility, available	[5],[6],[7],[9],[15],[19]					$ 0
Investments owned, fair value	[15],[19]					$ 2,682
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],[3],[4],[11],[16]	6%	[5],[6],[7],[9],[15],[19]
Investment interest rate				10.30%	[1],[2],[3],[4],[11],[16]	11.30%	[5],[6],[7],[9],[15],[19]
Investments owned, fair value				$ 9,838	[11],[16]	$ 8,852	[15],[19]
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 2
Schedule of Investments [Line Items]
Investment, reference rate and spread	[5],[6],[7],[9],[15],[19]					10.30%
Investment interest rate	[5],[6],[7],[9],[15],[19]					15.60%
Investments owned, fair value	[15],[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	[5],[6],[7],[9],[15],[19]					6%
Investment interest rate	[5],[6],[7],[9],[15],[19]					11.30%
Investments owned, fair value	[15],[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	[1],[2],[3],[4],[11],[16]			6%
Investment interest rate	[1],[2],[3],[4],[11],[16]			10.30%
Line of credit facility, available	[1],[2],[3],[4],[11],[16]			$ 0
Investments owned, fair value	[11],[16]			$ 2,981
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 2
Schedule of Investments [Line Items]
Investment, reference rate and spread	[1],[2],[3],[4],[11],[16]			10.30%
Investment interest rate	[1],[2],[3],[4],[11],[16]			14.60%
Investments owned, fair value	[11],[16]			$ 15,503
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 3
Schedule of Investments [Line Items]
Investment, reference rate and spread	[1],[2],[3],[4],[11],[16]			6%
Investment interest rate	[1],[2],[3],[4],[11],[16]			10.30%
Investments owned, fair value	[11],[16]			$ 1,454
Investment, Identifier [Axis]: J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock
Schedule of Investments [Line Items]
Investments owned, fair value				0	[11],[12]	0	[14],[15]
Investment, Identifier [Axis]: Mason West, LLC – Preferred Stock
Schedule of Investments [Line Items]
Investments owned, fair value				$ 9,474	[11],[12]	$ 19,759	[14],[15]
Investment, Identifier [Axis]: Mason West, LLC – Term Debt
Schedule of Investments [Line Items]
Investment, reference rate and spread				10%	[1],[2],[3],[4],[11]	10%	[5],[6],[7],[9],[15]
Investment interest rate				14.30%	[1],[2],[3],[4],[11]	15.30%	[5],[6],[7],[9],[15]
Investments owned, fair value				$ 25,250	[11]	$ 25,250	[15]
Investment, Identifier [Axis]: Nielsen-Kellerman Acquisition Corp. Line of Credit
Schedule of Investments [Line Items]
Investment, reference rate and spread	[1],[2],[3],[4],[10],[11]			5%
Investment interest rate	[1],[2],[3],[4],[10],[11]			10%
Line of credit facility, available	[1],[2],[3],[4],[10],[11]			$ 2,820
Investments owned, fair value	[10],[11]			$ 1,070
Investment, Identifier [Axis]: Nielsen-Kellerman Acquisition Corp. TL - Term Debt
Schedule of Investments [Line Items]
Investment, reference rate and spread	[1],[2],[3],[4],[10],[11]			8.50%
Investment interest rate	[1],[2],[3],[4],[10],[11]			13.50%
Investments owned, fair value	[10],[11]			$ 48,082
Investment, Identifier [Axis]: Nielsen-Kellerman Acquisition Corp. – Preferred Stock
Schedule of Investments [Line Items]
Investments owned, fair value	[10],[11],[12]			$ 22,169
Investment, Identifier [Axis]: Nocturne Luxury Villas, Inc. – Line of Credit
Schedule of Investments [Line Items]
Investment, reference rate and spread				8%	[1],[2],[3],[4],[11]	8%	[5],[6],[7],[9],[15]
Investment interest rate				12.30%	[1],[2],[3],[4],[11]	13.30%	[5],[6],[7],[9],[15]
Line of credit facility, available				$ 0	[1],[2],[3],[4],[11]	$ 0	[5],[6],[7],[9],[15]
Investments owned, fair value				6,000	[11]	4,000	[15]
Investment, Identifier [Axis]: Nocturne Luxury Villas, Inc. – Preferred Stock
Schedule of Investments [Line Items]
Investments owned, fair value				$ 30,934	[11],[12]	$ 12,266	[14],[15]
Investment, Identifier [Axis]: Nocturne Luxury Villas, Inc. – Term Debt
Schedule of Investments [Line Items]
Investment, reference rate and spread				10.50%	[1],[2],[3],[4],[11],[22]	10.50%	[5],[6],[7],[9],[15],[23]
Investment interest rate				14.50%	[1],[2],[3],[4],[11],[22]	14.50%	[5],[6],[7],[9],[15],[23]
Investments owned, fair value				$ 79,600	[11],[22]	$ 61,100	[15],[23]
Investment, Identifier [Axis]: Nth Degree Investment Group, LLC – Common Stock
Schedule of Investments [Line Items]
Investments owned, fair value	[14],[15]					$ 51,442
Investment, Identifier [Axis]: Nth Degree Investment Group, LLC – Term Debt
Schedule of Investments [Line Items]
Investment, reference rate and spread	[5],[6],[7],[9],[24]					8.50%
Investment interest rate	[5],[6],[7],[9],[24]					13.80%
Investments owned, fair value	[24]					$ 25,000
Investment, Identifier [Axis]: Old World Christmas, Inc. – Term Loan
Schedule of Investments [Line Items]
Investment, reference rate and spread	[5],[6],[7],[9],[15]					9.50%
Investment interest rate	[5],[6],[7],[9],[15]					14.80%
Investments owned, fair value	[15]					$ 43,000
Investment, Identifier [Axis]: Old World Christmas, Inc. – Preferred Stock
Schedule of Investments [Line Items]
Investments owned, fair value				$ 36,721	[11],[12]	30,638	[14],[15]
Investment, Identifier [Axis]: Old World Christmas, Inc. – Secured First Lien Term Loan
Schedule of Investments [Line Items]
Investment, reference rate and spread	[1],[2],[3],[4],[11]			9.50%
Investment interest rate	[1],[2],[3],[4],[11]			13.80%
Investments owned, fair value	[11]			$ 38,000
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Preferred Stock
Schedule of Investments [Line Items]
Investments owned, fair value				$ 0	[11],[12]	$ 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],[3],[4],[11]	5.50%	[5],[6],[7],[9],[15]
Investment interest rate				9.80%	[1],[2],[3],[4],[11]	10.80%	[5],[6],[7],[9],[15]
Investments owned, fair value				$ 15,889	[11]	$ 20,363	[15]
Investment, Identifier [Axis]: Phoenix Door Systems, Inc – Line of Credit
Schedule of Investments [Line Items]
Investment, reference rate and spread				7%	[1],[2],[3],[4],[11]	7%	[5],[6],[7],[9],[15]
Investment interest rate				11.30%	[1],[2],[3],[4],[11]	12.30%	[5],[6],[7],[9],[15]
Line of credit facility, available				$ 200	[1],[2],[3],[4],[11]	$ 0	[5],[6],[7],[9],[15]
Unused fee percentage		0.30%		0.30%	[1],[2],[3],[4],[11]
Investments owned, fair value				$ 2,750	[11]	2,750	[15]
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Common Stock
Schedule of Investments [Line Items]
Investments owned, fair value				$ 0	[11],[12]	$ 0	[14],[15]
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Term Debt
Schedule of Investments [Line Items]
Investment, reference rate and spread				11%	[1],[2],[3],[4],[11]	11%	[5],[6],[7],[9],[15]
Investment interest rate				15.30%	[1],[2],[3],[4],[11]	16.30%	[5],[6],[7],[9],[15]
Investments owned, fair value				$ 2,405	[11]	$ 2,817	[15]
Investment, Identifier [Axis]: Pyrotek Special Effects, Inc. - Line of Credit
Schedule of Investments [Line Items]
Investment, reference rate and spread	[1],[2],[3],[4],[11],[25]			5%
Investment interest rate	[1],[2],[3],[4],[11],[25]			10%
Line of credit facility, available	[1],[2],[3],[4],[11],[25]			$ 0
Investments owned, fair value	[11],[25]			$ 3,000
Investment, Identifier [Axis]: Pyrotek Special Effects, Inc. - Term Debt
Schedule of Investments [Line Items]
Investment, reference rate and spread	[1],[2],[3],[4],[11],[25]			8%
Investment interest rate	[1],[2],[3],[4],[11],[25]			13%
Investments owned, fair value	[11],[25]			$ 17,120
Investment, Identifier [Axis]: Pyrotek Special Effects, Inc.. – Preferred Stock
Schedule of Investments [Line Items]
Investments owned, fair value	[11],[12],[25]			7,060
Investment, Identifier [Axis]: Ricardo Defense, Inc. - Preferred Stock
Schedule of Investments [Line Items]
Investments owned, fair value	[10],[11],[12]			$ 17,388
Investment, Identifier [Axis]: Ricardo Defense, Inc. – Term Debt
Schedule of Investments [Line Items]
Investment, reference rate and spread	[1],[2],[3],[4],[10],[11]			9%
Investment interest rate	[1],[2],[3],[4],[10],[11]			13.30%
Investments owned, fair value	[10],[11]			$ 61,305
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Common Stock
Schedule of Investments [Line Items]
Investments owned, fair value				$ 46,275	[11],[12]	$ 38,137	[14],[15]
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt
Schedule of Investments [Line Items]
Investment, reference rate and spread	[5],[6],[7],[9],[15]					7%
Investment interest rate	[5],[6],[7],[9],[15]					12.50%
Investments owned, fair value	[15]					$ 54,644
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt 1
Schedule of Investments [Line Items]
Investment, reference rate and spread	[1],[2],[3],[4],[11]			7%
Investment interest rate	[1],[2],[3],[4],[11]			12.50%
Investments owned, fair value	[11]			$ 54,644
Investment, Identifier [Axis]: Schylling, Inc. – Preferred Stock
Schedule of Investments [Line Items]
Investments owned, fair value				$ 19,173	[11],[12]	$ 11,369	[14],[15]
Investment, Identifier [Axis]: Schylling, Inc. – Term Debt
Schedule of Investments [Line Items]
Investment, reference rate and spread				11%	[1],[2],[3],[4],[11]	11%	[5],[6],[7],[9],[15]
Investment interest rate				15.30%	[1],[2],[3],[4],[11]	16.30%	[5],[6],[7],[9],[15]
Investments owned, fair value				$ 27,981	[11]	$ 27,981	[15]
Investment, Identifier [Axis]: The E3 Company, LLC – Line of Credit
Schedule of Investments [Line Items]
Investment, reference rate and spread				5.50%	[1],[2],[3],[4],[11]	5.50%	[5],[6],[7],[9],[15]
Investment interest rate				10%	[1],[2],[3],[4],[11]	10.80%	[5],[6],[7],[9],[15]
Line of credit facility, available				$ 1,500	[1],[2],[3],[4],[11]	$ 1,000	[5],[6],[7],[9],[15]
Investments owned, fair value				500	[11]	1,000	[15]
Investment, Identifier [Axis]: The E3 Company, LLC – Preferred Stock
Schedule of Investments [Line Items]
Investments owned, fair value				$ 33,525	[11],[12]	$ 16,421	[14],[15]
Investment, Identifier [Axis]: The E3 Company, LLC – Term Debt
Schedule of Investments [Line Items]
Investment, reference rate and spread				9%	[1],[2],[3],[4],[11]	9%	[5],[6],[7],[9],[15]
Investment interest rate				13.30%	[1],[2],[3],[4],[11]	14.30%	[5],[6],[7],[9],[15]
Investments owned, fair value				$ 33,750	[11]	$ 33,750	[15]
Investment, Identifier [Axis]: The Maids International, LLC – Preferred Stock
Schedule of Investments [Line Items]
Investments owned, fair value				$ 7,777	[11],[12]	$ 5,426	[14],[15]
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt
Schedule of Investments [Line Items]
Investment, reference rate and spread	[5],[6],[7],[9],[15]					10.50%
Investment interest rate	[5],[6],[7],[9],[15]					15.80%
Investments owned, fair value	[15]					$ 28,560
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt
Schedule of Investments [Line Items]
Investment, reference rate and spread	[1],[2],[3],[4],[11]			10.50%
Investment interest rate	[1],[2],[3],[4],[11]			14.80%
Investments owned, fair value	[11]			$ 28,560
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd. - Preferred Stock
Schedule of Investments [Line Items]
Investments owned, fair value				$ 17,336	[11],[12]	$ 12,287	[14],[15]
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd. - Term Debt
Schedule of Investments [Line Items]
Investment, reference rate and spread	[5],[6],[7],[9],[15]					10%
Investment interest rate	[5],[6],[7],[9],[15]					15.30%
Investments owned, fair value	[15]					$ 18,250
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 2
Schedule of Investments [Line Items]
Investment, reference rate and spread	[1],[2],[3],[4],[11]			10%
Investment interest rate	[1],[2],[3],[4],[11]			14.30%
Investments owned, fair value	[11]			$ 18,250
Collateral Pledged
Schedule of Investments [Line Items]
Investments owned, fair value				847,300		$ 717,300
Funko Acquisition Holdings, LLC
Schedule of Investments [Line Items]
Percentage of acquired non-qualifying assets of total assets						0.10%
Aerospace and Defense
Schedule of Investments [Line Items]
Investments owned, fair value				108,464		$ 29,064
Buildings and Real Estate
Schedule of Investments [Line Items]
Investments owned, fair value				61,703		60,431
Diversified/Conglomerate Services
Schedule of Investments [Line Items]
Investments owned, fair value				167,188		264,535
Healthcare, Education, and Childcare
Schedule of Investments [Line Items]
Investments owned, fair value				44,131		49,638
Home and Office Furnishings, Housewares, and Durable Consumer Products
Schedule of Investments [Line Items]
Investments owned, fair value				164,017		160,038
Hotels, Motels, Inns, and Gaming
Schedule of Investments [Line Items]
Investments owned, fair value				116,534		77,366
Leisure, Amusement, Motion Pictures, and Entertainment
Schedule of Investments [Line Items]
Investments owned, fair value				74,334		39,350
Oil and Gas
Schedule of Investments [Line Items]
Investments owned, fair value				67,775		51,171
Printing and Publishing
Schedule of Investments [Line Items]
Investments owned, fair value				14,400		14,238
Cargo Transport
Schedule of Investments [Line Items]
Investments owned, fair value				12,514		13,500
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic)
Schedule of Investments [Line Items]
Investments owned, fair value				100,919		92,781
Electronics
Schedule of Investments [Line Items]
Investments owned, fair value				71,321		0
Mining, Steel, Iron and Non-Precious Metals
Schedule of Investments [Line Items]
Investments owned, fair value				35,586		30,537
Telecommunications
Schedule of Investments [Line Items]
Investments owned, fair value				6,796		9,002
Chemicals, Plastics, and Rubber
Schedule of Investments [Line Items]
Investments owned, fair value				15,889		20,363
Secured First Lien Debt
Schedule of Investments [Line Items]
Investments owned, fair value				599,911		474,856
Secured Second Lien Debt
Schedule of Investments [Line Items]
Investments owned, fair value				108,743		138,703
Preferred Equity
Schedule of Investments [Line Items]
Investments owned, fair value				308,226		213,480
Common Equity/ Equivalents
Schedule of Investments [Line Items]
Investments owned, fair value				$ 55,350		$ 93,465
Non-Control/Non-Affiliate Investments
Schedule of Investments [Line Items]
Investment owned, percent of net assets				151.10%	[1],[2],[3],[4],[26]	126.30%	[5],[6],[7],[9],[27]
Investments owned, fair value				$ 740,581	[26]	$ 622,233	[27]
Non-Control/Non-Affiliate Investments | Secured First Lien Debt
Schedule of Investments [Line Items]
Investment owned, percent of net assets				78.90%	[1],[2],[3],[4],[26]	65.90%	[5],[6],[7],[9],[27]
Investments owned, fair value				$ 386,753	[26]	$ 324,348	[27]
Non-Control/Non-Affiliate Investments | Secured First Lien Debt | Aerospace and Defense
Schedule of Investments [Line Items]
Investment owned, percent of net assets	[1],[2],[3],[4],[26]			12.50%
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],[3],[4],[26]	7.80%	[5],[6],[7],[9],[27]
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],[3],[4],[26]	1.10%	[5],[6],[7],[9],[27]
Investments owned, fair value				$ 5,155	[26]	$ 5,567	[27]
Non-Control/Non-Affiliate Investments | Secured First Lien Debt | Diversified/Conglomerate Services
Schedule of Investments [Line Items]
Investment owned, percent of net assets				12.90%	[1],[2],[3],[4],[26]	16.80%	[5],[6],[7],[9],[27]
Investments owned, fair value				$ 63,062	[26]	$ 82,950	[27]
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],[3],[4],[26]	4.10%	[5],[6],[7],[9],[27]
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],[3],[4],[26]	7.50%	[5],[6],[7],[9],[27]
Investments owned, fair value				$ 36,750	[26]	$ 36,750	[27]
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				17.40%	[1],[2],[3],[4],[26]	13.20%	[5],[6],[7],[9],[27]
Investments owned, fair value				$ 85,600	[26]	$ 65,100	[27]
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],[3],[4],[26]	5.70%	[5],[6],[7],[9],[27]
Non-Control/Non-Affiliate Investments | Secured First Lien Debt | Oil and Gas
Schedule of Investments [Line Items]
Investment owned, percent of net assets				7%	[1],[2],[3],[4],[26]	7.10%	[5],[6],[7],[9],[27]
Investments owned, fair value				$ 34,250	[26]	$ 34,750	[27]
Non-Control/Non-Affiliate Investments | Secured First Lien Debt | Printing and Publishing
Schedule of Investments [Line Items]
Investment owned, percent of net assets				2.90%	[1],[2],[3],[4],[26]	2.60%	[5],[6],[7],[9],[27]
Investments owned, fair value				$ 14,400	[26]	$ 13,000	[27]
Non-Control/Non-Affiliate Investments | Secured Second Lien Debt
Schedule of Investments [Line Items]
Investment owned, percent of net assets				18.90%	[1],[2],[3],[4],[26]	18.90%	[5],[6],[7],[9],[27]
Investments owned, fair value				$ 92,854	[26]	$ 93,340	[27]
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],[3],[4],[26]	5.20%	[5],[6],[7],[9],[27]
Investments owned, fair value				$ 25,696	[26]	$ 25,696	[27]
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],[3],[4],[26]	2.60%	[5],[6],[7],[9],[27]
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],[3],[4],[26]	11.10%	[5],[6],[7],[9],[27]
Non-Control/Non-Affiliate Investments | Preferred Equity
Schedule of Investments [Line Items]
Investment owned, percent of net assets				43%	[1],[2],[3],[4],[26]	33%	[5],[6],[7],[9],[27]
Investments owned, fair value				$ 210,624	[26]	$ 162,522	[27]
Non-Control/Non-Affiliate Investments | Preferred Equity | Aerospace and Defense
Schedule of Investments [Line Items]
Investment owned, percent of net assets	[1],[2],[3],[4],[26]			3.60%
Non-Control/Non-Affiliate Investments | Preferred Equity | Buildings and Real Estate
Schedule of Investments [Line Items]
Investment owned, percent of net assets				4.80%	[1],[2],[3],[4],[26]	4.50%	[5],[6],[7],[9],[27]
Non-Control/Non-Affiliate Investments | Preferred Equity | Diversified/Conglomerate Services
Schedule of Investments [Line Items]
Investment owned, percent of net assets				1.90%	[1],[2],[3],[4],[26]	4%	[5],[6],[7],[9],[27]
Investments owned, fair value				$ 9,474	[26]	$ 19,759	[27]
Non-Control/Non-Affiliate Investments | Preferred Equity | Healthcare, Education, and Childcare
Schedule of Investments [Line Items]
Investment owned, percent of net assets				4.90%	[1],[2],[3],[4],[26]	6%	[5],[6],[7],[9],[27]
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				10.70%	[1],[2],[3],[4],[26]	10.10%	[5],[6],[7],[9],[27]
Investments owned, fair value				$ 52,546	[26]	$ 49,650	[27]
Non-Control/Non-Affiliate Investments | Preferred Equity | Hotels, Motels, Inns, and Gaming
Schedule of Investments [Line Items]
Investment owned, percent of net assets				6.30%	[1],[2],[3],[4],[26]	2.50%	[5],[6],[7],[9],[27]
Non-Control/Non-Affiliate Investments | Preferred Equity | Leisure, Amusement, Motion Pictures, and Entertainment
Schedule of Investments [Line Items]
Investment owned, percent of net assets				3.90%	[1],[2],[3],[4],[26]	2.30%	[5],[6],[7],[9],[27]
Non-Control/Non-Affiliate Investments | Preferred Equity | Oil and Gas
Schedule of Investments [Line Items]
Investment owned, percent of net assets				6.90%	[1],[2],[3],[4],[26]	3.30%	[5],[6],[7],[9],[27]
Non-Control/Non-Affiliate Investments | Preferred Equity | Printing and Publishing
Schedule of Investments [Line Items]
Investment owned, percent of net assets				0%	[1],[2],[3],[4],[26]	0.30%	[5],[6],[7],[9],[27]
Non-Control/Non-Affiliate Investments | Common Equity/ Equivalents
Schedule of Investments [Line Items]
Investment owned, percent of net assets				10.30%	[1],[2],[3],[4],[26]	8.50%	[5],[6],[7],[9],[27]
Investments owned, fair value				$ 50,350	[26]	$ 42,023	[27]
Non-Control/Non-Affiliate Investments | Common Equity/ Equivalents | Aerospace and Defense
Schedule of Investments [Line Items]
Investment owned, percent of net assets				0.80%	[1],[2],[3],[4],[26]	0.70%	[5],[6],[7],[9],[27]
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],[3],[4],[26]	0%	[5],[6],[7],[9],[27]
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],[3],[4],[26]	0%	[5],[6],[7],[9],[27]
Non-Control/Non-Affiliate Investments | Common Equity/ Equivalents | Cargo Transport
Schedule of Investments [Line Items]
Investment owned, percent of net assets				0%	[1],[2],[3],[4],[26]	0.10%	[5],[6],[7],[9],[27]
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				9.50%	[1],[2],[3],[4],[26]	7.70%	[5],[6],[7],[9],[27]
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	[5],[6],[7],[9],[27]					0%
Affiliate Investments
Schedule of Investments [Line Items]
Investment owned, percent of net assets				67.60%	[1],[2],[3],[4],[28]	59.90%	[5],[6],[7],[9],[29]
Investments owned, fair value				$ 331,145	[28]	$ 295,366	[29]
Affiliate Investments | Secured First Lien Debt
Schedule of Investments [Line Items]
Investment owned, percent of net assets				43.40%	[1],[2],[3],[4],[28]	30%	[5],[6],[7],[9],[29]
Investments owned, fair value				$ 212,654	[28]	$ 147,603	[29]
Affiliate Investments | Secured First Lien Debt | Diversified/Conglomerate Services
Schedule of Investments [Line Items]
Investment owned, percent of net assets				16.40%	[1],[2],[3],[4],[28]	15.70%	[5],[6],[7],[9],[29]
Investments owned, fair value				$ 80,336	[28]	$ 77,351	[29]
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				7.80%	[1],[2],[3],[4],[28]	8.70%	[5],[6],[7],[9],[29]
Affiliate Investments | Secured First Lien Debt | Leisure, Amusement, Motion Pictures, and Entertainment
Schedule of Investments [Line Items]
Investment owned, percent of net assets	[1],[2],[3],[4],[28]			4.10%
Investments owned, fair value	[28]			$ 20,120
Affiliate Investments | Secured First Lien Debt | Electronics
Schedule of Investments [Line Items]
Investment owned, percent of net assets	[1],[2],[3],[4],[28]			10%
Investments owned, fair value	[28]			$ 49,152
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],[3],[4],[28]	3.70%	[5],[6],[7],[9],[29]
Affiliate Investments | Secured First Lien Debt | Telecommunications
Schedule of Investments [Line Items]
Investment owned, percent of net assets				1.40%	[1],[2],[3],[4],[28]	1.90%	[5],[6],[7],[9],[29]
Investments owned, fair value				$ 6,796	[28]	$ 9,002	[29]
Affiliate Investments | Secured Second Lien Debt
Schedule of Investments [Line Items]
Investment owned, percent of net assets				3.30%	[1],[2],[3],[4],[28]	9.20%	[5],[6],[7],[9],[29]
Investments owned, fair value				$ 15,889	[28]	$ 45,363	[29]
Affiliate Investments | Secured Second Lien Debt | Diversified/Conglomerate Services
Schedule of Investments [Line Items]
Investment owned, percent of net assets	[5],[6],[7],[9],[29]					5.10%
Affiliate Investments | Secured Second Lien Debt | Chemicals, Plastics, and Rubber
Schedule of Investments [Line Items]
Investment owned, percent of net assets				3.30%	[1],[2],[3],[4],[28]	4.10%	[5],[6],[7],[9],[29]
Affiliate Investments | Preferred Equity
Schedule of Investments [Line Items]
Investment owned, percent of net assets				19.90%	[1],[2],[3],[4],[28]	10.30%	[5],[6],[7],[9],[29]
Investments owned, fair value				$ 97,602	[28]	$ 50,958	[29]
Affiliate Investments | Preferred Equity | Diversified/Conglomerate Services
Schedule of Investments [Line Items]
Investment owned, percent of net assets				2.90%	[1],[2],[3],[4],[28]	1.60%	[5],[6],[7],[9],[29]
Investments owned, fair value				$ 14,316	[28]	$ 8,033	[29]
Affiliate Investments | Preferred Equity | Home and Office Furnishings, Housewares, and Durable Consumer Products
Schedule of Investments [Line Items]
Investment owned, percent of net assets				7.50%	[1],[2],[3],[4],[28]	6.20%	[5],[6],[7],[9],[29]
Affiliate Investments | Preferred Equity | Leisure, Amusement, Motion Pictures, and Entertainment
Schedule of Investments [Line Items]
Investment owned, percent of net assets	[1],[2],[3],[4],[28]			1.40%
Affiliate Investments | Preferred Equity | Electronics
Schedule of Investments [Line Items]
Investment owned, percent of net assets	[1],[2],[3],[4],[28]			4.50%
Affiliate Investments | Preferred Equity | Mining, Steel, Iron and Non-Precious Metals
Schedule of Investments [Line Items]
Investment owned, percent of net assets				3.60%	[1],[2],[3],[4],[28]	2.50%	[5],[6],[7],[9],[29]
Affiliate Investments | Preferred Equity | Telecommunications
Schedule of Investments [Line Items]
Investment owned, percent of net assets				0%	[1],[2],[3],[4],[28]	0%	[5],[6],[7],[9],[29]
Affiliate Investments | Preferred Equity | Chemicals, Plastics, and Rubber
Schedule of Investments [Line Items]
Investment owned, percent of net assets				0%	[1],[2],[3],[4],[28]	0%	[5],[6],[7],[9],[29]
Affiliate Investments | Common Equity/ Equivalents
Schedule of Investments [Line Items]
Investment owned, percent of net assets				1%	[1],[2],[3],[4],[28]	10.40%	[5],[6],[7],[9],[29]
Investments owned, fair value				$ 5,000	[28]	$ 51,442	[29]
Affiliate Investments | Common Equity/ Equivalents | Diversified/Conglomerate Services
Schedule of Investments [Line Items]
Investment owned, percent of net assets	[5],[6],[7],[9],[29]					10.40%
Affiliate Investments | Common Equity/ Equivalents | Telecommunications
Schedule of Investments [Line Items]
Investment owned, percent of net assets				0%	[1],[2],[3],[4],[28]	0%	[5],[6],[7],[9],[29]
Affiliate Investments | Common Equity/ Equivalents | Finance
Schedule of Investments [Line Items]
Investment owned, percent of net assets	[1],[2],[3],[4],[28]			1%
Control Investments
Schedule of Investments [Line Items]
Investment owned, percent of net assets				0.10%	[1],[2],[3],[4],[30]	0.60%	[5],[6],[7],[9],[31]
Investments owned, fair value				$ 504	[30]	$ 2,905	[31]
Control Investments | Secured First Lien Debt
Schedule of Investments [Line Items]
Investment owned, percent of net assets				0.10%	[1],[2],[3],[4],[30]	0.60%	[5],[6],[7],[9],[31]
Investments owned, fair value				$ 504	[30]	$ 2,905	[31]
Control Investments | Secured First Lien Debt | Diversified/Conglomerate Manufacturing
Schedule of Investments [Line Items]
Investment owned, percent of net assets				0.10%	[1],[2],[3],[4],[30]	0.60%	[5],[6],[7],[9],[31]
Control Investments | Preferred Equity
Schedule of Investments [Line Items]
Investment owned, percent of net assets	[5],[6],[7],[9],[31]					0%
Investments owned, fair value				$ 0	[30]	$ 0	[31]
Control Investments | Preferred Equity | Diversified/Conglomerate Manufacturing
Schedule of Investments [Line Items]
Investment owned, percent of net assets				0%	[1],[2],[3],[4],[30]	0%	[5],[6],[7],[9],[31]
[1] Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of December 31, 2024. Certain of the securities listed are issued by affiliate(s) of the indicated portfolio company. The majority of the securities listed, totaling $847.3 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. Unless indicated otherwise, all cash interest rates are indexed to 30 day Secured Overnight Financing Rate ("SOFR"), which was 4.3% as of December 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 the 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. Unless indicated otherwise, all cash interest rates are indexed to 30-day 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. 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 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 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. (K) One or more of our affiliated funds, Gladstone Capital Corporation and Gladstone Alternative Income Fund, co-invested with us in this portfolio company pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission. 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. Debt security is on non-accrual status. 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 an 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. 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. Fair value was based on net asset value provided by the fund as a practical expedient. Debt security is subject to an interest rate ceiling. 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. This portfolio company is headquartered in Ontario, Canada. 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.

