Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED SCHEDULE OF INVESTMENTS

v3.25.3
CONSOLIDATED SCHEDULE OF INVESTMENTS - USD ($)
$ in Thousands
Sep. 30, 2025
Mar. 31, 2025
Schedule of Investments [Line Items]    
Investments, cost $ 1,037,200 $ 939,066 [1]
Investments at fair value 1,130,859 979,320 [1]
Cash equivalents 1,217 1,354
Cash equivalents, fair value 1,217 1,354
Total investments and cash equivalents, cost 1,038,417 940,420
Total investments and cash equivalents, fair value 1,132,076 980,674
Aerospace and Defense    
Schedule of Investments [Line Items]    
Investments at fair value 172,193 107,869
Diversified/Conglomerate Services    
Schedule of Investments [Line Items]    
Investments at fair value 189,018 170,360
Home and Office Furnishings, Housewares, and Durable Consumer Products    
Schedule of Investments [Line Items]    
Investments at fair value 152,666 159,236
Printing and Publishing    
Schedule of Investments [Line Items]    
Investments at fair value 11,325 11,681
Electronics    
Schedule of Investments [Line Items]    
Investments at fair value 71,875 71,573
Leisure, Amusement, Motion Pictures, and Entertainment    
Schedule of Investments [Line Items]    
Investments at fair value 84,102 78,460
Secured First Lien Debt    
Schedule of Investments [Line Items]    
Investments, cost 644,158 584,026
Investments at fair value 593,979 514,334
Secured Second Lien Debt    
Schedule of Investments [Line Items]    
Investments, cost 93,340 103,956
Investments at fair value 90,633 103,580
Preferred Equity    
Schedule of Investments [Line Items]    
Investments, cost 250,105 201,487
Investments at fair value 365,278 302,163
Common Equity/ Equivalents    
Schedule of Investments [Line Items]    
Investments, cost 49,597 49,597
Investments at fair value 80,969 59,243
Non-Control/Non-Affiliate Investments    
Schedule of Investments [Line Items]    
Investments, cost 693,893 [2] 562,371 [3]
Investments at fair value 812,538 [2] 648,589 [3]
Non-Control/Non-Affiliate Investments | Secured First Lien Debt    
Schedule of Investments [Line Items]    
Investments, cost 425,056 [2] 331,536 [3]
Investments at fair value 393,766 [2] 300,751 [3]
Non-Control/Non-Affiliate Investments | Secured First Lien Debt | Aerospace and Defense    
Schedule of Investments [Line Items]    
Investments, cost [2] 109,805  
Investments at fair value [2] 109,805  
Non-Control/Non-Affiliate Investments | Secured First Lien Debt | Diversified/Conglomerate Services    
Schedule of Investments [Line Items]    
Investments, cost 92,710 [2] 82,950 [3]
Investments at fair value 66,721 [2] 54,884 [3]
Non-Control/Non-Affiliate Investments | Secured First Lien Debt | Home and Office Furnishings, Housewares, and Durable Consumer Products    
Schedule of Investments [Line Items]    
Investments, cost 36,750 [2] 36,750 [3]
Investments at fair value 36,750 [2] 36,750 [3]
Non-Control/Non-Affiliate Investments | Secured First Lien Debt | Diversified/Conglomerate Manufacturing    
Schedule of Investments [Line Items]    
Investments, cost 6,150 [2] 6,150 [3]
Investments at fair value 3,524 [2] 6,150 [3]
Non-Control/Non-Affiliate Investments | Secured First Lien Debt | Printing and Publishing    
Schedule of Investments [Line Items]    
Investments, cost 14,000 [2] 14,400 [3]
Investments at fair value 11,325 [2] 11,681 [3]
Non-Control/Non-Affiliate Investments | Secured Second Lien Debt    
Schedule of Investments [Line Items]    
Investments, cost 93,340 [2] 93,340 [3]
Investments at fair value 90,633 [2] 92,964 [3]
Non-Control/Non-Affiliate Investments | Secured Second Lien Debt | Aerospace and Defense    
Schedule of Investments [Line Items]    
Investments, cost 25,696 [2] 25,696 [3]
Investments at fair value 25,696 [2] 25,696 [3]
Non-Control/Non-Affiliate Investments | Preferred Equity    
Schedule of Investments [Line Items]    
Investments, cost 130,900 [2] 92,898 [3]
Investments at fair value 252,245 [2] 200,606 [3]
Non-Control/Non-Affiliate Investments | Preferred Equity | Aerospace and Defense    
Schedule of Investments [Line Items]    
Investments, cost [2] 38,488  
Investments at fair value [2] 36,692  
