Quarterly report [Sections 13 or 15(d)]

INVESTMENTS IN AND ADVANCES TO AFFILIATES (Tables)

v3.26.1
INVESTMENTS IN AND ADVANCES TO AFFILIATES (Tables)
 3 Months Ended
Jun. 30, 2026
Investments in and Advances to Affiliates [Abstract]  
Schedule of Investments in and Advances to Affiliates
Company and Investment(A)(B)(C)(D)(E)
Principal/
Shares/Units(F)(G)
Net
Realized
Gain
(Loss) for
Period
Amount of
Investment
Income(H)
Value as of
March 31, 2026
Gross
Additions(I)
Gross
Reductions(J)
Net Unrealized
Appreciation
(Depreciation)
Value as of
June 30, 2026
AFFILIATE INVESTMENTS – 52.2%
Secured First Lien Debt – 30.1%
Diversified/Conglomerate Services – 10.9%
ImageWorks Display and Marketing Group, Inc. – Term Debt (SOFR+11.0%, 14.7% Cash, Due 11/2028)
 $ 22,000  $ —  $ 814  $ 22,000  $ —  $ —  $ —  $ 22,000 
J.R. Hobbs Co. - Atlanta, LLC – Term Debt (SOFR+6.0%, 10.0% Cash, Due 9/2030)
 20,000  —  506  20,000  —  —  —  20,000 
The Maids International, LLC – Term Debt (SOFR+10.5%, 14.2% Cash, Due 3/2028)
 28,560  —  1,021  28,560  —  —  —  28,560 
—  2,341  70,560  —  —  —  70,560 
Electronics – 7.4%
Nielsen-Kellerman Acquisition Corp. – Term Debt (SOFR+8.5%, 13.5% Cash, Due 12/2029)
 48,082  —  1,641  48,082  —  —  —  48,082 
Home and Office Furnishings, Housewares, and Durable Consumer Products – 5.9%
Old World Christmas, Inc. – Term Debt (SOFR+9.5%, 13.2% Cash, Due 12/2028)
 38,000  —  1,263  38,000  —  —  —  38,000 
Leisure, Amusement, Motion Pictures, and Entertainment – 3.1%
Pyrotek Special Effects, Inc. – Term Debt (SOFR+8.0%, 13.0% Cash, Due 11/2029)
 20,120  —  661  20,120  —  —  —  20,120 
Mining, Steel, Iron and Non-Precious Metals Total – 1.7%
UPB Acquisition, Inc. – Term Debt (SOFR+10.0%, 13.7% Cash, Due 7/2028)
 11,000  —  379  11,000  —  —  —  11,000 
Telecommunications – 1.1%
B+T Group Acquisition, Inc. – Line of Credit, $0 available (SOFR+2.0%, 7.0% Cash, Due 12/2026) (K)
3,080  —  —  3,080  —  —  —  3,080 
B+T Group Acquisition, Inc. – Line of Credit, $0 available (SOFR+2.0%, 7.0% Cash, Due 12/2026) (K)
1,050  —  —  1,050  —  —  —  1,050 
B+T Group Acquisition, Inc.– Term Debt (SOFR+2.0%, 7.0% Cash, Due 12/2026) (K)
14,000  —  —  3,812  —  —  (483) 3,329 
—  —  7,942  —  —  (483) 7,459 
Total Secured First Lien Debt
 $ —  $ 6,285  $ 195,704  $ —  $ —  $ (483) $ 195,221 
Company and Investment(A)(B)(C)(D)(E)
Principal/
Shares/Units(F)(G)
Net
Realized
Gain
(Loss) for
Period
Amount of
Investment
Income(H)
Value as of
March 31, 2026
Gross
Additions(I)
Gross
Reductions(J)
Net Unrealized
Appreciation
(Depreciation)
Value as of
June 30, 2026
Secured Second Lien Debt – 0.4%
Chemicals, Plastics, and Rubber – 0.4%
PSI Molded Plastics, Inc. – Line of Credit, $0 available (SOFR+1.0% 7.0% Cash, Due 2/2028)
 $ 2,000  $ —  $ 28  $ 1,400  $ 600  $ —  $ —  $ 2,000 
PSI Molded Plastics, Inc. – Term Debt (SOFR+1.0%, 7.0% Cash, Due 2/2028)
 400  —  7  400  —  —  —  400 
—  35  1,800  600  —  —  2,400 
Total Secured Second Lien Debt
 $ —  $ 35  $ 1,800  $ 600  $ —  $ —  $ 2,400 
Preferred Equity – 20.9%
Chemicals, Plastics, and Rubber – 0.9%
PSI Molded Plastics, Inc. – Preferred Stock 428,773  $ —  $ —  $ 4,928  $ —  $ —  $ 582  $ 5,510 
Diversified/Conglomerate Services – 7.5%
ImageWorks Display and Marketing Group, Inc. – Preferred Stock 67,490  —  —  30,453  —  —  3,084  33,537 
J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock 10,920  —  —  9,236  —  —  947  10,183 
The Maids International, LLC – Preferred Stock 6,640  —  —  4,631  —  —  268  4,899 
—  —  44,320  —  —  4,299  48,619 
Electronics – 2.3%
Nielsen-Kellerman Acquisition Corp.– Preferred Stock 22,169  —  —  14,641  —  —  245  14,886 
Home and Office Furnishings, Housewares, and Durable Consumer Products – 5.0%
Old World Christmas, Inc. – Preferred Stock
 6,180  —  —  29,730  —  —  2,847  32,577 
Leisure, Amusement, Motion Pictures, and Entertainment – 0.6%
Pyrotek Special Effects, Inc. – Preferred Stock
7,060  —  —  1,835  —  —  1,785  3,620 
Mining, Steel, Iron and Non-Precious Metals - 4.6%
UPB Acquisition, Inc. - Preferred Stock 6,000  —  —  26,713  —  —  2,861  29,574 
Telecommunications – 0.0%