ORGANIZATION

ORGANIZATION	9 Months Ended
	Dec. 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 managed, 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 December 31, 2024, our investment portfolio was comprised of 76.3% in debt investments and 23.7% 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	9 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Unaudited Interim Financial Statements and Basis of Presentation We prepare our interim financial statements in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of SEC Regulation S-X. Accordingly, we have not included in this quarterly report all of the information and notes required by GAAP for annual financial statements. The accompanying Consolidated Financial Statements include our accounts and those of our wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in 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. In our opinion, all adjustments, consisting solely of normal recurring accruals, necessary for the fair statement of financial statements for the interim periods have been included. The results of operations for the three and nine months ended December 31, 2024 are not necessarily indicative of results that ultimately may be achieved for the fiscal year ending March 31, 2025 or any future interim period. The interim financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in our annual report on Form 10-K for the fiscal year ended March 31, 2024, as filed with the SEC on May 8, 2024. 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. 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. When there is equity value or sufficient TEV to cover the principal balance of our debt securities, the fair value of our senior secured debt generally equals or approximates cost. 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. 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 December 31, 2024, our loans to B+T Group Acquisition, Inc., Diligent Delivery Systems, Edge Adhesives Holdings, Inc. ("Edge"), and J.R. Hobbs Co. – Atlanta, LLC (“J.R. Hobbs”) were on non-accrual status, with an aggregate debt cost basis of $90.0 million, or 11.5% of the cost basis of all debt investments in our portfolio, and an aggregate fair value of $49.6 million, or 7.0% of the fair value of all debt investments in our portfolio. As of March 31, 2024, our loans to 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. 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 December 31, 2024 and March 31, 2024, 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. 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.