Non-Control/Non-Affiliate Investments | Preferred Equity | Diversified/Conglomerate Services    
Schedule of Investments [Line Items]    
Investments, cost 14,265 [2] 11,206 [3]
Investments at fair value 18,156 [2] 13,262 [3]
Non-Control/Non-Affiliate Investments | Preferred Equity | Home and Office Furnishings, Housewares, and Durable Consumer Products    
Schedule of Investments [Line Items]    
Investments, cost 16,236 [2] 16,236 [3]
Investments at fair value 55,673 [2] 60,947 [3]
Non-Control/Non-Affiliate Investments | Common Equity/ Equivalents    
Schedule of Investments [Line Items]    
Investments, cost 44,597 [2] 44,597 [3]
Investments at fair value 75,894 [2] 54,268 [3]
Affiliate Investments    
Schedule of Investments [Line Items]    
Investments, cost 325,898 [4] 359,286 [5]
Investments at fair value 317,551 [4] 330,388 [5]
Affiliate Investments | Secured First Lien Debt    
Schedule of Investments [Line Items]    
Investments, cost 209,892 [4] 243,280 [5]
Investments at fair value 199,443 [4] 213,240 [5]
Affiliate Investments | Secured First Lien Debt | Diversified/Conglomerate Services    
Schedule of Investments [Line Items]    
Investments, cost 70,560 [4] 100,498 [5]
Investments at fair value 70,560 [4] 80,883 [5]
Affiliate Investments | Secured First Lien Debt | Telecommunications    
Schedule of Investments [Line Items]    
Investments, cost 18,130 [4] 18,010 [5]
Investments at fair value 7,681 [4] 7,585 [5]
Affiliate Investments | Secured First Lien Debt | Electronics    
Schedule of Investments [Line Items]    
Investments, cost [5]   49,152
Investments at fair value [5]   49,152
Affiliate Investments | Secured First Lien Debt | Leisure, Amusement, Motion Pictures, and Entertainment    
Schedule of Investments [Line Items]    
Investments, cost [5]   22,620
Investments at fair value [5]   22,620
Affiliate Investments | Secured Second Lien Debt    
Schedule of Investments [Line Items]    
Investments, cost [5]   10,616
Investments at fair value [5]   10,616
Affiliate Investments | Preferred Equity    
Schedule of Investments [Line Items]    
Investments, cost 111,006 [4] 100,390 [5]
Investments at fair value 113,033 [4] 101,557 [5]
Affiliate Investments | Preferred Equity | Diversified/Conglomerate Services    
Schedule of Investments [Line Items]    
Investments, cost 24,309 [4] 24,309 [5]
Investments at fair value 33,581 [4] 21,331 [5]
Affiliate Investments | Common Equity/ Equivalents    
Schedule of Investments [Line Items]    
Investments, cost 5,000 [4] 5,000 [5]
Investments at fair value 5,075 [4] 4,975 [5]
Control Investments    
Schedule of Investments [Line Items]    
Investments, cost 17,409 [6] 17,409 [7]
Investments at fair value 770 [6] 343 [7]
Control Investments | Secured First Lien Debt    
Schedule of Investments [Line Items]    
Investments, cost 9,210 [6] 9,210 [7]
Investments at fair value 770 [6] 343 [7]
Control Investments | Preferred Equity    
Schedule of Investments [Line Items]    
Investments, cost 8,199 [6] 8,199 [7]
Investments at 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% [4],[8],[9],[10],[11],[12] 3.50% [5],[13],[14],[15],[16],[17]
Investments, cost $ 0 [4],[8],[11],[12] $ 0 [5],[13],[15],[17]
Investments at fair value 0 [4],[8],[11],[12] 0 [5],[13],[15],[17]
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Line of Credit 1    
Schedule of Investments [Line Items]    
Principal amount 3,080 [4],[8],[9],[10],[11],[18] 3,080 [5],[13],[14],[16],[17],[19]
Investments, cost 3,080 [4],[8],[11],[18] 3,080 [5],[13],[17],[19]
Investments at fair value 3,080 [4],[8],[11],[18] 3,080 [5],[13],[17],[19]
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Line of Credit 2    
Schedule of Investments [Line Items]    
Principal amount 1,050 [4],[8],[9],[10],[11],[18] 930 [5],[13],[14],[16],[17],[19]
Investments, cost 1,050 [4],[8],[11],[18] 930 [5],[13],[17],[19]
Investments at fair value 1,050 [4],[8],[11],[18] $ 930 [5],[13],[17],[19]
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Preferred Stock    
Schedule of Investments [Line Items]    
Shares [5],[13],[14],[15],[16],[17]   14,304
Investments, cost [5],[13],[15],[17]   $ 4,722
Investments at fair value [5],[13],[15],[17]   0