B+T Group Acquisition, Inc. – Preferred Stock
 14,304  —  —  —  —  —  —  — 
Total Preferred Equity
 $ —  $ —  $ 122,167  $ —  $ —  $ 12,619  $ 134,786 
Company and Investment(A)(B)(C)(D)(E)
Principal/
Shares/Units(F)(G)
Net
Realized
Gain
(Loss) for
Period
Amount of
Investment
Income(H)
Value as of
March 31, 2026
Gross
Additions(I)
Gross
Reductions(J)
Net Unrealized
Appreciation
(Depreciation)
Value as of
June 30, 2026
Common Equity/Equivalents – 0.8%
Diversified/Conglomerate Services – 0.8%
Gladstone Alternative Income Fund – Common Equity 500,000  $ —  $ 89  $ 5,005  $ —  $ —  $ (60) $ 4,945 
Telecommunications - 0.0%
B+T Group Acquisition, Inc. - Common Stock Warrants
 3.5  % —  —  —  —  —  —  — 
Total Common Equity/Equivalents
 $ —  $ 89  $ 5,005  $ —  $ —  $ (60) $ 4,945 
TOTAL AFFILIATE INVESTMENTS $ —  $ 6,409  $ 324,676  $ 600  $ —  $ 12,076  $ 337,352 
CONTROL INVESTMENTS – 0.1%
Secured First Lien Debt – 0.1%
Diversified/Conglomerate Manufacturing – 0.1%
Edge Adhesives Holdings, Inc. – Term Debt Term Debt (SOFR+5.5%, 9.2% Cash, Due 8/2026) (K)
$ 9,210  $ —  $ —  $ 613  $ —  $ —  $ (109) $ 504 
Total Secured First Lien Debt $ —  $ —  $ 613  $ —  $ —  $ (109) $ 504 
Preferred Equity – 0.0%
Diversified/Conglomerate Manufacturing – 0.0%
Edge Adhesives Holdings, Inc. – Preferred Stock
8,199  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Total Preferred Equity $ —  $ —  $ —  $ —  $ —  $ —  $ — 
TOTAL CONTROL INVESTMENTS $ —  $ —  $ 613  $ —  $ —  $ (109) $ 504 
TOTAL AFFILIATE AND CONTROL INVESTMENTS
 $ —  $ 6,409  $ 325,289  $ 600  $ —  $ 11,967  $ 337,856 
(A)Certain of the listed securities are issued by affiliate(s) of the indicated portfolio company. The majority of the securities listed, together with certain non-control and non-affiliate investments, totaling $1.1 billion 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.
(B)Common stock, warrants, options and, in some cases, preferred stock are generally non-income-producing and restricted.
(C)Unless indicated otherwise, all cash interest rates are indexed to SOFR, which was 3.7% as of June 30, 2026. 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.
(D)Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of June 30, 2026.
(E)Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the ASC 820 fair value hierarchy. Refer to Note 3 — Investments in the accompanying Notes to Consolidated Financial Statements for additional information.
(F)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.
(G)Represents the principal balance, presented in thousands, for debt investments and the number of shares/units held for equity investments as of June 30, 2026. Warrants are represented as a percentage of ownership, as applicable, as of June 30, 2026.
(H)Represents the total amount of interest, dividend, success fee, or other investment income credited to income for the portion of the three months ended June 30, 2026 an investment was an affiliate investment or control investment and on accrual status, as appropriate.
(I)Gross additions include increases in investments resulting from new portfolio investments, the amortization of discounts and fees, and the exchange of one or more existing securities for one or more new securities during the three months ended June 30, 2026.
(J)Gross reductions include decreases in investments resulting from principal collections related to investment repayments or sales, the amortization of premiums and acquisition costs, and the exchange of one or more existing securities for one or more new securities during the three months ended June 30, 2026.
(K)Debt security is on non-accrual status as of June 30, 2026.
**Information related to the amount of equity in the net profit and loss for the period for the investments listed has not been included in this schedule. This information is not considered to be meaningful due to the complex capital structures of the portfolio companies, with different classes of equity securities outstanding with different preferences in liquidation. These investments are not consolidated, nor are they accounted for under the equity method of accounting.