INVESTMENTS

INVESTMENTS	9 Months Ended
	Dec. 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 December 31, 2024, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our investment in Gladstone Alternative Income Fund ("Gladstone Alternative"), which was valued using NAV as a practical expedient. As of March 31, 2024, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our investment in 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 three and nine months ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and March 31, 2024, 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 December 31, 2024: Secured first lien debt $ 599,911 $ — $ — $ 599,911 Secured second lien debt 108,743 — — 108,743 Preferred equity 308,226 — — 308,226 Common equity/equivalents (A) 50,350 — — 50,350 Total Investments as of December 31, 2024 $ 1,067,230 $ — $ — $ 1,067,230 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 (B) 93,447 Total Investments as of March 31, 2024 $ 920,504 $ — $ 18 $ 920,486 (A) Excludes our investment in Gladstone Alternative with a fair value of $5.0 million as of December 31, 2024. Gladstone Alternative was valued using NAV as a practical expedient. (B) Fair value was determined based on the closing market price of shares of Funko, Inc. (our units in Funko could 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 December 31, 2024 and March 31, 2024, 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 December 31, 2024 March 31, 2024 Non-Control/Non-Affiliate Investments Secured first lien debt $ 386,753 $ 324,348 Secured second lien debt 92,854 93,340 Preferred equity 210,624 162,522 Common equity/equivalents (A) 50,350 42,005 Total Non-Control/Non-Affiliate Investments 740,581 622,215 Affiliate Investments Secured first lien debt 212,654 147,603 Secured second lien debt 15,889 45,363 Preferred equity 97,602 50,958 Common equity/equivalents (B) — 51,442 Total Affiliate Investments 326,145 295,366 Control Investments Secured first lien debt 504 2,905 Secured second lien debt — — Preferred equity — — Common equity/equivalents — — Total Control Investments 504 2,905 Total investments at fair value using Level 3 inputs $ 1,067,230 $ 920,486 (A) Excludes our investment in Funko as of March 31, 2024 with a fair value of $18 thousand, which was valued using Level 2 inputs. (B) Excludes our investment in Gladstone Alternative as of December 31, 2024 with a fair value of $5.0 million, which was valued using NAV as a practical expedient. In accordance with ASC 820, the following table provides quantitative information about our investments valued using Level 3 fair value measurements as of December 31, 2024 and March 31, 2024. 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 Unobservable Range / Weighted-Average as of December 31, March 31, December 31, March 31, Secured first $ 599,911 $ 474,856 TEV EBITDA multiple 2.8x – 11.8x / 6.8x 4.2x – 8.8x / 6.4x EBITDA $969 – $26,000 / $12,328 $1,091 – $23,547 / $10,509 Revenue multiple 0.2x – 0.6x / 0.4x 0.3x – 0.6x / 0.4x Revenue $6,141 – $100,934 / $70,883 $31,586 – $93,916 / $77,580 Secured second 96,229 113,703 TEV EBITDA multiple 5.7x – 7.0x / 6.6x 5.1x – 15.0x / 7.0x EBITDA $4,489 – $23,258 / $14,721 $5,648 – $23,003 / $14,192 12,514 25,000 Yield Analysis Discount Rate 19.7% – 19.7% / 19.7% 13.8% – 13.8% / 13.8% Preferred 308,226 213,480 TEV EBITDA multiple 2.8x – 11.8x / 6.0x 4.2x – 8.8x / 6.1x EBITDA $1,292 – $26,000 / $11,696 $1,091 – $23,547 / $9,502 Revenue multiple 0.2x – 0.6x / 0.3x 0.3x – 0.6x / 0.4x Revenue $6,141 – $100,934 / $52,338 $31,586 – $93,916 / $75,099 Common equity/ equivalents (A)(B) 50,350 93,447 TEV EBITDA multiple 5.5x – 8.1x / 6.6x 5.0x – 15.0x / 6.4x EBITDA $969 – $23,258 / $17,987 $1,154 – $63,269 / $23,615 Total $ 1,067,230 $ 920,486 (A) Fair value as of December 31, 2024 excludes our investment in Gladstone Alternative with a fair value of $5.0 million, which was valued using NAV as a practical expedient. (B) Fair value as of March 31, 2024 excludes our investment in Funko with a fair value of $18 thousand, 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 market yields, 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 three and nine months ended December 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 Equity Common Total Three Months ended December 31, 2024: Fair value as of September 30, 2024 $ 469,480 $ 111,344 $ 228,528 $ 43,955 $ 853,307 Total gain (loss): Net realized gain (loss) (A) — — — — — Net unrealized appreciation (depreciation) (B) 454 (2,601) 33,081 6,395 37,329 Reversal of previously recorded (appreciation) depreciation upon realization (B) — — — — — New investments, repayments and settlements (C): Issuances / originations 135,477 — 46,617 — 182,094 Settlements / repayments (5,500) — — — (5,500) Sales — — — — — Transfers — — — — — Fair value as of December 31, 2024 $ 599,911 $ 108,743 $ 308,226 $ 50,350 $ 1,067,230 Secured Secured Preferred Equity Common Total Nine Months Ended December 31, 2024 Fair value as of March 31, 2024 $ 474,856 $ 138,703 $ 213,480 $ 93,447 $ 920,486 Total gain (loss): Net realized gain (loss) (A) — — — 42,284 42,284 Net unrealized appreciation (depreciation) (B) (22,020) (4,960) 48,129 1,150 22,299 Reversal of previously recorded (appreciation) depreciation upon realization (B) — — — (38,028) (38,028) New investments, repayments and settlements (C): Issuances / originations 155,575 — 46,617 — 202,192 Settlements / repayments (8,500) (25,000) — — (33,500) Sales — — — (48,503) (48,503) Transfers — — — — — Fair value as of December 31, 2024 $ 599,911 $ 108,743 $ 308,226 $ 50,350 $ 1,067,230 Secured First Lien Debt Secured Second Lien Debt Preferred Equity Common Equity/ Equivalents Total Three Months ended December 31, 2023: Fair value as of September 30, 2023 $ 508,504 $ 102,747 $ 267,596 $ 36,767 $ 915,614 Total gain (loss): Net realized gain (loss) (A) — — 43,459 — 43,459 Net unrealized appreciation (depreciation) (B) (7,040) (4,267) 4,911 3,428 (2,968) Reversal of previously recorded (appreciation) depreciation upon realization (B) (1,338) — (42,228) — (43,566) New investments, repayments and settlements (C) : Issuances / originations 3,500 39,000 — 25,700 68,200 Settlements / repayments (27,500) — — — (27,500) Sales — — (50,453) — (50,453) Transfers (E) — — (8,621) 8,621 — Fair value as of December 31, 2023 $ 476,126 $ 137,480 $ 214,664 $ 74,516 $ 902,786 Secured First Lien Debt Secured Second Lien Debt Preferred Equity Common Equity/ Equivalents Total Nine Months Ended December 31, 2023: 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) — — 43,732 882 44,614 Net unrealized appreciation (depreciation) (B) (6,153) (2,254) 35,234 18,228 45,055 Reversal of previously recorded (appreciation) depreciation upon realization (B) (1,338) — (42,228) (93) (43,659) New investments, repayments and settlements (C) : Issuances / originations 73,600 64,000 14,688 30,700 182,988 Settlements / repayments (27,500) — — — (27,500) Sales (D) — — (50,726) (1,502) (52,228) Transfers (E) — — (8,621) 8,621 — Fair value as of December 31, 2023 $ 476,126 $ 137,480 $ 214,664 $ 74,516 $ 902,786 Included in net realized gain (loss) on investments on our accompanying Consolidated Statements of Operations for the respective three and nine months ended December 31, 2024 and 2023. (B) Included in net unrealized appreciation (depreciation) of investments on our accompanying Consolidated Statements of Operations for the respective three and nine months ended December 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) The nine months ended December 31, 2023 includes $0.3 million of proceeds from the recapitalization of Old World Christmas, Inc. ("Old World"). (E) For the three and nine months ended December 31, 2023, 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. Investment Activity During the nine months ended December 31, 2024, the following significant transactions occurred: • In May 2024, our remaining shares in Funko were sold representing an exit of our investment in Funko, and resulting in a return of our equity cost basis of $21 thousand and a realized gain of $2 thousand. • In July 2024, we invested an additional $18.5 million through secured first lien debt in Nocturne Luxury Villas, Inc. ("Nocturne") to fund an add-on acquisition. • In September 2024, we exited our investment in Nth Degree Investment Group, LLC, which resulted in success fee income of $0.1 million, a realized gain on our preferred equity of $42.3 million and the repayment of our debt investment of $25.0 million. • In November 2024, we invested $27.2 million in a new portfolio company, Pyrotek Special Effects, Inc. ("Pyrotek"), in the form of $20.1 million of secured first lien debt and $7.1 million of preferred equity. Pyrotek, headquartered in Ontario, Canada, is a leading provider of special effects services and solutions for the live entertainment industry. • In December 2024, we invested $5.0 million in Gladstone Alternative, one of our affiliated funds, through common equity. Gladstone Alternative is a registered, non-diversified, closed-end management investment company that operates as an interval fund. • In December 2024, we invested $71.3 million in a new portfolio company, Nielsen-Kellerman, Inc. ("Nielsen-Kellerman"), in the form of $49.1 million of secured first lien debt and $22.2 million of preferred equity. Nielsen-Kellerman, headquartered in Boothwyn, Pennsylvania, designs, manufactures, and distributes a wide range of rugged, waterproof environmental measurement and sports performance instruments. • In December 2024, we invested $78.7 million in a new portfolio company, Ricardo Defense, Inc. ("Ricardo"), in the form of $61.3 million of secured first lien debt and $17.4 million of preferred equity. Ricardo, headquartered in Troy, Michigan, with operations in California, Texas and Alabama and overseas, develops engineering and product solutions for U.S. Army vehicle and logistics programs. Investment Concentrations As of December 31, 2024, our investment portfolio consisted of investments in 26 portfolio companies located in 20 states or countries across 17 different industries with an aggregate fair value of $1.1 billion. Our investments in Nocturne, SFEG, Ricardo, Old World and Brunswick Bowling Products, Inc. represented our five largest portfolio investments at fair value and collectively comprised $443.5 million, or 41.4%, of our total investment portfolio at fair value as of December 31, 2024. The following table summarizes our investments by security type as of December 31, 2024 and March 31, 2024: December 31, 2024 March 31, 2024 Cost Fair Value Cost Fair Value Secured first lien debt $ 660,499 64.6 % $ 599,911 55.9 % $ 513,425 60.1 % $ 474,856 51.6 % Secured second lien debt 119,958 11.7 % 108,743 10.1 % 144,958 16.9 % 138,703 15.0 % Total debt 780,457 76.3 % 708,654 66.0 % 658,383 77.0 % 613,559 66.6 % Preferred equity 191,687 18.8 % 308,226 28.8 % 145,070 17.0 % 213,480 23.2 % Common equity/equivalents 49,597 4.9 % 55,350 5.2 % 50,837 6.0 % 93,465 10.2 % Total equity/equivalents 241,284 23.7 % 363,576 34.0 % 195,907 23.0 % 306,945 33.4 % Total investments $ 1,021,741 100.0 % $ 1,072,230 100.0 % $ 854,290 100.0 % $ 920,504 100.0 % Investments at fair value consisted of the following industry classifications as of December 31, 2024 and March 31, 2024: December 31, 2024 March 31, 2024 Fair Value Percentage of Fair Value Percentage of Total Investments Diversified/Conglomerate Services $ 167,188 15.6 % $ 264,535 28.7 % Home and Office Furnishings, Housewares, and Durable Consumer Products 164,017 15.3 % 160,038 17.3 % Hotels, Motels, Inns, and Gaming 116,534 10.9 % 77,366 8.4 % Aerospace and Defense 108,464 10.1 % 29,064 3.2 % Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) 100,919 9.4 % 92,781 10.1 % Leisure, Amusement, Motion Pictures, and Entertainment 74,334 6.9 % 39,350 4.3 % Electronics 71,321 6.7 % — — % Oil and Gas 67,775 6.3 % 51,171 5.6 % Buildings and Real Estate 61,703 5.8 % 60,431 6.6 % Healthcare, Education, and Childcare 44,131 4.1 % 49,638 5.4 % Mining, Steel, Iron and Non-Precious Metals 35,586 3.3 % 30,537 3.3 % Chemicals, Plastics, and Rubber 15,889 1.5 % 20,363 2.2 % Printing and Publishing 14,400 1.3 % 14,238 1.5 % Cargo Transport 12,514 1.2 % 13,500 1.5 % Telecommunications 6,796 0.6 % 9,002 1.0 % Other < 2.0% 10,659 1.0 % 8,490 0.9 % Total investments $ 1,072,230 100.0 % $ 920,504 100.0 % Investments at fair value were included in the following geographic regions of the U.S. and Canada as of December 31, 2024 and March 31, 2024: December 31, 2024 March 31, 2024 Location Fair Value Percentage of Fair Value Percentage of United States Northeast $ 305,374 28.5 % $ 207,870 22.6 % South 295,954 27.6 % 346,838 37.7 % Midwest 222,587 20.8 % 141,925 15.4 % West 221,135 20.6 % 223,871 24.3 % Canada 27,180 2.5 % — — % Total investments $ 1,072,230 100.0 % $ 920,504 100.0 % 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 by fiscal year, assuming no voluntary prepayments, as of December 31, 2024: Amount For the remaining three months ending March 31, 2025 $ 49,060 For the fiscal years ending March 31: 2026 215,780 2027 219,486 2028 66,231 2029 100,394 Thereafter 129,506 Total contractual repayments $ 780,457 Investments in equity securities 241,284 Total cost basis of investments held as of December 31, 2024: $ 1,021,741 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 December 31, 2024 and March 31, 2024, we had gross receivables from portfolio companies of $2.4 million and $2.2 million, respectively. As of December 31, 2024 and March 31, 2024, the allowance for uncollectible receivables was $1.6 million and $1.4 million, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Dec. 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 9, 2024, 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, 2025. Refer to Note 12 – Subsequent Events for additional information regarding the Advisory Agreement. One of our executive officers, David Gladstone (our chairman and chief executive officer) serves as a director and executive officer of the Adviser, which, as of December 31, 2024, is 100% indirectly owned 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 : Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Average total assets subject to base management fee (A) $ 974,400 $ 920,400 $ 929,133 $ 858,267 Multiplied by prorated annual base management fee of 2.0% 0.5 % 0.5 % 1.5 % 1.5 % Base management fee (B) 4,872 4,602 13,937 12,874 Credits to fees from Adviser - other (B) (2,851) (1,793) (4,147) (5,117) Net base management fee $ 2,021 $ 2,809 $ 9,790 $ 7,757 Loan servicing fee (B) 2,405 2,332 6,821 6,829 Credits to base management fee - loan servicing fee (B) (2,405) (2,332) (6,821) (6,829) Net loan servicing fee $ — $ — $ — $ — Incentive fee – income-based $ 1,887 $ 2,282 $ 2,481 $ 6,142 Incentive fee – capital gains-based (C) 7,466 (615) 5,316 9,259 Total incentive fee (B) $ 9,353 $ 1,667 $ 7,797 $ 15,401 Credits to fees from Adviser - other (B) — — — — Net total incentive fee $ 9,353 $ 1,667 $ 7,797 $ 15,401 (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 three and nine months ended December 31, 2024, these credits totaled $163 thousand and $315 thousand, respectively. For the three and nine months ended December 31, 2023, these credits totaled $57 thousand and $215 thousand, 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 December 31, 2024, $4.9 million of capital gains-based incentive fees were contractually due to the Adviser. During the year ended March 31, 2024, $1.1 million 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 three and nine months ended December 31, 2024, we recorded an accrual of capital gains-based incentive fees of $7.5 million and $5.3 million, respectively. During the three and nine months ended ended December 31, 2023, we recorded a reversal of capital gains-based incentive fees of $0.6 million and an accrual of capital gains-based incentive fees of $9.3 million, respectively. As of December 31, 2024 and March 31, 2024, we had accrued capital gains-based incentive fees of $42.1 million and $36.7 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. One of our executive officers, David Gladstone (our chairman and chief executive officer) serves as a member of the board of managers and executive officer 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 9, 2024, 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, 2025. Administration fees for the three and nine months ended December 31, 2024 were $0.4 million and $1.5 million, respectively. Administration fees for the three and nine months ended December 31, 2023 were $0.5 million and $1.3 million, respectively. 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. 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 three and nine months ended December 31, 2024, the fees received by Gladstone Securities from our portfolio companies totaled $1.7 million and $1.9 million, respectively. No fees were received by Gladstone Securities from our portfolio companies during the three months ended December 31, 2023. During the nine months ended December 31, 2023, the fees received by Gladstone Securities from our portfolio companies totaled $0.3 million. Investment in Affiliated Fund In December 2024, we invested in Gladstone Alternative, one of our affiliated funds, that is a registered, non-diversified, closed-end management investment company that operates as an interval fund. The fair value of the investment in Gladstone Alternative will be excluded from the average total assets subject to base management fee for the purposes of calculating the base management fee we pay to the Adviser. Related Party Fees Due Amounts due to related parties on our accompanying Consolidated Statements of Assets and Liabilities were as follows: As of December 31, As of March 31, 2024 2024 Base management and loan servicing fee due to Adviser, net of credits $ 238 $ 2,386 Incentive fee due to Adviser (A) 43,945 38,936 Other due to Adviser 122 22 Total fees due to Adviser 44,305 41,344 Fee due to Administrator 618 727 Total related party fees due $ 44,923 $ 42,071 (A) Includes a capital gains-based incentive fee of $37.2 million and $36.7 million as of December 31, 2024 and March 31, 2024, 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. Co-investment expenses as of both December 31, 2024 and March 31, 2024 were $0.1 million. 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.