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [5],[13],[14],[16],[17],[19]   14,000
Investments, cost [5],[13],[17],[19]   14,000
Investments at fair value [5],[13],[17],[19]   $ 3,575
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Term Debt 1    
Schedule of Investments [Line Items]    
Principal amount [4],[8],[9],[10],[11],[18] 14,000  
Investments, cost [4],[8],[11],[18] 14,000  
Investments at fair value [4],[8],[11],[18] $ 3,551  
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.– Preferred Stock    
Schedule of Investments [Line Items]    
Shares [4],[8],[9],[10],[11],[12] 14,304  
Investments, cost [4],[8],[11],[12] $ 4,722  
Investments at fair value [4],[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]
Investments, cost $ 6,653 [11],[12] $ 6,653 [15],[17]
Investments at fair value 48,863 [11],[12] 51,877 [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]
Investments, cost 17,700 [11] 17,700 [17]
Investments at 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]
Investments, cost 6,850 [11] 6,850 [17]
Investments at fair value $ 6,850 [11] $ 6,850 [17]
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc - Preferred Stock    
Schedule of Investments [Line Items]    
Shares [9],[10],[11],[12] 21,000  
Investments, cost [11],[12] $ 21,000  
Investments at fair value [11],[12] 35,242  
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [9],[10],[11] 38,250  
Investments, cost [11] 38,250  
Investments at 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
Investments, cost [15],[17]   $ 21,000
Investments at fair value [15],[17]   31,070
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [14],[16],[17]   38,250
Investments, cost [17]   38,250
Investments at fair value [17]   $ 38,250
Investment, Identifier [Axis]: Detroit Defense, Inc. - Preferred Stock    
Schedule of Investments [Line Items]    
Shares [8],[9],[10],[11],[12],[20] 17,388  
Investments, cost [8],[11],[12],[20] $ 17,388  
Investments at fair value [8],[11],[12],[20] 15,592  
Investment, Identifier [Axis]: Detroit Defense, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [8],[9],[10],[11],[20] 61,305  
Investments, cost [8],[11],[20] 61,305  
Investments at fair value [8],[11],[20] $ 61,305  
Investment, Identifier [Axis]: Diligent Delivery Systems – Common Stock Warrants    
Schedule of Investments [Line Items]    
Units 8.00% [9],[10],[11],[12] 8.00% [14],[15],[16],[17]
Investments, cost $ 500 [11],[12] $ 500 [15],[17]
Investments at fair value 0 [11],[12] 0 [15],[17]
Investment, Identifier [Axis]: Diligent Delivery Systems – Term Debt    
Schedule of Investments [Line Items]    
Principal amount 13,000 [9],[10],[11],[18] 13,000 [14],[16],[19],[21]
Investments, cost 13,000 [11],[18] 13,000 [19],[21]
Investments at fair value 10,293 [11],[18] 12,624 [19],[21]
Investment, Identifier [Axis]: Dreyfus Treasury Obligations Cash Management Fund    
Schedule of Investments [Line Items]    
Cash equivalents, principal 1,217 [9],[10],[22] 1,354 [14],[16],[23]
Cash equivalents 1,217 [22] 1,354 [23]
Cash equivalents, fair value 1,217 [22] $ 1,354 [23]
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc - Term Debt    
Schedule of Investments [Line Items]    
Principal amount [8],[9],[10],[11],[18] 9,210  
Investments, cost [8],[11],[18] 9,210  
Investments at fair value [8],[11],[18] $ 770  
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. - Preferred Stock    
Schedule of Investments [Line Items]    
Shares [8],[9],[10],[11],[12] 8,199  
Investments, cost [8],[11],[12] $ 8,199  
Investments at 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
Investments, cost [13],[15],[17]   $ 8,199
Investments at 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],[19]   9,210
Investments, cost [13],[17],[19]   9,210
Investments at fair value [13],[17],[19]   $ 343
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]
Investments, cost $ 8,560 [11],[12] $ 8,560 [15],[17]
Investments at fair value 15,767 [11],[12] 21,501 [15],[17]
Investment, Identifier [Axis]: Educators Resource, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount 30,000 [9],[10],[11] 30,000 [14],[16],[17]
Investments, cost 30,000 [11] 30,000 [17]