BORROWINGS

BORROWINGS	9 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
BORROWINGS	BORROWINGS Revolving Line of Credit We, through our wholly-owned subsidiary, Business Investment, are party to a 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. As of December 31, 2024, the Credit Facility provides for maximum borrowings of $200.0 million, with a revolving period end date of October 30, 2026 and a maturity date of October 30, 2028. Advances under the Credit Facility generally bear interest at 30-day Term SOFR, subject to a floor of 0.35%, with a SOFR credit spread adjustment of 10 basis points, plus a margin of 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. 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 December 31, 2024 As of March 31, 2024 Commitment amount $ 200,000 $ 200,000 Borrowings outstanding at cost $ 91,500 $ 67,000 Availability (A) $ 108,500 $ 133,000 For the Three Months Ended December 31, For the Nine Months Ended December 31, 2024 2023 2024 2023 Weighted-average borrowings outstanding $ 41,921 $ 77,359 $ 55,792 $ 57,135 Effective interest rate (B) 11.8 % 9.2 % 11.1 % 10.2 % Commitment (unused) fees incurred $ 406 $ 113 $ 1,067 $ 777 (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 $108.5 million and $133.0 million as of December 31, 2024 and March 31, 2024, respectively. (B) Excludes the impact of deferred financing costs and includes unused commitment fees. 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 $412.9 million as of December 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 December 31, 2024, and as defined in the performance guaranty of the Credit Facility, we had a net worth of $943.9 million, asset coverage on our senior securities representing indebtedness of 185.9%, 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 December 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. As of December 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, and SOFR credit spread adjustment of 10 basis points, plus a margin of 3.15% per annum, plus an unused commitment fee of 0.75%. As of 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, and SOFR credit spread adjustment of 10 basis points, plus a margin of 3.15% 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. As of each of December 31, 2024 and March 31, 2024, 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 December 31, 2024 and March 31, 2024 and for the three and nine months ended December 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) December 31, 2024 March 31, 2024 Credit Facility $ 91,500 $ 67,000 Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3) Reported in Consolidated Statements of Assets and Liabilities Credit Facility Three Months Ended December 31, 2024: Fair value at September 30, 2024 $ 8,900 Borrowings 144,200 Repayments (61,600) Fair value at December 31, 2024 $ 91,500 Nine Months Ended December 31, 2024 Fair value at March 31, 2024 $ 67,000 Borrowings 192,000 Repayments (167,500) Fair value at December 31, 2024 $ 91,500 Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3) Reported in Consolidated Statements of Assets and Liabilities Credit Facility Three Months Ended December 31, 2023: Fair value at September 30, 2023 $ 79,208 Borrowings 104,900 Repayments (101,600) Unrealized appreciation 92 Fair value at December 31, 2023 $ 82,600 Nine Months Ended December 31, 2023 Fair value at March 31, 2023 $ 35,171 Borrowings 231,900 Repayments (184,500) Unrealized appreciation 29 Fair value at December 31, 2023 $ 82,600 The fair value of the collateral under the Credit Facility was $847.3 million and $717.3 million as of December 31, 2024 and March 31, 2024, 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. 7.875% Notes due 2030 In December 2024 , we completed a public offering of 7.875% Notes due 2030 with an aggregate principal amount of $126.5 million (the " 7.875% 2030 Notes"), which resulted in net proceeds of approximately $122.4 million after deducting underwriting discounts, commissions and offering costs borne by us. The 7.875% 2030 Notes are traded under the ticker symbol “GAINI” on Nasdaq. The 7.875% 2030 Notes will mature on February 1, 2030 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 February 1, 2027. The 7.875% 2030 Notes bear interest at a rate of 7.875% per year , payable quarterly in arrears. The indenture relating to the 7.875% 2030 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 7.875% 2030 Notes and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. The 7.875% 2030 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 February 1, 2030, the maturity date. The following tables summarize our 5.00% 2026 Notes, 4.875% 2028 Notes, 8.00% 2028 Notes and 7.875% 2030 Notes as of December 31, 2024 and March 31, 2024: As of December 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 7.875% 2030 Notes GAINI December 17, 2024 February 1, 2030 7.875% 5,060,000 $ 25.00 126,500 Notes payable, gross (B) 18,549,500 463,738 Less: Unamortized Discounts (8,680) Notes payable, net (C) $ 455,058 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 (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. The 7.875% 2030 Notes can be redeemed at our option at any time on or after February 1, 2027. (B) As of December 31, 2024 and March 31, 2024, asset coverage on our senior securities representing indebtedness, calculated pursuant to Sections 18 and 61 of the 1940 Act, was 185.9% and 219.0%, 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, 8.00% 2028 Notes and 7.875% 2030 Notes as of December 31, 2024 was $127.3 million, $127.3 million, $77.1 million and $128.4 million, respectively. 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. We consider the closing prices of the 5.00% 2026 Notes, 4.875% 2028 Notes, 8.00% 2028 Notes and 7.875% 2030 Notes to be Level 1 inputs within the ASC 820 hierarchy.

REGISTRATION STATEMENT AND COMM

REGISTRATION STATEMENT AND COMMON EQUITY OFFERINGS	9 Months Ended
	Dec. 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 $321.5 million of the securities registered under the registration statement. Common Equity Offering In May 2024, we entered into equity distribution agreements with Oppenheimer & Co., B. Riley Securities, Inc. and Virtu Americas LLC (each a “Sales Agent” and, collectively, the "Sales Agents"), under which we have the ability to issue and sell shares of our common stock, from time to time, through the Sales Agents, having an aggregate offering price of up to $75.0 million in what is commonly referred to as an “at-the-market” program (the “2024 Common Stock ATM Program”). As of December 31, 2024, we had remaining capacity to sell up to an additional $73.0 million of common stock under the 2024 Common Stock ATM program. During the three and nine months ended December 31, 2024, we sold 148,714 shares of our common stock under the 2024 Common Stock ATM Program, with a weighted-average gross price of $13.64 per share and a weighted-average net price of $13.48 per share after deducting commissions and offering costs borne by us, raising approximately $2.0 million and $2.0 million of gross and net proceeds, respectively. During the three months ended December 31, 2023, we sold 1,456,279 shares of common stock under the 2022 Common Stock ATM Program, with a weighted-average gross price of $14.51 per share and a weighted-average net price of $14.28 per share after deducting commissions and offering costs borne by us, raising approximately $21.1 million and $20.8 million of gross and net proceeds, respectively. During the nine months ended December 31, 2023, we sold 1,760,449 shares of common stock under the 2022 Common Stock ATM Program, with a weighted-average gross price of $14.34 per share and a weighted-average net price of $14.12 per share after deducting commissions and offering costs borne by us, raising approximately $25.3 million and $24.9 million of gross and net proceeds, respectively. All of these sales were above our then current estimated NAV per share.

NET INCREASE (DECREASE) IN NET

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER WEIGHTED-AVERAGE COMMON SHARE	9 Months Ended
	Dec. 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 three and nine months ended December 31, 2024 and 2023: Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Net increase in net assets resulting from operations $ 38,490 $ 6,579 $ 47,446 $ 62,721 Basic and diluted weighted-average common shares 36,727,873 34,351,597 36,701,783 33,921,300 Basic and diluted net increase in net assets resulting from operations per weighted-average common share $ 1.05 $ 0.19 $ 1.29 $ 1.85

DISTRIBUTIONS TO COMMON STOCKHO

DISTRIBUTIONS TO COMMON STOCKHOLDERS	9 Months Ended
	Dec. 31, 2024
Equity [Abstract]
DISTRIBUTIONS TO COMMON STOCKHOLDERS	DISTRIBUTIONS TO COMMON STOCKHOLDERS 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 taxable ordinary income plus the excess of our net short-term capital gains over net long-term capital losses (“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 common stockholders during the calendar year ended December 31, 2024 was 52.9% from ordinary income and 47.1% from capital gains. The tax characterization of cash distributions paid to common stockholders during the calendar year ended December 31, 2023 was 53.2% from ordinary income and 46.8% from capital gains. We paid the following cash distributions to our common stockholders for the nine months ended December 31, 2024 and 2023: For the Nine Months Ended December 31, 2024 : Declaration Date Record Date Payment Date Distribution per April 9, 2024 April 19, 2024 April 30, 2024 $ 0.08 April 9, 2024 May 17, 2024 May 31, 2024 0.08 April 9, 2024 June 19, 2024 June 28, 2024 0.08 July 9, 2024 July 22, 2024 July 31, 2024 0.08 July 9, 2024 August 21, 2024 August 30, 2024 0.08 July 9, 2024 September 20, 2024 September 30, 2024 0.08 September 17, 2024 October 4, 2024 October 15, 2024 0.70 (A) October 8, 2024 October 22, 2024 October 31, 2024 0.08 October 8, 2024 November 20, 2024 November 29, 2024 0.08 October 8, 2024 December 20, 2024 December 31, 2024 0.08 Nine Months Ended December 31, 2024 $ 1.42 For the Nine Months Ended December 31, 2023 : Declaration Date Record Date Payment Date Distribution per April 11, 2023 April 21, 2023 April 28, 2023 $ 0.08 April 11, 2023 May 23, 2023 May 31, 2023 0.08 April 11, 2023 June 5, 2023 June 15, 2023 0.12 (A) April 11, 2023 June 21, 2023 June 30, 2023 0.08 July 11, 2023 July 21, 2023 July 31, 2023 0.08 July 11, 2023 August 23, 2023 August 31, 2023 0.08 July 11, 2023 September 7, 2023 September 15, 2023 0.12 (A) July 11, 2023 September 21, 2023 September 29, 2023 0.08 October 10, 2023 October 20, 2023 October 31, 2023 0.08 October 10, 2023 November 7, 2023 November 17, 2023 0.12 (A) October 10, 2023 November 20, 2023 November 30, 2023 0.08 October 24, 2023 December 5, 2023 December 15, 2023 0.88 (A) October 10, 2023 December 18, 2023 December 29, 2023 0.08 Nine Months Ended December 31, 2023 $ 1.96 (A) Represents a supplemental distribution to common stockholders. Aggregate cash distributions to our common stockholders declared and paid were $52.1 million and $67.4 million for the nine months ended December 31, 2024 and 2023, respectively. For the fiscal year ended March 31, 2024, 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 of the first distributions paid subsequent to fiscal year-end, as having been paid in the prior year. In addition, for the fiscal year ended March 31, 2024 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 of the first distributions paid subsequent to fiscal year-end as having been paid in the prior year. For the three months ended December 31, 2024, we recorded $0.4 million of net adjustments for estimated permanent book-tax differences to reflect tax character, which increased Accumulated net realized gain in excess of distributions and decreased Capital in excess of par value and Overdistributed net investment income on our accompanying Consolidated Statements of Assets and Liabilities . For the three months ended December 31, 2023, we recorded $0.4 million of net adjustments for estimated permanent book-tax differences to reflect tax character, which decreased Capital in excess of par value and increased Overdistributed net investment income on our accompanying Consolidated Statements of Assets and Liabilities . For the nine months ended December 31, 2024, we recorded $1.2 million of net adjustments for estimated permanent book-tax differences to reflect tax character, which decreased Capital in excess of par value and increased Overdistributed net investment income on our accompanying Consolidated Statements of Assets and Liabilities . For the nine months ended December 31, 2023, we recorded $0.4 million of net adjustments for estimated permanent book-tax differences to reflect tax character, which increased Overdistributed net investment income and decreased Accumulated net realized gain in excess of distributions and Capital in excess of par value on our accompanying Consolidated Statements of Assets and Liabilities . 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. For the year ended March 31, 2024, we did not elect to retain long-term capital gains and to treat them as deemed distributions to common stockholders.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Dec. 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 December 31, 2024 and March 31, 2024, 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, 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 $1.7 million and $1.0 million as of December 31, 2024 and March 31, 2024, 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 lines 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 December 31, 2024 and March 31, 2024 to be insignificant. The following table summarizes the principal balances of unused line of credit as of December 31, 2024 and March 31, 2024, which are not reflected as liabilities in the accompanying Consolidated Statements of Assets and Liabilities: December 31, 2024 March 31, 2024 Unused line of credit commitments $ 4,817 $ 2,394 Total $ 4,817 $ 2,394

FINANCIAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS	9 Months Ended
	Dec. 31, 2024
Investment Company [Abstract]
FINANCIAL HIGHLIGHTS	FINANCIAL HIGHLIGHTS Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Per Common Share Data: Net asset value at beginning of period (A) $ 12.49 $ 14.03 $ 13.43 $ 13.09 Income from investment operations (B) Net investment income 0.03 0.28 0.57 0.49 Net realized gain — 1.27 1.15 1.32 Net unrealized appreciation/(depreciation) 1.02 (1.36) (0.43) 0.04 Total income from investment operations 1.05 0.19 1.29 1.85 Effect of equity capital activity (B) Cash distributions to common stockholders from net investment income (C) (0.16) (0.43) (0.64) (0.84) Cash distributions to common stockholders from net realized gains (C) (0.08) (0.81) (0.78) (1.12) Discounts, commissions and offering costs 0.00 (0.01) 0.00 (0.01) Net accretive effect of equity offering (D) 0.00 0.05 0.00 0.05 Total from equity capital activity (0.24) (1.20) (1.42) (1.92) Other, net (B)(E) — (0.01) — (0.01) Net asset value at end of period (A) $ 13.30 $ 13.01 $ 13.30 $ 13.01 Per common share market value at beginning of period $ 14.45 $ 12.74 $ 14.23 $ 13.25 Per common share market value at end of period $ 13.25 $ 14.15 $ 13.25 $ 14.15 Total investment return (F) (2.04) % 20.85 % 2.95 % 22.72 % Common stock outstanding at end of period (A) 36,837,381 35,351,954 36,837,381 35,351,954 Statement of Assets and Liabilities Data : Net assets at end of period $ 490,053 $ 459,941 $ 490,053 $ 459,941 Average net assets (G) $ 460,414 $ 475,007 $ 473,082 $ 455,627 Senior Securities Data : Total borrowings, at cost $ 555,238 $ 419,838 $ 555,238 $ 419,838 Ratios/Supplemental Data: Ratio of net expenses to average net assets – annualized (H) 17.56 % 11.23 % 19.13 % 13.78 % Ratio of net investment income to average net assets – annualized (I) 1.01 % 8.21 % 8.82 % 4.80 % (A) B ased on actual shares of common stock outstanding at the beginning or end of the corresponding period, as appropriate. (B) Based on weighted-average basic common share data for the corresponding period. (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 8 — Distributions to Common Stockholders . (D) During the three and nine months ended December 31, 2023, the accretive effect is a result of issuing common shares at a price above the then current NAV per share. (E) Represents the impact of the different share amounts (weighted-average basic common shares outstanding for the corresponding period and actual common shares outstanding at the end of the period) 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 period, 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 8 — Distributions to Common Stockholders . (G) Calculated using the average balance of net assets at the end of each month of the reporting period. (H) 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 - annualized would have been 22.12% and 14.70% for the three months ended December 31, 2024 and 2023, respectively, and 23.77% and 17.27% for the nine months ended December 31, 2024 and 2023, respectively. (I) Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of net investment (loss) income to average net assets - annualized would have been (3.56)% and 4.73% for the three months ended December 31, 2024 and 2023, respectively, and 4.18% and 1.32% for the nine months ended December 31, 2024 and 2023, respectively.

UNCONSOLIDATED SIGNIFICANT SUBS

UNCONSOLIDATED SIGNIFICANT SUBSIDIARIES	9 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
UNCONSOLIDATED SIGNIFICANT SUBSIDIARIES	UNCONSOLIDATED SIGNIFICANT SUBSIDIARIESIn 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. We did not have any unconsolidated subsidiaries that met any of the significance conditions under Rule 1-02(w) of the SEC’s Regulation S-X as of or during the nine months ended December 31, 2024 and 2023.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Distributions and Dividends • In January 2025, our Board of Directors declared the following monthly distributions to common stockholders: Record Date Payment Date Distribution per Common Share January 24, 2025 January 31, 2025 $ 0.08 February 19, 2025 February 28, 2025 0.08 March 19, 2025 March 31, 2025 0.08 Total for the Quarter: $ 0.24 Revolving Line of Credit On February 10, 2025, we, through our wholly-owned subsidiary, Business Investment, entered into Amendment No. 10 to the Credit Facility with 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 $200.0 million to $250.0 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. Investment Advisory Agreement On January 24, 2025, the Company entered into a new investment advisory and management agreement (the “New Advisory Agreement”) with the Adviser. The New Advisory Agreement, which was approved by the Company’s stockholders at a stockholders’ meeting on January 4, 2024, was entered into as a result of a change of control of the Adviser pursuant to the previously disclosed voting trust agreement, among David Gladstone, Lorna Gladstone, Laura Gladstone, Kent Gladstone and Jessica Martin, each as a trustee and collectively, as the board of trustees of the voting trust, the Adviser and certain stockholders of the Adviser. There are no changes to the terms, including the fee structure and services to be provided, of the prior Advisory Agreement in the New Advisory Agreement, other than the date and term of the New Advisory Agreement as compared to the prior Advisory Agreement. The New Advisory Agreement and the Advisory Agreement are collectively referred to herein as the Advisory Agreement.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net increase in net assets resulting from operations	$ 38,490	$ 6,579	$ 47,446	$ 62,721

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 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