Investments at fair value $ 30,000 [11] $ 30,000 [17]
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]
Investments, cost $ 11,513 [11],[12] $ 11,513 [15],[17]
Investments at fair value 0 [11],[12] 3,480 [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]
Investments, cost 6,900 [11] 6,900 [17]
Investments at 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]
Investments, cost 18,796 [11] 18,796 [17]
Investments at 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]
Investments, cost $ 8 [11],[12] $ 8 [15],[17]
Investments at 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]
Investments, cost $ 9,583 [11],[12] $ 9,583 [15],[17]
Investments at fair value 6,810 [11],[12] 9,070 [15],[17]
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [9],[10],[11] 12,200  
Investments, cost [11] 12,200  
Investments at 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
Investments, cost [17]   12,200
Investments at fair value [17]   $ 12,200
Investment, Identifier [Axis]: Gladstone Alternative Income Fund – Common Equity    
Schedule of Investments [Line Items]    
Shares [5],[14],[15],[16],[24]   500,000
Investments, cost [5],[15],[24]   $ 5,000
Investments at fair value [5],[15],[24]   4,975
Investment, Identifier [Axis]: Gladstone Alternative Income Fund. – Common Equity    
Schedule of Investments [Line Items]    
Shares [4],[9],[10],[12],[25] 500,000  
Investments, cost [4],[12],[25] $ 5,000  
Investments at fair value [4],[12],[25] $ 5,075  
Investment, Identifier [Axis]: Global GRAB Technologies, Inc. – Preferred Stock    
Schedule of Investments [Line Items]    
Shares [9],[10],[11],[12] 21,100  
Investments, cost [11],[12] $ 21,100  
Investments at fair value [11],[12] 21,100  
Investment, Identifier [Axis]: Global GRAB Technologies, Inc. –Term Debt    
Schedule of Investments [Line Items]    
Principal amount [9],[10],[11] 46,500  
Investments, cost [11] 46,500  
Investments at fair value [11] 46,500  
Investment, Identifier [Axis]: Global GRAB Technologies, Inc.– Line of Credit    
Schedule of Investments [Line Items]    
Principal amount [9],[10],[11] 2,000  
Investments, cost [11] 2,000  
Investments at fair value [11] 2,000  
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc. - Line of Credit    
Schedule of Investments [Line Items]    
Principal amount [9],[10],[11] 2,000  
Investments, cost [11] 2,000  
Investments at 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  
Investments, cost [11] 12,000  
Investments at fair value [11] 9,325  
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc. – Line of Credit    
Schedule of Investments [Line Items]    
Principal amount [14],[16],[17]   2,000
Investments, cost [17]   2,000
Investments at fair value [17]   2,000
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc. – Line of Credit Two    
Schedule of Investments [Line Items]    
Principal amount 0 [9],[10],[11] 400 [14],[16],[17]
Investments, cost 0 [11] 400 [17]
Investments at fair value $ 0 [11] $ 400 [17]
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc. – Preferred Stock    
Schedule of Investments [Line Items]    
Shares [14],[15],[16],[17]   3,275
Investments, cost [15],[17]   $ 3,275
Investments at fair value [15],[17]   0
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [14],[16],[17]   12,000
Investments, cost [17]   12,000
Investments at fair value [17]   $ 9,281
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc.- Preferred Stock    
Schedule of Investments [Line Items]    
Shares [9],[10],[11],[12] 3,275  
Investments, cost [11],[12] $ 3,275  
Investments at 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]
Investments, cost $ 0 [11],[12] $ 0 [15],[17]
Investments at 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]
Investments, cost 57,700 [11] 57,700 [17]
Investments at fair value $ 31,711 [11] $ 29,634 [17]
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Preferred Stock    
Schedule of Investments [Line Items]    
Shares 67,490 [4],[9],[10],[11],[12] 67,490 [5],[14],[15],[16],[17]
Investments, cost $ 6,749 [4],[11],[12] $ 6,749 [5],[15],[17]
Investments at fair value 17,825 [4],[11],[12] 12,921 [5],[15],[17]