N-2

N-2 - $ / shares	9 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Mar. 31, 2023
Cover [Abstract]
Entity Central Index Key	0001321741
Amendment Flag	false
Securities Act File Number	814-00704
Document Type	10-Q
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 Emerging Growth Company	false
Financial Highlights [Abstract]
Senior Securities, Note [Text Block]	As of December 31, 2024, our asset coverage ratio on our senior securities representing indebtedness was 185.9%.
General Description of Registrant [Abstract]
Investment Objectives and Practices [Text Block]	We were established for the purpose of investing in debt and equity securities of established private businesses operating in the United States (“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 our 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 objectives, our investment strategy is to invest in several categories of debt and equity securities, with individual investments 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 investments and 25% in equity investments, at cost. We focus on investing in lower middle market private businesses (which we generally define as 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 or acquisition 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, 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. Our targeted portfolio companies are generally considered too small for the larger capital marketplace.
Risk [Text Block]	ITEM 1A. RISK FACTORS. Our business is subject to certain risks and events that, if they occur, could adversely affect our financial condition and results of operations and the trading price of our securities. For a discussion of these risks, please refer to the section captioned “Item 1A. Risk Factors” in Part I of our Annual Report on Form 10-K for the fiscal year ended March 31, 2024, as filed with the SEC on May 8, 2024. The risks described in our Annual Report are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.
Share Price	$ 13.25
NAV Per Share	$ 13.30	$ 12.49	$ 13.43	$ 13.01	$ 14.03	$ 13.09
Latest Premium (Discount) to NAV [Percent]	0.40%
Capital Stock, Long-Term Debt, and Other Securities [Abstract]
Long Term Debt [Table Text Block]	Notes Payable
Revolving Line Of Credit [Member]
Capital Stock, Long-Term Debt, and Other Securities [Abstract]
Long Term Debt [Table Text Block]	Revolving Line of Credit As of December 31, 2024, advances under the Credit Facility generally bore interest at 30-day Term SOFR, subject to a floor of 0.35%, with a SOFR credit spread adjustment of 10 basis points, plus a margin of 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. 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. At December 31, 2024, we had $91.5 million of borrowings outstanding on the Credit Facility and as of the date of this report, we had $89.4 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 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 $412.9 million as of December 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 December 31, 2024, and as defined in the performance guaranty of the Credit Facility, we had a net worth of $943.9 million, asset coverage on our senior securities representing indebtedness of 185.9%, 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 December 31, 2024, we had availability, after adjustments for various constraints based on collateral quality, of $108.5 million under the Credit Facility and were in compliance with all covenants under the Credit Facility.
Long Term Debt, Structuring [Text Block]	Revolving Line of Credit
5.00% Notes Due 2026 [Member]
Capital Stock, Long-Term Debt, and Other Securities [Abstract]
Long Term Debt [Table Text Block]	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 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.
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 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.
4.875% Notes Due 2028 [Member]
Capital Stock, Long-Term Debt, and Other Securities [Abstract]
Long Term Debt [Table Text Block]	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 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.
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 and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements.
8.00% Notes Due 2028 [Member]
Capital Stock, Long-Term Debt, and Other Securities [Abstract]
Long Term Debt [Table Text Block]	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.
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.
7.875% Notes Due 2030 [Member]
Capital Stock, Long-Term Debt, and Other Securities [Abstract]
Long Term Debt [Table Text Block]	7.875% Notes due 2030 In December 2024 , we completed a public offering of the 7.875% 2030 Notes with an aggregate principal amount of $126.5 million, which resulted in net proceeds of approximately $122.4 million after deducting underwriting discounts, commissions and offering costs borne by us. The 7.875% 2030 Notes are traded under the ticker symbol “GAINI” on Nasdaq. The 7.875% 2030 Notes will mature on February 1, 2030 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 February 1, 2027. The 7.875% 2030 Notes bear interest at a rate of 7.875% per year (which equates to $10.0 milli on per year), payable quarterly in arrears. The indenture relating to the 7.875% 2030 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 7.875% 2030 Notes and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. The 7.875% 2030 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 February 1, 2030, the maturity date.
Long Term Debt, Title [Text Block]	7.875% Notes due 2030
Long Term Debt, Structuring [Text Block]	In December 2024 , we completed a public offering of the 7.875% 2030 Notes with an aggregate principal amount of $126.5 million, which resulted in net proceeds of approximately $122.4 million after deducting underwriting discounts, commissions and offering costs borne by us. The 7.875% 2030 Notes are traded under the ticker symbol “GAINI” on Nasdaq. The 7.875% 2030 Notes will mature on February 1, 2030 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 February 1, 2027. The 7.875% 2030 Notes bear interest at a rate of 7.875% per year (which equates to $10.0 milli on per year), payable quarterly in arrears.
Long Term Debt, Dividends and Covenants [Text Block]	The indenture relating to the 7.875% 2030 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 7.875% 2030 Notes and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Unaudited Interim Financial Statements and Basis of Presentation	Unaudited Interim Financial Statements and Basis of Presentation We prepare our interim financial statements in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of SEC Regulation S-X. Accordingly, we have not included in this quarterly report all of the information and notes required by GAAP for annual financial statements. The accompanying Consolidated Financial Statements include our accounts and those of our wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in 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. In our opinion, all adjustments, consisting solely of normal recurring accruals, necessary for the fair statement of financial statements for the interim periods have been included. The results of operations for the three and nine months ended December 31, 2024 are not necessarily indicative of results that ultimately may be achieved for the fiscal year ending March 31, 2025 or any future interim period. The interim financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in our annual report on Form 10-K for the fiscal year ended March 31, 2024, as filed with the SEC on May 8, 2024.
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.
Investment Valuation Policy	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. When there is equity value or sufficient TEV to cover the principal balance of our debt securities, the fair value of our senior secured debt generally equals or approximates cost. 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.
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 December 31, 2024, our loans to B+T Group Acquisition, Inc., Diligent Delivery Systems, Edge Adhesives Holdings, Inc. ("Edge"), and J.R. Hobbs Co. – Atlanta, LLC (“J.R. Hobbs”) were on non-accrual status, with an aggregate debt cost basis of $90.0 million, or 11.5% of the cost basis of all debt investments in our portfolio, and an aggregate fair value of $49.6 million, or 7.0% of the fair value of all debt investments in our portfolio. As of March 31, 2024, our loans to 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. 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 December 31, 2024 and March 31, 2024, 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
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"). 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.

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Investments by Security Type at Fair Value and Investments Valued Using Level 3 Inputs	As of December 31, 2024 and March 31, 2024, 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 December 31, 2024: Secured first lien debt $ 599,911 $ — $ — $ 599,911 Secured second lien debt 108,743 — — 108,743 Preferred equity 308,226 — — 308,226 Common equity/equivalents (A) 50,350 — — 50,350 Total Investments as of December 31, 2024 $ 1,067,230 $ — $ — $ 1,067,230 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 (B) 93,447 Total Investments as of March 31, 2024 $ 920,504 $ — $ 18 $ 920,486 (A) Excludes our investment in Gladstone Alternative with a fair value of $5.0 million as of December 31, 2024. Gladstone Alternative was valued using NAV as a practical expedient. (B) Fair value was determined based on the closing market price of shares of Funko, Inc. (our units in Funko could 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 December 31, 2024 and March 31, 2024, 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 December 31, 2024 March 31, 2024 Non-Control/Non-Affiliate Investments Secured first lien debt $ 386,753 $ 324,348 Secured second lien debt 92,854 93,340 Preferred equity 210,624 162,522 Common equity/equivalents (A) 50,350 42,005 Total Non-Control/Non-Affiliate Investments 740,581 622,215 Affiliate Investments Secured first lien debt 212,654 147,603 Secured second lien debt 15,889 45,363 Preferred equity 97,602 50,958 Common equity/equivalents (B) — 51,442 Total Affiliate Investments 326,145 295,366 Control Investments Secured first lien debt 504 2,905 Secured second lien debt — — Preferred equity — — Common equity/equivalents — — Total Control Investments 504 2,905 Total investments at fair value using Level 3 inputs $ 1,067,230 $ 920,486 (A) Excludes our investment in Funko as of March 31, 2024 with a fair value of $18 thousand, which was valued using Level 2 inputs. (B) Excludes our investment in Gladstone Alternative as of December 31, 2024 with a fair value of $5.0 million, which was valued using NAV as a practical expedient.
Schedule of Fair Value Measurement Inputs and Valuation Techniques	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 Unobservable Range / Weighted-Average as of December 31, March 31, December 31, March 31, Secured first $ 599,911 $ 474,856 TEV EBITDA multiple 2.8x – 11.8x / 6.8x 4.2x – 8.8x / 6.4x EBITDA $969 – $26,000 / $12,328 $1,091 – $23,547 / $10,509 Revenue multiple 0.2x – 0.6x / 0.4x 0.3x – 0.6x / 0.4x Revenue $6,141 – $100,934 / $70,883 $31,586 – $93,916 / $77,580 Secured second 96,229 113,703 TEV EBITDA multiple 5.7x – 7.0x / 6.6x 5.1x – 15.0x / 7.0x EBITDA $4,489 – $23,258 / $14,721 $5,648 – $23,003 / $14,192 12,514 25,000 Yield Analysis Discount Rate 19.7% – 19.7% / 19.7% 13.8% – 13.8% / 13.8% Preferred 308,226 213,480 TEV EBITDA multiple 2.8x – 11.8x / 6.0x 4.2x – 8.8x / 6.1x EBITDA $1,292 – $26,000 / $11,696 $1,091 – $23,547 / $9,502 Revenue multiple 0.2x – 0.6x / 0.3x 0.3x – 0.6x / 0.4x Revenue $6,141 – $100,934 / $52,338 $31,586 – $93,916 / $75,099 Common equity/ equivalents (A)(B) 50,350 93,447 TEV EBITDA multiple 5.5x – 8.1x / 6.6x 5.0x – 15.0x / 6.4x EBITDA $969 – $23,258 / $17,987 $1,154 – $63,269 / $23,615 Total $ 1,067,230 $ 920,486 (A) Fair value as of December 31, 2024 excludes our investment in Gladstone Alternative with a fair value of $5.0 million, which was valued using NAV as a practical expedient. (B) Fair value as of March 31, 2024 excludes our investment in Funko with a fair value of $18 thousand, which was valued using Level 2 inputs.
Schedule of 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 three and nine months ended December 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 Equity Common Total Three Months ended December 31, 2024: Fair value as of September 30, 2024 $ 469,480 $ 111,344 $ 228,528 $ 43,955 $ 853,307 Total gain (loss): Net realized gain (loss) (A) — — — — — Net unrealized appreciation (depreciation) (B) 454 (2,601) 33,081 6,395 37,329 Reversal of previously recorded (appreciation) depreciation upon realization (B) — — — — — New investments, repayments and settlements (C): Issuances / originations 135,477 — 46,617 — 182,094 Settlements / repayments (5,500) — — — (5,500) Sales — — — — — Transfers — — — — — Fair value as of December 31, 2024 $ 599,911 $ 108,743 $ 308,226 $ 50,350 $ 1,067,230 Secured Secured Preferred Equity Common Total Nine Months Ended December 31, 2024 Fair value as of March 31, 2024 $ 474,856 $ 138,703 $ 213,480 $ 93,447 $ 920,486 Total gain (loss): Net realized gain (loss) (A) — — — 42,284 42,284 Net unrealized appreciation (depreciation) (B) (22,020) (4,960) 48,129 1,150 22,299 Reversal of previously recorded (appreciation) depreciation upon realization (B) — — — (38,028) (38,028) New investments, repayments and settlements (C): Issuances / originations 155,575 — 46,617 — 202,192 Settlements / repayments (8,500) (25,000) — — (33,500) Sales — — — (48,503) (48,503) Transfers — — — — — Fair value as of December 31, 2024 $ 599,911 $ 108,743 $ 308,226 $ 50,350 $ 1,067,230 Secured First Lien Debt Secured Second Lien Debt Preferred Equity Common Equity/ Equivalents Total Three Months ended December 31, 2023: Fair value as of September 30, 2023 $ 508,504 $ 102,747 $ 267,596 $ 36,767 $ 915,614 Total gain (loss): Net realized gain (loss) (A) — — 43,459 — 43,459 Net unrealized appreciation (depreciation) (B) (7,040) (4,267) 4,911 3,428 (2,968) Reversal of previously recorded (appreciation) depreciation upon realization (B) (1,338) — (42,228) — (43,566) New investments, repayments and settlements (C) : Issuances / originations 3,500 39,000 — 25,700 68,200 Settlements / repayments (27,500) — — — (27,500) Sales — — (50,453) — (50,453) Transfers (E) — — (8,621) 8,621 — Fair value as of December 31, 2023 $ 476,126 $ 137,480 $ 214,664 $ 74,516 $ 902,786 Secured First Lien Debt Secured Second Lien Debt Preferred Equity Common Equity/ Equivalents Total Nine Months Ended December 31, 2023: 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) — — 43,732 882 44,614 Net unrealized appreciation (depreciation) (B) (6,153) (2,254) 35,234 18,228 45,055 Reversal of previously recorded (appreciation) depreciation upon realization (B) (1,338) — (42,228) (93) (43,659) New investments, repayments and settlements (C) : Issuances / originations 73,600 64,000 14,688 30,700 182,988 Settlements / repayments (27,500) — — — (27,500) Sales (D) — — (50,726) (1,502) (52,228) Transfers (E) — — (8,621) 8,621 — Fair value as of December 31, 2023 $ 476,126 $ 137,480 $ 214,664 $ 74,516 $ 902,786 Included in net realized gain (loss) on investments on our accompanying Consolidated Statements of Operations for the respective three and nine months ended December 31, 2024 and 2023. (B) Included in net unrealized appreciation (depreciation) of investments on our accompanying Consolidated Statements of Operations for the respective three and nine months ended December 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) The nine months ended December 31, 2023 includes $0.3 million of proceeds from the recapitalization of Old World Christmas, Inc. ("Old World"). (E) For the three and nine months ended December 31, 2023, 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.
Schedule of Investment Concentrations	The following table summarizes our investments by security type as of December 31, 2024 and March 31, 2024: December 31, 2024 March 31, 2024 Cost Fair Value Cost Fair Value Secured first lien debt $ 660,499 64.6 % $ 599,911 55.9 % $ 513,425 60.1 % $ 474,856 51.6 % Secured second lien debt 119,958 11.7 % 108,743 10.1 % 144,958 16.9 % 138,703 15.0 % Total debt 780,457 76.3 % 708,654 66.0 % 658,383 77.0 % 613,559 66.6 % Preferred equity 191,687 18.8 % 308,226 28.8 % 145,070 17.0 % 213,480 23.2 % Common equity/equivalents 49,597 4.9 % 55,350 5.2 % 50,837 6.0 % 93,465 10.2 % Total equity/equivalents 241,284 23.7 % 363,576 34.0 % 195,907 23.0 % 306,945 33.4 % Total investments $ 1,021,741 100.0 % $ 1,072,230 100.0 % $ 854,290 100.0 % $ 920,504 100.0 % Investments at fair value consisted of the following industry classifications as of December 31, 2024 and March 31, 2024: December 31, 2024 March 31, 2024 Fair Value Percentage of Fair Value Percentage of Total Investments Diversified/Conglomerate Services $ 167,188 15.6 % $ 264,535 28.7 % Home and Office Furnishings, Housewares, and Durable Consumer Products 164,017 15.3 % 160,038 17.3 % Hotels, Motels, Inns, and Gaming 116,534 10.9 % 77,366 8.4 % Aerospace and Defense 108,464 10.1 % 29,064 3.2 % Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) 100,919 9.4 % 92,781 10.1 % Leisure, Amusement, Motion Pictures, and Entertainment 74,334 6.9 % 39,350 4.3 % Electronics 71,321 6.7 % — — % Oil and Gas 67,775 6.3 % 51,171 5.6 % Buildings and Real Estate 61,703 5.8 % 60,431 6.6 % Healthcare, Education, and Childcare 44,131 4.1 % 49,638 5.4 % Mining, Steel, Iron and Non-Precious Metals 35,586 3.3 % 30,537 3.3 % Chemicals, Plastics, and Rubber 15,889 1.5 % 20,363 2.2 % Printing and Publishing 14,400 1.3 % 14,238 1.5 % Cargo Transport 12,514 1.2 % 13,500 1.5 % Telecommunications 6,796 0.6 % 9,002 1.0 % Other < 2.0% 10,659 1.0 % 8,490 0.9 % Total investments $ 1,072,230 100.0 % $ 920,504 100.0 % Investments at fair value were included in the following geographic regions of the U.S. and Canada as of December 31, 2024 and March 31, 2024: December 31, 2024 March 31, 2024 Location Fair Value Percentage of Fair Value Percentage of United States Northeast $ 305,374 28.5 % $ 207,870 22.6 % South 295,954 27.6 % 346,838 37.7 % Midwest 222,587 20.8 % 141,925 15.4 % West 221,135 20.6 % 223,871 24.3 % Canada 27,180 2.5 % — — % Total investments $ 1,072,230 100.0 % $ 920,504 100.0 %
Schedule of Investment Principal Repayments	The following table summarizes the contractual principal repayment and maturity of our investment portfolio by fiscal year, assuming no voluntary prepayments, as of December 31, 2024: Amount For the remaining three months ending March 31, 2025 $ 49,060 For the fiscal years ending March 31: 2026 215,780 2027 219,486 2028 66,231 2029 100,394 Thereafter 129,506 Total contractual repayments $ 780,457 Investments in equity securities 241,284 Total cost basis of investments held as of December 31, 2024: $ 1,021,741