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount 22,000 [4],[9],[10],[11] 22,000 [5],[14],[16],[17]
Investments, cost 22,000 [4],[11] 22,000 [5],[17]
Investments at fair value 22,000 [4],[11] 22,000 [5],[17]
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Line of Credit    
Schedule of Investments [Line Items]    
Principal amount [5],[14],[16],[17],[19]   5,000
Investments, cost [5],[17],[19]   5,000
Investments at fair value [5],[17],[19]   3,036
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 1    
Schedule of Investments [Line Items]    
Principal amount [5],[14],[16],[17],[19]   16,500
Investments, cost [5],[17],[19]   16,500
Investments at fair value [5],[17],[19]   10,019
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 2    
Schedule of Investments [Line Items]    
Principal amount [5],[14],[16],[17],[19]   26,000
Investments, cost [5],[17],[19]   26,000
Investments at fair value [5],[17],[19]   15,788
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 3    
Schedule of Investments [Line Items]    
Principal amount [5],[14],[16],[17],[19]   2,438
Investments, cost [5],[17],[19]   2,438
Investments at fair value [5],[17],[19]   $ 1,480
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 2    
Schedule of Investments [Line Items]    
Principal amount [4],[9],[10],[11] 20,000  
Investments, cost [4],[11] 20,000  
Investments at fair value [4],[11] $ 20,000  
Investment, Identifier [Axis]: J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock    
Schedule of Investments [Line Items]    
Shares 10,920 [4],[9],[10],[11],[12] 10,920 [5],[14],[15],[16],[17]
Investments, cost $ 10,920 [4],[11],[12] $ 10,920 [5],[15],[17]
Investments at fair value $ 12,362 [4],[11],[12] $ 0 [5],[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]
Investments, cost $ 11,206 [11],[12] $ 11,206 [15],[17]
Investments at fair value 15,097 [11],[12] 13,262 [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]
Investments, cost 25,250 [11] 25,250 [17]
Investments at fair value 25,250 [11] 25,250 [17]
Investment, Identifier [Axis]: Nielsen-Kellerman Acquisition Corp. - Term Debt    
Schedule of Investments [Line Items]    
Principal amount [4],[8],[9],[10],[11] 48,082  
Investments, cost [4],[8],[11] 48,082  
Investments at fair value [4],[8],[11] $ 48,082  
Investment, Identifier [Axis]: Nielsen-Kellerman Acquisition Corp. Line of Credit    
Schedule of Investments [Line Items]    
Principal amount [5],[13],[14],[16],[17]   1,070
Investments, cost [5],[13],[17]   1,070
Investments at fair value [5],[13],[17]   1,070
Investment, Identifier [Axis]: Nielsen-Kellerman Acquisition Corp. TL - Term Debt    
Schedule of Investments [Line Items]    
Principal amount [5],[13],[14],[16],[17]   48,082
Investments, cost [5],[13],[17]   48,082
Investments at fair value [5],[13],[17]   $ 48,082
Investment, Identifier [Axis]: Nielsen-Kellerman Acquisition Corp. – Preferred Stock    
Schedule of Investments [Line Items]    
Shares 22,169 [4],[8],[9],[10],[11],[12] 22,169 [5],[13],[14],[15],[16],[17]
Investments, cost $ 22,169 [4],[8],[11],[12] $ 22,169 [5],[13],[15],[17]
Investments at fair value $ 23,793 [4],[8],[11],[12] 22,421 [5],[13],[15],[17]
Investment, Identifier [Axis]: Old World Christmas, Inc. – Term Loan    
Schedule of Investments [Line Items]    
Principal amount [5],[14],[16],[17]   38,000
Investments, cost [5],[17]   38,000
Investments at fair value [5],[17]   $ 38,000
Investment, Identifier [Axis]: Old World Christmas, Inc. – Preferred Stock    
Schedule of Investments [Line Items]    
Shares 6,180 [4],[9],[10],[11],[12] 6,180 [5],[14],[15],[16],[17]
Investments, cost $ 0 [4],[11],[12] $ 0 [5],[15],[17]
Investments at fair value 22,243 [4],[11],[12] $ 23,539 [5],[15],[17]
Investment, Identifier [Axis]: Old World Christmas, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [4],[9],[10],[11] 38,000  
Investments, cost [4],[11] 38,000  
Investments at fair value [4],[11] $ 38,000  
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Preferred Stock    
Schedule of Investments [Line Items]    
Shares 428,773 [4],[9],[10],[11],[12] 322,598 [5],[14],[15],[16],[17]
Investments, cost $ 46,746 [4],[11],[12] $ 36,130 [5],[15],[17]