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions and Related Party Fees Due	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 : Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Average total assets subject to base management fee (A) $ 974,400 $ 920,400 $ 929,133 $ 858,267 Multiplied by prorated annual base management fee of 2.0% 0.5 % 0.5 % 1.5 % 1.5 % Base management fee (B) 4,872 4,602 13,937 12,874 Credits to fees from Adviser - other (B) (2,851) (1,793) (4,147) (5,117) Net base management fee $ 2,021 $ 2,809 $ 9,790 $ 7,757 Loan servicing fee (B) 2,405 2,332 6,821 6,829 Credits to base management fee - loan servicing fee (B) (2,405) (2,332) (6,821) (6,829) Net loan servicing fee $ — $ — $ — $ — Incentive fee – income-based $ 1,887 $ 2,282 $ 2,481 $ 6,142 Incentive fee – capital gains-based (C) 7,466 (615) 5,316 9,259 Total incentive fee (B) $ 9,353 $ 1,667 $ 7,797 $ 15,401 Credits to fees from Adviser - other (B) — — — — Net total incentive fee $ 9,353 $ 1,667 $ 7,797 $ 15,401 (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 December 31, As of March 31, 2024 2024 Base management and loan servicing fee due to Adviser, net of credits $ 238 $ 2,386 Incentive fee due to Adviser (A) 43,945 38,936 Other due to Adviser 122 22 Total fees due to Adviser 44,305 41,344 Fee due to Administrator 618 727 Total related party fees due $ 44,923 $ 42,071 (A) Includes a capital gains-based incentive fee of $37.2 million and $36.7 million as of December 31, 2024 and March 31, 2024, 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)	9 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Information Related to the Credit Facility	The following tables summarize noteworthy information related to the Credit Facility: As of December 31, 2024 As of March 31, 2024 Commitment amount $ 200,000 $ 200,000 Borrowings outstanding at cost $ 91,500 $ 67,000 Availability (A) $ 108,500 $ 133,000 For the Three Months Ended December 31, For the Nine Months Ended December 31, 2024 2023 2024 2023 Weighted-average borrowings outstanding $ 41,921 $ 77,359 $ 55,792 $ 57,135 Effective interest rate (B) 11.8 % 9.2 % 11.1 % 10.2 % Commitment (unused) fees incurred $ 406 $ 113 $ 1,067 $ 777 (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 $108.5 million and $133.0 million as of December 31, 2024 and March 31, 2024, respectively. (B) Excludes the impact of deferred financing costs and includes unused commitment fees.
Schedule of Recurring Fair Value Measurements of Borrowings Using Significant Unobservable Level 3 Inputs	The following tables provide relevant information and disclosures about the Credit Facility as of December 31, 2024 and March 31, 2024 and for the three and nine months ended December 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) December 31, 2024 March 31, 2024 Credit Facility $ 91,500 $ 67,000 Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3) Reported in Consolidated Statements of Assets and Liabilities Credit Facility Three Months Ended December 31, 2024: Fair value at September 30, 2024 $ 8,900 Borrowings 144,200 Repayments (61,600) Fair value at December 31, 2024 $ 91,500 Nine Months Ended December 31, 2024 Fair value at March 31, 2024 $ 67,000 Borrowings 192,000 Repayments (167,500) Fair value at December 31, 2024 $ 91,500 Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3) Reported in Consolidated Statements of Assets and Liabilities Credit Facility Three Months Ended December 31, 2023: Fair value at September 30, 2023 $ 79,208 Borrowings 104,900 Repayments (101,600) Unrealized appreciation 92 Fair value at December 31, 2023 $ 82,600 Nine Months Ended December 31, 2023 Fair value at March 31, 2023 $ 35,171 Borrowings 231,900 Repayments (184,500) Unrealized appreciation 29 Fair value at December 31, 2023 $ 82,600
Schedule of Debt	The following tables summarize our 5.00% 2026 Notes, 4.875% 2028 Notes, 8.00% 2028 Notes and 7.875% 2030 Notes as of December 31, 2024 and March 31, 2024: As of December 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 7.875% 2030 Notes GAINI December 17, 2024 February 1, 2030 7.875% 5,060,000 $ 25.00 126,500 Notes payable, gross (B) 18,549,500 463,738 Less: Unamortized Discounts (8,680) Notes payable, net (C) $ 455,058 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 (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. The 7.875% 2030 Notes can be redeemed at our option at any time on or after February 1, 2027. (B) As of December 31, 2024 and March 31, 2024, asset coverage on our senior securities representing indebtedness, calculated pursuant to Sections 18 and 61 of the 1940 Act, was 185.9% and 219.0%, respectively. (C) Reflected as a line item on our accompanying Consolidated Statements of Assets and Liabilities .

NET INCREASE (DECREASE) IN NE_2

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER WEIGHTED-AVERAGE COMMON SHARE (Tables)	9 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Increase 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 three and nine months ended December 31, 2024 and 2023: Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Net increase in net assets resulting from operations $ 38,490 $ 6,579 $ 47,446 $ 62,721 Basic and diluted weighted-average common shares 36,727,873 34,351,597 36,701,783 33,921,300 Basic and diluted net increase in net assets resulting from operations per weighted-average common share $ 1.05 $ 0.19 $ 1.29 $ 1.85

DISTRIBUTIONS TO COMMON STOCK_2

DISTRIBUTIONS TO COMMON STOCKHOLDERS (Tables)	9 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Cash Distributions to Common Stockholders	We paid the following cash distributions to our common stockholders for the nine months ended December 31, 2024 and 2023: For the Nine Months Ended December 31, 2024 : Declaration Date Record Date Payment Date Distribution per April 9, 2024 April 19, 2024 April 30, 2024 $ 0.08 April 9, 2024 May 17, 2024 May 31, 2024 0.08 April 9, 2024 June 19, 2024 June 28, 2024 0.08 July 9, 2024 July 22, 2024 July 31, 2024 0.08 July 9, 2024 August 21, 2024 August 30, 2024 0.08 July 9, 2024 September 20, 2024 September 30, 2024 0.08 September 17, 2024 October 4, 2024 October 15, 2024 0.70 (A) October 8, 2024 October 22, 2024 October 31, 2024 0.08 October 8, 2024 November 20, 2024 November 29, 2024 0.08 October 8, 2024 December 20, 2024 December 31, 2024 0.08 Nine Months Ended December 31, 2024 $ 1.42 For the Nine Months Ended December 31, 2023 : Declaration Date Record Date Payment Date Distribution per April 11, 2023 April 21, 2023 April 28, 2023 $ 0.08 April 11, 2023 May 23, 2023 May 31, 2023 0.08 April 11, 2023 June 5, 2023 June 15, 2023 0.12 (A) April 11, 2023 June 21, 2023 June 30, 2023 0.08 July 11, 2023 July 21, 2023 July 31, 2023 0.08 July 11, 2023 August 23, 2023 August 31, 2023 0.08 July 11, 2023 September 7, 2023 September 15, 2023 0.12 (A) July 11, 2023 September 21, 2023 September 29, 2023 0.08 October 10, 2023 October 20, 2023 October 31, 2023 0.08 October 10, 2023 November 7, 2023 November 17, 2023 0.12 (A) October 10, 2023 November 20, 2023 November 30, 2023 0.08 October 24, 2023 December 5, 2023 December 15, 2023 0.88 (A) October 10, 2023 December 18, 2023 December 29, 2023 0.08 Nine Months Ended December 31, 2023 $ 1.96 (A) Represents a supplemental distribution to common stockholders.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Principal Balances of Unused Line of Credit	The following table summarizes the principal balances of unused line of credit as of December 31, 2024 and March 31, 2024, which are not reflected as liabilities in the accompanying Consolidated Statements of Assets and Liabilities: December 31, 2024 March 31, 2024 Unused line of credit commitments $ 4,817 $ 2,394 Total $ 4,817 $ 2,394

FINANCIAL HIGHLIGHTS (Tables)

FINANCIAL HIGHLIGHTS (Tables)	9 Months Ended
	Dec. 31, 2024
Investment Company [Abstract]
Schedule of Investment Company, Financial Highlights	Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Per Common Share Data: Net asset value at beginning of period (A) $ 12.49 $ 14.03 $ 13.43 $ 13.09 Income from investment operations (B) Net investment income 0.03 0.28 0.57 0.49 Net realized gain — 1.27 1.15 1.32 Net unrealized appreciation/(depreciation) 1.02 (1.36) (0.43) 0.04 Total income from investment operations 1.05 0.19 1.29 1.85 Effect of equity capital activity (B) Cash distributions to common stockholders from net investment income (C) (0.16) (0.43) (0.64) (0.84) Cash distributions to common stockholders from net realized gains (C) (0.08) (0.81) (0.78) (1.12) Discounts, commissions and offering costs 0.00 (0.01) 0.00 (0.01) Net accretive effect of equity offering (D) 0.00 0.05 0.00 0.05 Total from equity capital activity (0.24) (1.20) (1.42) (1.92) Other, net (B)(E) — (0.01) — (0.01) Net asset value at end of period (A) $ 13.30 $ 13.01 $ 13.30 $ 13.01 Per common share market value at beginning of period $ 14.45 $ 12.74 $ 14.23 $ 13.25 Per common share market value at end of period $ 13.25 $ 14.15 $ 13.25 $ 14.15 Total investment return (F) (2.04) % 20.85 % 2.95 % 22.72 % Common stock outstanding at end of period (A) 36,837,381 35,351,954 36,837,381 35,351,954 Statement of Assets and Liabilities Data : Net assets at end of period $ 490,053 $ 459,941 $ 490,053 $ 459,941 Average net assets (G) $ 460,414 $ 475,007 $ 473,082 $ 455,627 Senior Securities Data : Total borrowings, at cost $ 555,238 $ 419,838 $ 555,238 $ 419,838 Ratios/Supplemental Data: Ratio of net expenses to average net assets – annualized (H) 17.56 % 11.23 % 19.13 % 13.78 % Ratio of net investment income to average net assets – annualized (I) 1.01 % 8.21 % 8.82 % 4.80 % (A) B ased on actual shares of common stock outstanding at the beginning or end of the corresponding period, as appropriate. (B) Based on weighted-average basic common share data for the corresponding period. (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 8 — Distributions to Common Stockholders . (D) During the three and nine months ended December 31, 2023, the accretive effect is a result of issuing common shares at a price above the then current NAV per share. (E) Represents the impact of the different share amounts (weighted-average basic common shares outstanding for the corresponding period and actual common shares outstanding at the end of the period) 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 period, 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 8 — Distributions to Common Stockholders . (G) Calculated using the average balance of net assets at the end of each month of the reporting period. (H) 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 - annualized would have been 22.12% and 14.70% for the three months ended December 31, 2024 and 2023, respectively, and 23.77% and 17.27% for the nine months ended December 31, 2024 and 2023, respectively. (I) Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of net investment (loss) income to average net assets - annualized would have been (3.56)% and 4.73% for the three months ended December 31, 2024 and 2023, respectively, and 4.18% and 1.32% for the nine months ended December 31, 2024 and 2023, respectively.

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	9 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Schedule of Distributions to Common Stockholders	In January 2025, our Board of Directors declared the following monthly distributions to common stockholders: Record Date Payment Date Distribution per Common Share January 24, 2025 January 31, 2025 $ 0.08 February 19, 2025 February 28, 2025 0.08 March 19, 2025 March 31, 2025 0.08 Total for the Quarter: $ 0.24

ORGANIZATION (Details)

ORGANIZATION (Details)	Dec. 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	76.30%
Investment portfolio, equity investments, actual percent	23.70%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Summary of Investment Holdings [Line Items]
Cost	$ 1,021,741	$ 854,290	[1]
Fair Value	1,072,230	920,504	[1]
B+T Group Acquisition, Inc., Edge Adhesives Holdings Inc., and J.R. Hobbs Co
Summary of Investment Holdings [Line Items]
Cost	$ 90,000
Cost percentage	11.50%
Fair Value	$ 49,600
Fair value percentage	7%
Edge 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%
[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.

INVESTMENTS - Schedule of Inves

INVESTMENTS - Schedule of Investments by Security Type at Fair Value and Investments Valued Using Level 3 Inputs (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	$ 1,067,230	$ 920,504
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	0	18
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	1,067,230	920,486
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	1,067,230	920,486
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	740,581	622,215
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	326,145	295,366
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	504	2,905
Secured first lien debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	599,911	474,856
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	599,911	474,856
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	386,753	324,348
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	212,654	147,603
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	504	2,905
Secured second lien debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	108,743	138,703
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	108,743	138,703
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	92,854	93,340
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	15,889	45,363
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	308,226	213,480
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	308,226	213,480
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	210,624	162,522
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	97,602	50,958
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	50,350	93,465
Common equity/equivalents | Gladstone Alternative Income Fund ("GALT")
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	5,000
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	0	18
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
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	50,350	93,447
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	50,350	42,005
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	0	51,442
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	$ 0

INVESTMENTS - Schedule of Fair

INVESTMENTS - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) $ in Thousands	Dec. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 1,072,230	$ 920,504	[1]
Investments at fair value	1,067,230	920,504
Secured First Lien Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	599,911	474,856
Secured Second Lien Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	108,743	138,703
Preferred Equity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	308,226	213,480
Common Equity/ Equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	50,350	93,465
Common Equity/ Equivalents | Gladstone Alternative Income Fund ("GALT")
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	5,000
Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	1,067,230	920,486
Investments at fair value	1,067,230	920,486
Significant Unobservable Inputs (Level 3) | Secured First Lien Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	599,911	474,856
Significant Unobservable Inputs (Level 3) | Secured Second Lien Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	108,743	138,703
Significant Unobservable Inputs (Level 3) | Preferred Equity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	308,226	213,480
Significant Unobservable Inputs (Level 3) | Common Equity/ Equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	50,350	93,447
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Secured First Lien Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	599,911	474,856
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Secured Second Lien Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	96,229	113,703
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Preferred Equity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	308,226	213,480
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Common Equity/ Equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 50,350	$ 93,447
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	2.8	4.2
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	11.8	8.8
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	6.8	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	5.7	5.1
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	7	15
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	6.6	7
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	2.8	4.2
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	11.8	8.8
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	6.1
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	5.5	5
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	8.1	15
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	6.6	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	$ 969	$ 1,091
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	26,000	23,547
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	12,328	10,509
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	4,489	5,648
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	23,258	23,003
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	14,721	14,192
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Preferred Equity | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	1,292	1,091
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Preferred Equity | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	26,000	23,547
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Preferred Equity | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	11,696	9,502
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Common Equity/ Equivalents | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	969	1,154
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Common Equity/ Equivalents | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	23,258	63,269
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	$ 17,987	$ 23,615
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	0.2	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	0.4
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	0.2	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	0.3	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	$ 6,141	$ 31,586
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	100,934	93,916
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	70,883	77,580
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Preferred Equity | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	6,141	31,586
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Preferred Equity | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	100,934	93,916
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Preferred Equity | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	52,338	75,099
Significant Unobservable Inputs (Level 3) | Yield Analysis | Secured Second Lien Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 12,514	$ 25,000
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	0.197	0.138
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	0.197	0.138
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	0.197	0.138
Significant Other Observable Inputs (Level 2)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 0	$ 18
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	$ 0	18
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
[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.

INVESTMENTS - Schedule of Chang

INVESTMENTS - Schedule of Changes in Level 3 Fair Value Measurements of Investments (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024		Sep. 30, 2023	Mar. 31, 2023
New investments, repayments and settlements:
Cost		$ 1,021,741		$ 1,021,741		$ 854,290	[1]
Fair Value		1,072,230		1,072,230		920,504	[1]
Old World Christmas, Inc.
New investments, repayments and settlements:
Realized gain (loss) on preferred equity					$ 300
SFEG Holdings, Inc
New investments, repayments and settlements:
Cost			$ 4,800		4,800
Fair Value			8,600		8,600
Total
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 853,307	1,067,230	902,786	1,067,230	902,786	920,486		$ 915,614	$ 753,516
New investments, repayments and settlements:
Issuances / originations		182,094	68,200	202,192	182,988
Settlements / repayments		(5,500)	(27,500)	(33,500)	(27,500)
Sales		0	(50,453)	(48,503)	(52,228)
Transfers		0	0	0	0
Ending balance	853,307	1,067,230	902,786	1,067,230	902,786
Total | Debt and Equity Securities, Realized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gain (loss)		0	43,459	42,284	44,614
Total | Debt and Equity Securities, Unrealized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gain (loss)		37,329	(2,968)	22,299	45,055
Reversal of previously recorded (appreciation) depreciation upon realization		0	(43,566)	(38,028)	(43,659)
Secured First Lien Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	469,480	599,911	476,126	599,911	476,126	474,856		508,504	437,517
New investments, repayments and settlements:
Issuances / originations		135,477	3,500	155,575	73,600
Settlements / repayments		(5,500)	(27,500)	(8,500)	(27,500)
Sales		0	0	0	0
Transfers		0	0	0	0
Ending balance	469,480	599,911	476,126	599,911	476,126
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)		0	0	0	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)		454	(7,040)	(22,020)	(6,153)
Reversal of previously recorded (appreciation) depreciation upon realization		0	(1,338)	0	(1,338)
Secured Second Lien Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	111,344	108,743	137,480	108,743	137,480	138,703		102,747	75,734
New investments, repayments and settlements:
Issuances / originations		0	39,000	0	64,000
Settlements / repayments		0	0	(25,000)	0
Sales		0	0	0	0
Transfers		0	0	0	0
Ending balance	111,344	108,743	137,480	108,743	137,480
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)		0	0	0	0
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)		(2,601)	(4,267)	(4,960)	(2,254)
Reversal of previously recorded (appreciation) depreciation upon realization		0	0	0	0
Preferred Equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	228,528	308,226	214,664	308,226	214,664	213,480		267,596	222,585
New investments, repayments and settlements:
Issuances / originations		46,617	0	46,617	14,688
Settlements / repayments		0	0	0	0
Sales		0	(50,453)	0	(50,726)
Transfers		0	(8,621)	0	(8,621)
Ending balance	228,528	308,226	214,664	308,226	214,664
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)		0	43,459	0	43,732
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)		33,081	4,911	48,129	35,234
Reversal of previously recorded (appreciation) depreciation upon realization		0	(42,228)	0	(42,228)
Common Equity/ Equivalents
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	43,955	50,350	74,516	50,350	74,516	$ 93,447		$ 36,767	$ 17,680
New investments, repayments and settlements:
Issuances / originations		0	25,700	0	30,700
Settlements / repayments		0	0	0	0
Sales		0	0	(48,503)	(1,502)
Transfers		0	8,621	0	8,621
Ending balance	$ 43,955	50,350	74,516	50,350	74,516
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)		0	0	42,284	882
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)		6,395	3,428	1,150	18,228
Reversal of previously recorded (appreciation) depreciation upon realization		$ 0	$ 0	$ (38,028)	$ (93)
[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.

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) $ in Thousands	1 Months Ended					3 Months Ended		9 Months Ended
	Dec. 31, 2024 USD ($) state portfolioCompany industry	Nov. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jul. 31, 2024 USD ($)	May 31, 2024 USD ($)	Dec. 31, 2024 USD ($) state portfolioCompany industry	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) state portfolioCompany industry	Dec. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)
Summary of Investment Holdings [Line Items]
Principal repayments of investments								$ 33,500	$ 27,500
Purchase of investments								207,192	182,988
Success fee income						$ 843	$ 1,382	$ 2,546	$ 1,382
Number of investment portfolio company | portfolioCompany	26					26		26
Number of states or countries which have invested in the company location | state	20					20		20
Number of industries that have made investments | industry	17					17		17
Fair Value	$ 1,072,230					$ 1,072,230		$ 1,072,230		$ 920,504	[1]
Uncollectible receivables allowance, minimum required day for uncollectible adjustment								90 days
Gross receivables from portfolio companies	2,400					2,400		$ 2,400		2,200
Allowance for uncollectible receivables	1,600					1,600		1,600		1,400
Secured First Lien Debt
Summary of Investment Holdings [Line Items]
Fair Value	599,911					599,911		599,911		474,856
Preferred Equity
Summary of Investment Holdings [Line Items]
Fair Value	308,226					308,226		308,226		$ 213,480
Five Largest Portfolio Investments | Investment Portfolio Benchmark | Customer Concentration Risk
Summary of Investment Holdings [Line Items]
Fair Value	443,500					$ 443,500		$ 443,500
Percentage of Total Investments								41.40%
Funko Acquisition Holdings, LLC
Summary of Investment Holdings [Line Items]
Principal repayments of investments					$ 21
Realized gain on preferred equity					$ 2
Nocturne Villa Rentals, Inc.
Summary of Investment Holdings [Line Items]
Purchase of investments				$ 18,500
Nth Degree Investment Group, LLC
Summary of Investment Holdings [Line Items]
Principal repayments of investments			$ 25,000
Realized gain on preferred equity			42,300
Success fee income			$ 100
Pyrotek Special Effects, Inc. ("Pyrotek")
Summary of Investment Holdings [Line Items]
Purchase of investments		$ 27,200
Pyrotek Special Effects, Inc. ("Pyrotek") | Secured First Lien Debt
Summary of Investment Holdings [Line Items]
Purchase of investments		20,100
Pyrotek Special Effects, Inc. ("Pyrotek") | Preferred Equity
Summary of Investment Holdings [Line Items]
Purchase of investments		$ 7,100
Gladstone Alternative Income Fund ("GALT")
Summary of Investment Holdings [Line Items]
Purchase of investments	5,000
Nielsen-Kellerman, Inc. ("Nielsen-Kellerman")
Summary of Investment Holdings [Line Items]
Purchase of investments	71,300
Nielsen-Kellerman, Inc. ("Nielsen-Kellerman") | Secured First Lien Debt
Summary of Investment Holdings [Line Items]
Purchase of investments	49,100
Nielsen-Kellerman, Inc. ("Nielsen-Kellerman") | Preferred Equity
Summary of Investment Holdings [Line Items]
Purchase of investments	22,200
Ricardo Defense, Inc. ("Ricardo")
Summary of Investment Holdings [Line Items]
Purchase of investments	78,700
Ricardo Defense, Inc. ("Ricardo") | Secured First Lien Debt
Summary of Investment Holdings [Line Items]
Purchase of investments	61,300
Ricardo Defense, Inc. ("Ricardo") | Preferred Equity
Summary of Investment Holdings [Line Items]
Purchase of investments	$ 17,400
[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.

INVESTMENTS - Schedule of Inv_2

INVESTMENTS - Schedule of Investment Concentrations (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Mar. 31, 2024
Summary of Investment Holdings [Line Items]
Cost	$ 1,021,741	$ 854,290	[1]
Fair Value	1,072,230	920,504	[1]
Northeast
Summary of Investment Holdings [Line Items]
Fair Value	305,374	207,870
South
Summary of Investment Holdings [Line Items]
Fair Value	295,954	346,838
Midwest
Summary of Investment Holdings [Line Items]
Fair Value	222,587	141,925
West
Summary of Investment Holdings [Line Items]
Fair Value	221,135	223,871
Canada
Summary of Investment Holdings [Line Items]
Fair Value	27,180	0
Diversified/Conglomerate Services
Summary of Investment Holdings [Line Items]
Fair Value	167,188	264,535
Home and Office Furnishings, Housewares, and Durable Consumer Products
Summary of Investment Holdings [Line Items]
Fair Value	164,017	160,038
Hotels, Motels, Inns, and Gaming
Summary of Investment Holdings [Line Items]
Fair Value	116,534	77,366
Aerospace and Defense
Summary of Investment Holdings [Line Items]
Fair Value	108,464	29,064
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic)
Summary of Investment Holdings [Line Items]
Fair Value	100,919	92,781
Leisure, Amusement, Motion Pictures, and Entertainment
Summary of Investment Holdings [Line Items]
Fair Value	74,334	39,350
Electronics
Summary of Investment Holdings [Line Items]
Fair Value	71,321	0
Oil and Gas
Summary of Investment Holdings [Line Items]
Fair Value	67,775	51,171
Buildings and Real Estate
Summary of Investment Holdings [Line Items]
Fair Value	61,703	60,431
Healthcare, Education, and Childcare
Summary of Investment Holdings [Line Items]
Fair Value	44,131	49,638
Mining, Steel, Iron and Non-Precious Metals
Summary of Investment Holdings [Line Items]
Fair Value	35,586	30,537
Chemicals, Plastics, and Rubber
Summary of Investment Holdings [Line Items]
Fair Value	15,889	20,363
Printing and Publishing
Summary of Investment Holdings [Line Items]
Fair Value	14,400	14,238
Cargo Transport
Summary of Investment Holdings [Line Items]
Fair Value	12,514	13,500
Telecommunications
Summary of Investment Holdings [Line Items]
Fair Value	6,796	9,002
Other less than 2.0%
Summary of Investment Holdings [Line Items]
Fair Value	$ 10,659	$ 8,490
Investment Owned, at Cost | Investment Type Concentration Risk
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	100%	100%
Investment Owned, at Fair Value | Investment Type Concentration Risk
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	100%	100%
Investment Owned, at Fair Value | Industry Concentration Risk
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	100%	100%
Investment Owned, at Fair Value | Industry Concentration Risk | Diversified/Conglomerate Services
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	15.60%	28.70%
Investment Owned, at Fair Value | Industry Concentration Risk | Home and Office Furnishings, Housewares, and Durable Consumer Products
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	15.30%	17.30%
Investment Owned, at Fair Value | Industry Concentration Risk | Hotels, Motels, Inns, and Gaming
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	10.90%	8.40%
Investment Owned, at Fair Value | Industry Concentration Risk | Aerospace and Defense
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	10.10%	3.20%
Investment Owned, at Fair Value | Industry Concentration Risk | Machinery (Non-Agriculture, Non-Construction, and Non-Electronic)
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	9.40%	10.10%
Investment Owned, at Fair Value | Industry Concentration Risk | Leisure, Amusement, Motion Pictures, and Entertainment
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	6.90%	4.30%
Investment Owned, at Fair Value | Industry Concentration Risk | Electronics
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	6.70%	0%
Investment Owned, at Fair Value | Industry Concentration Risk | Oil and Gas
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	6.30%	5.60%
Investment Owned, at Fair Value | Industry Concentration Risk | Buildings and Real Estate
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	5.80%	6.60%
Investment Owned, at Fair Value | Industry Concentration Risk | Healthcare, Education, and Childcare
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	4.10%	5.40%
Investment Owned, at Fair Value | Industry Concentration Risk | Mining, Steel, Iron and Non-Precious Metals
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	3.30%	3.30%
Investment Owned, at Fair Value | Industry Concentration Risk | Chemicals, Plastics, and Rubber
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	1.50%	2.20%
Investment Owned, at Fair Value | Industry Concentration Risk | Printing and Publishing
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	1.30%	1.50%
Investment Owned, at Fair Value | Industry Concentration Risk | Cargo Transport
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	1.20%	1.50%
Investment Owned, at Fair Value | Industry Concentration Risk | Telecommunications
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	0.60%	1%
Investment Owned, at Fair Value | Industry Concentration Risk | Other less than 2.0%
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	1%	0.90%
Investment Owned, at Fair Value | Geographic Regions Risk
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	100%	100%
Investment Owned, at Fair Value | Geographic Regions Risk | Northeast
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	28.50%	22.60%
Investment Owned, at Fair Value | Geographic Regions Risk | South
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	27.60%	37.70%
Investment Owned, at Fair Value | Geographic Regions Risk | Midwest
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	20.80%	15.40%
Investment Owned, at Fair Value | Geographic Regions Risk | West
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	20.60%	24.30%
Investment Owned, at Fair Value | Geographic Regions Risk | Canada
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	2.50%	0%
Total debt
Summary of Investment Holdings [Line Items]
Cost	$ 780,457	$ 658,383
Fair Value	$ 708,654	$ 613,559
Total debt | Investment Owned, at Cost | Investment Type Concentration Risk
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	76.30%	77%
Total debt | Investment Owned, at Fair Value | Investment Type Concentration Risk
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	66%	66.60%
Secured First Lien Debt
Summary of Investment Holdings [Line Items]
Cost	$ 660,499	$ 513,425
Fair Value	$ 599,911	$ 474,856
Secured First Lien Debt | Investment Owned, at Cost | Investment Type Concentration Risk
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	64.60%	60.10%
Secured First Lien Debt | Investment Owned, at Fair Value | Investment Type Concentration Risk
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	55.90%	51.60%
Secured Second Lien Debt
Summary of Investment Holdings [Line Items]
Cost	$ 119,958	$ 144,958
Fair Value	$ 108,743	$ 138,703
Secured Second Lien Debt | Investment Owned, at Cost | Investment Type Concentration Risk
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	11.70%	16.90%
Secured Second Lien Debt | Investment Owned, at Fair Value | Investment Type Concentration Risk
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	10.10%	15%
Total equity/equivalents
Summary of Investment Holdings [Line Items]
Cost	$ 241,284	$ 195,907
Fair Value	$ 363,576	$ 306,945
Total equity/equivalents | Investment Owned, at Cost | Investment Type Concentration Risk
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	23.70%	23%
Total equity/equivalents | Investment Owned, at Fair Value | Investment Type Concentration Risk
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	34%	33.40%
Preferred Equity
Summary of Investment Holdings [Line Items]
Cost	$ 191,687	$ 145,070
Fair Value	$ 308,226	$ 213,480
Preferred Equity | Investment Owned, at Cost | Investment Type Concentration Risk
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	18.80%	17%
Preferred Equity | Investment Owned, at Fair Value | Investment Type Concentration Risk
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	28.80%	23.20%
Common Equity/ Equivalents
Summary of Investment Holdings [Line Items]
Cost	$ 49,597	$ 50,837
Fair Value	$ 55,350	$ 93,465
Common Equity/ Equivalents | Investment Owned, at Cost | Investment Type Concentration Risk
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	4.90%	6%
Common Equity/ Equivalents | Investment Owned, at Fair Value | Investment Type Concentration Risk
Summary of Investment Holdings [Line Items]
Percentage of Total Investments	5.20%	10.20%
[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.

INVESTMENTS - Schedule of Inv_3

INVESTMENTS - Schedule of Investment Principal Repayments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024	[1]
Investments, Debt and Equity Securities [Abstract]
Remainder of fiscal year	$ 49,060
2026	215,780
2027	219,486
2028	66,231
2029	100,394
Thereafter	129,506
Total contractual repayments	780,457
Investments in equity securities	241,284
Total cost basis of investments held	$ 1,021,741	$ 854,290
[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.

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Related Party Transaction [Line Items]
Base management fee (as a percent)		2%	2%	2%	2%
Base management fee, percent fee				100%
Investment company, excess expense reimbursable		$ 163,000	$ 57,000	$ 315,000	$ 215,000
Maximum base management fee paid cannot exceed a percentage of total assets				2%
Ratio of net investment income (loss) to average net assets – annualized		(3.56%)	4.73%	4.18%	1.32%
Investment company, capital gains-based incentive fees				$ 4,900,000		$ 1,100,000
Investment company, capital gains-based incentive fees payable (reversal)		$ 7,500,000	$ (600,000)	5,300,000	$ 9,300,000
Accrued capital gains-based incentive fee		42,100,000		42,100,000		36,700,000
Administration fee	[1]	405,000	450,000	1,478,000	1,306,000
Success fee income		843,000	1,382,000	2,546,000	1,382,000
Related Party
Related Party Transaction [Line Items]
Success fee income		1,700,000	$ 0	1,900,000	$ 300,000
Due from related parties		$ 100,000		100,000		$ 100,000
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%		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]
Ownership percentage by parent		100%		100%
Administrator | Chief Executive Officer | Related Party
Related Party Transaction [Line Items]
Ownership percentage by parent		100%		100%
Gladstone Securities, LLC | Chief Executive Officer | Related Party
Related Party Transaction [Line Items]
Ownership percentage by parent		100%		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		3 Months Ended		9 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Related Party Transactions [Abstract]
Average total assets subject to base management fee		$ 974,400	$ 920,400	$ 929,133	$ 858,267
Multiplied by prorated annual base management fee of 2.0%		0.50%	0.50%	1.50%	1.50%
Base management fee	[1]	$ 4,872	$ 4,602	$ 13,937	$ 12,874
Credits to fees from adviser - other		(2,851)	(1,793)	(4,147)	(5,117)
Net base management fee		2,021	2,809	9,790	7,757
Loan servicing fee	[1]	2,405	2,332	6,821	6,829
Credits to base management fee – loan servicing fee		(2,405)	(2,332)	(6,821)	(6,829)
Net loan servicing fee		0	0	0	0
Incentive fee – income-based		1,887	2,282	2,481	6,142
Incentive fee – capital gains-based		7,466	(615)	5,316	9,259
Total incentive fee		9,353	1,667	7,797	15,401
Credits to fees from adviser - other		0	0	0	0
Net total incentive fee	[1]	$ 9,353	$ 1,667	$ 7,797	$ 15,401
Base management fee (as a percent)		2%	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		Dec. 31, 2024	Mar. 31, 2024
Related Party Transaction [Line Items]
Capital gains-based incentive fee		$ 37,200
Related Party
Related Party Transaction [Line Items]
Total related party fees due		44,923	$ 42,071
Related Party | Adviser
Related Party Transaction [Line Items]
Total related party fees due	[1]	44,305	41,344
Related Party | Administrator
Related Party Transaction [Line Items]
Total related party fees due	[1]	618	727
Related Party | Base management and loan servicing fee due to Adviser, net of credits
Related Party Transaction [Line Items]
Base management and loan servicing fee due to Adviser, net of credits		238	2,386
Related Party | Incentive Fee Due to Adviser
Related Party Transaction [Line Items]
Total related party fees due		43,945	38,936
Related Party | Other due to Adviser
Related Party Transaction [Line Items]
Total related party fees due		$ 122	$ 22
[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	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Mar. 31, 2024
Debt Instrument [Line Items]
Indebtedness asset coverage on our senior securities	185.90%	219%
Credit Facility | Line of Credit
Debt Instrument [Line Items]
Unused fee percentage	0.75%	1%
Credit Facility | Revolving Line of Credit | Line of Credit
Debt Instrument [Line Items]
Commitment amount	$ 200,000	$ 200,000
Debt instrument, variable rate floor	0.35%	0.35%
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	$ 412,900
Indebtedness asset coverage on our senior securities	185.90%
Senior security, indebtedness, asset coverage amount	$ 943,900
Credit Facility | Revolving Line of Credit | Line of Credit | Minimum
Debt Instrument [Line Items]
Indebtedness asset coverage on our senior securities	150%
Credit Facility | Revolving Line of Credit | Line of Credit | Less Than or Equal to 50% of Commitment
Debt Instrument [Line Items]
Unused fee percentage	0.50%
Credit Facility | Revolving Line of Credit | 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 | Revolving Line of Credit | Line of Credit | Greater Than 65% of Commitment
Debt Instrument [Line Items]
Unused fee percentage	1%
Credit Facility | Revolving Line of Credit | Line of Credit | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, variable rate floor	0.35%
Credit Facility | Revolving Line of Credit | Line of Credit | SOFR, Adjustment
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.10%	0.10%
Credit Facility | Revolving Line of Credit | Line of Credit | SOFR, Tranche One
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.15%	3.15%
Credit Facility | Revolving Line of Credit | Line of Credit | SOFR, Tranche Two
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.40%
Credit Facility | Revolving Line of Credit | Line of Credit | SOFR, Thereafter
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.65%