Investments at fair value 3,374 [4],[11],[12] 996 [5],[15],[17]
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [5],[14],[16],[17]   10,616
Investments, cost [5],[17]   10,616
Investments at fair value [5],[17]   10,616
Investment, Identifier [Axis]: Phoenix Door Systems, Inc – Line of Credit    
Schedule of Investments [Line Items]    
Principal amount 2,950 [9],[10],[11] 2,950 [14],[16],[17]
Investments, cost 2,950 [11] 2,950 [17]
Investments at fair value $ 2,950 [11] $ 2,950 [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]
Investments, cost $ 1,830 [11],[12] $ 1,830 [15],[17]
Investments at 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]
Investments, cost 3,200 [11] 3,200 [17]
Investments at fair value 574 [11] 3,200 [17]
Investment, Identifier [Axis]: Pyrotek Special Effects, Inc. - Line of Credit    
Schedule of Investments [Line Items]    
Principal amount [5],[14],[16],[17],[26]   2,500
Investments, cost [5],[17],[26]   2,500
Investments at fair value [5],[17],[26]   2,500
Investment, Identifier [Axis]: Pyrotek Special Effects, Inc. - Term Debt    
Schedule of Investments [Line Items]    
Principal amount 20,120 [4],[9],[10],[11],[27] 20,120 [5],[14],[16],[17],[26]
Investments, cost 20,120 [4],[11],[27] 20,120 [5],[17],[26]
Investments at fair value $ 20,120 [4],[11],[27] $ 20,120 [5],[17],[26]
Investment, Identifier [Axis]: Pyrotek Special Effects, Inc.. – Preferred Stock    
Schedule of Investments [Line Items]    
Shares 7,060 [4],[9],[10],[11],[12],[27] 7,060 [5],[14],[15],[16],[17],[26]
Investments, cost $ 7,060 [4],[11],[12],[27] $ 7,060 [5],[15],[17],[26]
Investments at fair value $ 6,738 [4],[11],[12],[27] $ 7,260 [5],[15],[17],[26]
Investment, Identifier [Axis]: Ricardo Defense, Inc. - Preferred Stock    
Schedule of Investments [Line Items]    
Shares [13],[14],[15],[16],[17]   17,388
Investments, cost [13],[15],[17]   $ 17,388
Investments at fair value [13],[15],[17]   17,388
Investment, Identifier [Axis]: Ricardo Defense, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [13],[14],[16],[17]   61,305
Investments, cost [13],[17]   61,305
Investments at fair value [13],[17]   $ 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]
Investments, cost $ 30,746 [11],[12] $ 30,746 [15],[17]
Investments at fair value 75,894 [11],[12] 50,788 [15],[17]
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [14],[16],[17]   54,644
Investments, cost [17]   54,644
Investments at 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  
Investments, cost [11] 54,644  
Investments at 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]
Investments, cost $ 4,000 [11],[12] $ 4,000 [15],[17]
Investments at fair value 29,263 [11],[12] 20,599 [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]
Investments, cost 27,981 [11] 27,981 [17]
Investments at fair value $ 27,981 [11] $ 27,981 [17]
Investment, Identifier [Axis]: Smart Chemical Solutions, LLC - Preferred Stock    
Schedule of Investments [Line Items]    
Shares [8],[9],[10],[11],[12] 13,843  
Investments, cost [8],[11],[12] $ 13,843  
Investments at fair value [8],[11],[12] 12,148  
Investment, Identifier [Axis]: Smart Chemical Solutions, LLC – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [8],[9],[10],[11] 35,660  
Investments, cost [8],[11] 35,660  
Investments at fair value [8],[11] 35,660  
Investment, Identifier [Axis]: Sun State Nursery and Landscaping, LLC – Line of Credit    
Schedule of Investments [Line Items]    
Principal amount [9],[10],[11] 240  
Investments, cost [11] 240  
Investments at fair value [11] $ 240  
Investment, Identifier [Axis]: Sun State Nursery and Landscaping, LLC – Preferred Stock    
Schedule of Investments [Line Items]    
Shares [9],[10],[11],[12] 3,059  
Investments, cost [11],[12] $ 3,059  
Investments at fair value [11],[12] 3,059  
Investment, Identifier [Axis]: Sun State Nursery and Landscaping, LLC – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [9],[10],[11] 9,520  
Investments, cost [11] 9,520  
Investments at fair value [11] $ 9,520  
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]
Investments, cost $ 11,233 [11],[12] $ 11,233 [15],[17]