BORROWINGS - Schedule of Inform

BORROWINGS - Schedule of Information Related to the Credit Facility (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Debt Instrument [Line Items]
Borrowings outstanding at cost	$ 91,500		$ 91,500		$ 67,000
Credit Facility | Revolving Line of Credit | Line of Credit
Debt Instrument [Line Items]
Commitment amount	200,000		200,000		200,000
Borrowings outstanding at cost	91,500		91,500		67,000
Availability	108,500		108,500		133,000
Weighted-average borrowings outstanding	$ 41,921	$ 77,359	$ 55,792	$ 57,135
Effective interest rate	11.80%	9.20%	11.10%	10.20%
Commitment (unused) fees incurred	$ 406	$ 113	$ 1,067	$ 777
Adjusted availability	$ 108,500		$ 108,500		$ 133,000

BORROWINGS - Fair Value (Narrat

BORROWINGS - Fair Value (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Mar. 31, 2024
Debt Instrument [Line Items]
Fair Value	$ 1,072,230	$ 920,504	[1]
Collateral Pledged
Debt Instrument [Line Items]
Fair Value	$ 847,300	$ 717,300
Credit Facility | Line of Credit
Debt Instrument [Line Items]
Unused fee percentage	0.75%	1%
Credit Facility | Revolving Line of Credit | Line of Credit
Debt Instrument [Line Items]
Debt instrument, variable rate floor	0.35%	0.35%
[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.

BORROWINGS - Schedule of Recurr

BORROWINGS - Schedule of Recurring Fair Value Measurements of Borrowings Using Significant Unobservable Level 3 Inputs (Details) - Significant Unobservable Inputs (Level 3) - Fair Value, Recurring - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Debt Instrument [Line Items]
Credit Facility	$ 91,500		$ 91,500		$ 67,000
Long-Term Debt
Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3) Reported in Consolidated Statements of Assets and Liabilities
Beginning balance	8,900	$ 79,208	67,000	$ 35,171
Borrowings	144,200	104,900	192,000	231,900
Repayments	(61,600)	(101,600)	(167,500)	(184,500)
Unrealized appreciation		92		29
Ending balance	$ 91,500	$ 82,600	$ 91,500	$ 82,600

BORROWINGS - Notes Payable (Nar

BORROWINGS - Notes Payable (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended
	Dec. 31, 2024	May 31, 2023	Aug. 31, 2021	Mar. 31, 2021	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Aggregate Principal Amount	$ 555,238					$ 419,838
Notes Payable
Debt Instrument [Line Items]
Aggregate Principal Amount	$ 463,738				$ 337,238
Notes Payable | 5.00% Notes due 2026
Debt Instrument [Line Items]
Interest Rate	5%			5%	5%
Aggregate Principal Amount	$ 127,938			$ 127,900	$ 127,938
Proceeds from issuance of long-term debt				123,800
Borrowings outstanding at cost				$ 4,100
Notes payable, fair value disclosure	$ 127,300				$ 123,900
Notes Payable | 4.875% Notes due 2028
Debt Instrument [Line Items]
Interest Rate	4.875%		4.875%		4.875%
Aggregate Principal Amount	$ 134,550		$ 134,600		$ 134,550
Proceeds from issuance of long-term debt			131,300
Borrowings outstanding at cost			$ 3,300
Notes payable, fair value disclosure	$ 127,300				$ 123,700
Notes Payable | 8.00% 2028 Notes
Debt Instrument [Line Items]
Interest Rate	8%	8%			8%
Aggregate Principal Amount	$ 74,750	$ 74,800			$ 74,750
Proceeds from issuance of long-term debt		72,300
Borrowings outstanding at cost		$ 2,500
Notes payable, fair value disclosure	$ 77,100				$ 77,300
Notes Payable | 7.875% 2030 Notes
Debt Instrument [Line Items]
Interest Rate	7.875%
Aggregate Principal Amount	$ 126,500
Proceeds from issuance of long-term debt	122,400
Borrowings outstanding at cost	4,100
Notes payable, fair value disclosure	$ 128,400

BORROWINGS - Schedule of Debt (

BORROWINGS - Schedule of Debt (Details) $ in Thousands	Dec. 31, 2024 USD ($) note	Mar. 31, 2024 USD ($) note	Dec. 31, 2023 USD ($)	May 31, 2023 USD ($)	Aug. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)
Debt Instrument [Line Items]
Aggregate Principal Amount	$ 555,238		$ 419,838
Total borrowings	$ 546,558	$ 398,345
Indebtedness asset coverage on our senior securities	185.90%	219%
Notes Payable
Debt Instrument [Line Items]
Notes Outstanding | note	18,549,500	13,489,500
Aggregate Principal Amount	$ 463,738	$ 337,238
Less: Unamortized Discounts	(8,680)	(5,893)
Total borrowings	$ 455,058	$ 331,345
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% 2028 Notes
Debt Instrument [Line Items]
Interest Rate	8%	8%		8%
Notes Outstanding | note	2,990,000	2,990,000
Principal Amount per Note	25	25
Aggregate Principal Amount	$ 74,750	$ 74,750		$ 74,800
Notes Payable | 7.875% 2030 Notes
Debt Instrument [Line Items]
Interest Rate	7.875%
Notes Outstanding | note	5,060,000
Principal Amount per Note	25
Aggregate Principal Amount	$ 126,500

REGISTRATION STATEMENT AND CO_2

REGISTRATION STATEMENT AND COMMON EQUITY OFFERINGS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	May 31, 2024	Feb. 28, 2024	Aug. 31, 2022
Government Assistance [Line Items]
Net proceeds			$ 2,029,000	$ 25,251,000
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	$ 321,500,000		321,500,000
2024 Common Stock ATM Program
Government Assistance [Line Items]
Sale of stock, aggregate offering price authorized					$ 75,000,000
Sale of stock, remaining capacity of authorized offering price	$ 73,000,000		$ 73,000,000
Sale of stock, number of shares sold (in shares)	148,714		148,714
Sale of stock, weighted-average gross price per share (in USD per share)	$ 13.64		$ 13.64
Sale of stock, weighted-average net price per share after deducting commissions and offering costs (in USD per share)	$ 13.48		$ 13.48
Gross proceeds	$ 2,000,000		$ 2,000,000
Net proceeds	$ 2,000,000		$ 2,000,000
2022 Common Stock ATM Program
Government Assistance [Line Items]
Sale of stock, aggregate offering price authorized							$ 50,000,000
Sale of stock, number of shares sold (in shares)	0	1,456,279	0	1,760,449
Sale of stock, weighted-average gross price per share (in USD per share)		$ 14.51		$ 14.34
Sale of stock, weighted-average net price per share after deducting commissions and offering costs (in USD per share)		$ 14.28		$ 14.12
Gross proceeds		$ 21,100,000		$ 25,300,000
Net proceeds		$ 20,800,000		$ 24,900,000

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	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net increase in net assets resulting from operations	$ 38,490	$ 6,579	$ 47,446	$ 62,721
Basic weighted-average common shares (in shares)	36,727,873	34,351,597	36,701,783	33,921,300
Diluted weighted-average common shares (in shares)	36,727,873	34,351,597	36,701,783	33,921,300
Basic net increase in net assets resulting from operations per weighted-average common share (in USD per share)	$ 1.05	$ 0.19	$ 1.29	$ 1.85
Diluted net increase in net assets resulting from operations per weighted-average common share (in USD per share)	$ 1.05	$ 0.19	$ 1.29	$ 1.85

DISTRIBUTIONS TO COMMON STOCK_3

DISTRIBUTIONS TO COMMON STOCKHOLDERS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Equity [Abstract]
Investment company, cash distributions paid to common stockholders from ordinary income	52.90%	53.20%	52.90%	53.20%
Investment company, cash distributions paid to common stockholders from capital gains	47.10%	46.80%	47.10%	46.80%
Cash distributions to common stockholders			$ 52.1	$ 52.1
Payments of dividends			67.4	67.4
Investment company, distributions paid subsequent to fiscal year-end, classified in prior year, ordinary income					$ 18.7
Investment company, distribution paid subsequent to fiscal year-end, classified in prior year, capital gains					$ 1.4
Investment company, net adjustments for tax difference to capital distribution	$ 0.4	$ 0.4	$ 1.2	$ 0.4

DISTRIBUTIONS TO COMMON STOCK_4

DISTRIBUTIONS TO COMMON STOCKHOLDERS - Schedule of Cash Distributions to Common Stockholders (Details) - $ / shares	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock dividends paid (in USD per share)	$ 1.42	$ 1.96
O 2025 M1 Dividends
Class of Stock [Line Items]
Common stock, dividends, paid, ordinary (in USD per share)	0.08
O 2025 M2 Dividends
Class of Stock [Line Items]
Common stock, dividends, paid, ordinary (in USD per share)	0.08
O 2025 M3 Dividends
Class of Stock [Line Items]
Common stock, dividends, paid, ordinary (in USD per share)	0.08
O 2025 M4 Dividends
Class of Stock [Line Items]
Common stock, dividends, paid, ordinary (in USD per share)	0.08
O 2025 M5 Dividends
Class of Stock [Line Items]
Common stock, dividends, paid, ordinary (in USD per share)	0.08
O 2025 M6 Dividends
Class of Stock [Line Items]
Common stock, dividends, paid, ordinary (in USD per share)	0.08
O 2025 M7 Dividends
Class of Stock [Line Items]
Common stock, dividends, paid, ordinary (in USD per share)	0.08
Common stock, dividends, paid, supplemental (in USD per share)	0.70
O 2025 M8 Dividends
Class of Stock [Line Items]
Common stock, dividends, paid, ordinary (in USD per share)	0.08
O 2025 M9 Dividends
Class of Stock [Line Items]
Common stock, dividends, paid, ordinary (in USD per share)	$ 0.08
O 2024 M1 Dividends
Class of Stock [Line Items]
Common stock, dividends, paid, ordinary (in USD per share)		0.08
O 2024 M2 Dividends
Class of Stock [Line Items]
Common stock, dividends, paid, ordinary (in USD per share)		0.08
O 2024 M3 Dividends
Class of Stock [Line Items]
Common stock, dividends, paid, ordinary (in USD per share)		0.08
Common stock, dividends, paid, supplemental (in USD per share)		0.12
O 2024 M4 Dividends
Class of Stock [Line Items]
Common stock, dividends, paid, ordinary (in USD per share)		0.08
O 2024 M5 Dividends
Class of Stock [Line Items]
Common stock, dividends, paid, ordinary (in USD per share)		0.08
O 2024 M6 Dividends
Class of Stock [Line Items]
Common stock, dividends, paid, ordinary (in USD per share)		0.08
Common stock, dividends, paid, supplemental (in USD per share)		0.12
O 2024 M7 Dividends
Class of Stock [Line Items]
Common stock, dividends, paid, ordinary (in USD per share)		0.08
O 2024 M8 Dividends
Class of Stock [Line Items]
Common stock, dividends, paid, ordinary (in USD per share)		0.08
Common stock, dividends, paid, supplemental (in USD per share)		0.12
O 2024 M9 Dividends
Class of Stock [Line Items]
Common stock, dividends, paid, ordinary (in USD per share)		0.08
Common stock, dividends, paid, supplemental (in USD per share)		$ 0.88

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Escrow holdbacks	$ 1.7	$ 1

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Schedule of Principal Balances of Unused Line of Credit (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Other Commitments [Line Items]
Total	$ 4,817	$ 2,394
Unused line of credit commitments
Other Commitments [Line Items]
Total	$ 4,817	$ 2,394

FINANCIAL HIGHLIGHTS (Details)

FINANCIAL HIGHLIGHTS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												9 Months Ended
	Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Investment Company, Financial Highlights [Roll Forward]
Net asset value at beginning of period (in USD per share)	$ 12.49				$ 13.43		$ 14.03				$ 13.09		$ 13.43	$ 13.09
Income from investment operations
Net investment income (in USD per share)	0.03						0.28						0.57	0.49
Net realized gain (in USD per share)	0						1.27						1.15	1.32
Net unrealized appreciation/(depreciation) (in USD per share)	1.02						(1.36)						(0.43)	0.04
Total income from investment operations (in USD per share)	1.05						0.19						1.29	1.85
Effect of equity capital activity
Cash distributions to common stockholders from net investment income (in USD per share)	(0.16)	[1]	$ (0.24)	[1]	(0.24)	[1]	(0.43)	[1]	$ (0.20)	[1]	(0.21)	[1]	(0.64)	(0.84)
Cash distributions to common stockholders from net realized gains (in USD per share)	(0.08)	[1]	(0.70)	[1]	0	[1]	(0.81)	[1]	(0.16)	[1]	(0.15)	[1]	(0.78)	(1.12)
Discounts, commissions and offering costs (in USD per share)	0						(0.01)						0	(0.01)
Net accretive effect of equity offering (in USD per share)	0						0.05						0	0.05
Total from equity capital activity (in USD per share)	(0.24)						(1.20)						(1.42)	(1.92)
Other, net (in USD per share)	0						(0.01)						0	(0.01)
Net asset value at end of period (in USD per share)	13.30		12.49				13.01		14.03				13.30	13.01
Per common share market value at beginning of period (in USD per share)	14.45				$ 14.23		12.74				$ 13.25		14.23	13.25
Per common share market value at end of period (in USD per share)	$ 13.25		$ 14.45				$ 14.15		$ 12.74				$ 13.25	$ 14.15
Total investment return	(2.04%)						20.85%						2.95%	22.72%
Common stock outstanding at end of period (in shares)	36,837,381						35,351,954						36,837,381	35,351,954	36,688,667
Statement of Assets and Liabilities Data:
Net assets at end of period	$ 490,053						$ 459,941						$ 490,053	$ 459,941	$ 492,711
Average net assets	460,414						475,007						473,082	455,627
Senior Securities Data:
Total borrowings, at cost	$ 555,238						$ 419,838						$ 555,238	$ 419,838
Ratios/Supplemental Data:
Ratio of net expenses to average net assets – annualized	17.56%						11.23%						19.13%	13.78%
Ratio of net investment income to average net assets – annualized	1.01%						8.21%						8.82%	4.80%
Ratio of expenses to average net assets - annualized	22.12%						14.70%						23.77%	17.27%
Ratio of net investment income (loss) to average net assets – annualized	(3.56%)						4.73%						4.18%	1.32%
[1] Refer to Note 8 — Distributions to Common Stockholders in the accompanying Notes to Consolidated Financial Statements for additional information.

SUBSEQUENT EVENTS - Distributio

SUBSEQUENT EVENTS - Distributions to Common Stockholders (Details) - Subsequent Event	1 Months Ended
	Jan. 31, 2025 $ / shares
Subsequent Event [Line Items]
Distribution per common share (in USD per share)	$ 0.24
O 2025 M1 Dividends
Subsequent Event [Line Items]
Distribution per common share (in USD per share)	0.08
O 2025 M2 Dividends
Subsequent Event [Line Items]
Distribution per common share (in USD per share)	0.08
O 2025 M3 Dividends
Subsequent Event [Line Items]
Distribution per common share (in USD per share)	$ 0.08

SUBSEQUENT EVENTS - Narrative (

SUBSEQUENT EVENTS - Narrative (Details) - Credit Facility - Revolving Line of Credit - Line of Credit - USD ($) $ in Thousands	Feb. 10, 2025	Feb. 09, 2025	Dec. 31, 2024	Mar. 31, 2024
Subsequent Event [Line Items]
Commitment amount			$ 200,000	$ 200,000
Subsequent Event
Subsequent Event [Line Items]
Commitment amount	$ 250,000	$ 200,000