Investments at fair value 49,304 [11],[12] 35,839 [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]
Investments, cost 33,750 [11] 33,750 [17]
Investments at 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 [4],[9],[10],[11],[12] 6,640 [5],[14],[15],[16],[17]
Investments, cost $ 6,640 [4],[11],[12] $ 6,640 [5],[15],[17]
Investments at fair value 3,394 [4],[11],[12] 8,410 [5],[15],[17]
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [5],[14],[16],[17]   28,560
Investments, cost [5],[17]   28,560
Investments at fair value [5],[17]   28,560
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [4],[9],[10],[11] 28,560  
Investments, cost [4],[11] 28,560  
Investments at fair value [4],[11] $ 28,560  
Investment, Identifier [Axis]: UPB Acquisition, Inc. – Preferred Stock    
Schedule of Investments [Line Items]    
Shares [4],[9],[10],[11],[12] 6,000  
Investments, cost [4],[11],[12] $ 6,000  
Investments at fair value [4],[11],[12] 23,304  
Investment, Identifier [Axis]: UPB Acquisition, Inc. - Term Debt    
Schedule of Investments [Line Items]    
Principal amount [5],[14],[16],[17]   15,000
Investments, cost [5],[17]   15,000
Investments at fair value [5],[17]   $ 15,000
Investment, Identifier [Axis]: UPB Acquisition, Inc. – Preferred Stock    
Schedule of Investments [Line Items]    
Shares [5],[14],[15],[16],[17]   6,000
Investments, cost [5],[15],[17]   $ 6,000
Investments at fair value [5],[15],[17]   $ 26,010
Investment, Identifier [Axis]: UPB Acquisition, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [4],[9],[10],[11] 15,000  
Investments, cost [4],[11] 15,000  
Investments at fair value [4],[11] $ 15,000  
[1] Cumulative gross unrealized appreciation for federal income tax purposes is $183.3 million; cumulative gross unrealized depreciation for federal income tax purposes is $144.9 million. Cumulative net unrealized appreciation is $38.5 million, based on a tax cost of $940.9 million.
[2] 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.
[3] 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.
[4] 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.
[5] 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.
[6] 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.
[7] 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.
[8]
(K)One or more of our affiliated funds, Gladstone Capital Corporation and Gladstone Alternative, co-invested with us in this portfolio company pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission.
[9] Represents the principal balance, presented in thousands, for debt investments, the cash balance, presented in thousands, for cash equivalents, and the number of shares/units held for equity investments. Warrants are represented as a percentage of ownership, as applicable.
[10] 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.
[11] 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.
[12] Security is non-income producing
[13] 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.
[14] Represents the principal balance, presented in thousands, for debt investments, the cash balance, presented in thousands, for cash equivalents, and the number of shares/units held for equity investments. Warrants are represented as a percentage of ownership, as applicable.
[15] Security is non-income producing.
[16] 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.
[17] 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.
[18] Debt security is on non-accrual status.
[19] Debt security is on non-accrual status.
[20] The portfolio company changed its name from Ricardo Defense, Inc. to Detroit Defense, Inc during the six months ended September 30, 2025.
[21] 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.
[22] Valued using Level 1 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.
[23] Valued using Level 1 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.
[24] Fair value was based on net asset value provided by the underlying fund as a practical expedient.
[25] Fair value was based on net asset value provided by the underlying fund as a practical expedient.
[26] This portfolio company is headquartered in Ontario, Canada.
[27] This portfolio company is headquartered in Ontario, Canada.