Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED SCHEDULE OF INVESTMENTS

v3.26.1
CONSOLIDATED SCHEDULE OF INVESTMENTS - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 31, 2025
Schedule of Investments [Line Items]    
Cost $ 1,052,848 [1] $ 939,066 [2]
Fair Value 1,309,248 [1] 979,320 [2]
Cash equivalents 25 1,354
Cash equivalents 25 1,354
Total investments and cash equivalents, cost 1,052,873 940,420
Total investments and cash equivalents, fair value 1,309,273 980,674
Aerospace and Defense    
Schedule of Investments [Line Items]    
Fair Value 174,542 107,869
Diversified/Conglomerate Manufacturing    
Schedule of Investments [Line Items]    
Fair Value 6,763 6,493
Diversified/Conglomerate Services    
Schedule of Investments [Line Items]    
Fair Value 189,148 170,360
Home and Office Furnishings, Housewares, and Durable Consumer Products    
Schedule of Investments [Line Items]    
Fair Value 166,553 159,236
Oil and Gas    
Schedule of Investments [Line Items]    
Fair Value 125,605 69,589
Telecommunications    
Schedule of Investments [Line Items]    
Fair Value 7,942 7,585
Chemicals, Plastics, and Rubber    
Schedule of Investments [Line Items]    
Fair Value 49,715 11,612
Printing and Publishing    
Schedule of Investments [Line Items]    
Fair Value 8,379 11,681
Electronics    
Schedule of Investments [Line Items]    
Fair Value 62,723 71,573
Leisure, Amusement, Motion Pictures, and Entertainment    
Schedule of Investments [Line Items]    
Fair Value 105,339 78,460
Secured First Lien Debt    
Schedule of Investments [Line Items]    
Cost 593,008 584,026
Fair Value 570,602 514,334
Secured Second Lien Debt    
Schedule of Investments [Line Items]    
Cost 152,840 103,956
Fair Value 99,197 103,580
Preferred Equity    
Schedule of Investments [Line Items]    
Cost 257,403 201,487
Fair Value 426,949 302,163
Common Equity/ Equivalents    
Schedule of Investments [Line Items]    
Cost 49,597 49,597
Fair Value 212,500 59,243
Non-Control/Non-Affiliate investments    
Schedule of Investments [Line Items]    
Cost 711,741 [3] 562,371 [4]
Fair Value 983,959 [3] 648,589 [4]
Non-Control/Non-Affiliate investments | Secured First Lien Debt    
Schedule of Investments [Line Items]    
Cost 377,906 [3] 331,536 [4]
Fair Value 374,285 [3] 300,751 [4]
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Aerospace and Defense    
Schedule of Investments [Line Items]    
Cost [3] 107,805  
Fair Value [3] 107,805  
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Diversified/Conglomerate Manufacturing    
Schedule of Investments [Line Items]    
Cost 6,150 [3] 6,150 [4]
Fair Value 6,150 [3] 6,150 [4]
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Diversified/Conglomerate Services    
Schedule of Investments [Line Items]    
Cost 34,770 [3] 82,950 [4]
Fair Value 34,770 [3] 54,884 [4]
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Home and Office Furnishings, Housewares, and Durable Consumer Products    
Schedule of Investments [Line Items]    
Cost 36,750 [3] 36,750 [4]
Fair Value 36,750 [3] 36,750 [4]
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Oil and Gas    
Schedule of Investments [Line Items]    
Cost [3] 59,540  
Fair Value [3] 59,540  
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Printing and Publishing    
Schedule of Investments [Line Items]    
Cost [4]   14,400
Fair Value [4]   11,681
Non-Control/Non-Affiliate investments | Secured Second Lien Debt    
Schedule of Investments [Line Items]    
Cost 151,040 [3] 93,340 [4]
Fair Value 97,397 [3] 92,964 [4]
Non-Control/Non-Affiliate investments | Secured Second Lien Debt | Aerospace and Defense    
Schedule of Investments [Line Items]    
Cost 25,696 [3] 25,696 [4]
Fair Value 25,696 [3] 25,696 [4]
Non-Control/Non-Affiliate investments | Preferred Equity    
Schedule of Investments [Line Items]    
Cost 138,198 [3] 92,898 [4]
Fair Value 304,782 [3] 200,606 [4]
Non-Control/Non-Affiliate investments | Preferred Equity | Aerospace and Defense    
Schedule of Investments [Line Items]    
Cost [3] 38,488  
Fair Value [3] 37,594  
Non-Control/Non-Affiliate investments | Preferred Equity | Diversified/Conglomerate Services    
Schedule of Investments [Line Items]    
Cost 14,265 [3] 11,206 [4]
Fair Value 22,953 [3] 13,262 [4]
Non-Control/Non-Affiliate investments | Preferred Equity | Home and Office Furnishings, Housewares, and Durable Consumer Products    
Schedule of Investments [Line Items]    
Cost 16,236 [3] 16,236 [4]
Fair Value 62,073 [3] 60,947 [4]
Non-Control/Non-Affiliate investments | Preferred Equity | Oil and Gas    
Schedule of Investments [Line Items]    
Cost [3] 18,531  
Fair Value [3] 66,065  
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents    
Schedule of Investments [Line Items]    
Cost 44,597 [3] 44,597 [4]
Fair Value 207,495 [3] 54,268 [4]
Affiliate investments    
Schedule of Investments [Line Items]    
Cost 323,698 [5] 359,286 [6]
Fair Value 324,676 [5] 330,388 [6]
Affiliate investments | Secured First Lien Debt    
Schedule of Investments [Line Items]    
Cost 205,892 [5] 243,280 [6]
Fair Value 195,704 [5] 213,240 [6]
Affiliate investments | Secured First Lien Debt | Diversified/Conglomerate Services    
Schedule of Investments [Line Items]    
Cost 70,560 [5] 100,498 [6]
Fair Value 70,560 [5] 80,883 [6]
Affiliate investments | Secured First Lien Debt | Telecommunications    
Schedule of Investments [Line Items]    
Cost 18,130 [5] 18,010 [6]
Fair Value 7,942 [5] 7,585 [6]
Affiliate investments | Secured First Lien Debt | Electronics    
Schedule of Investments [Line Items]    
Cost [6]   49,152
Fair Value 48,082 49,152 [6]
Affiliate investments | Secured First Lien Debt | Leisure, Amusement, Motion Pictures, and Entertainment    
Schedule of Investments [Line Items]    
Cost [6]   22,620
Fair Value 20,120 22,620 [6]
Affiliate investments | Secured Second Lien Debt    
Schedule of Investments [Line Items]    
Cost 1,800 [5] 10,616 [6]
Fair Value 1,800 [5] 10,616 [6]
Affiliate investments | Secured Second Lien Debt | Chemicals, Plastics, and Rubber    
Schedule of Investments [Line Items]    
Cost [5] 1,800  
Fair Value 1,800 [5] 10,616
Affiliate investments | Preferred Equity    
Schedule of Investments [Line Items]    
Cost 111,006 [5] 100,390 [6]
Fair Value 122,167 [5] 101,557 [6]
Affiliate investments | Preferred Equity | Diversified/Conglomerate Services    
Schedule of Investments [Line Items]    
Cost 24,309 [5] 24,309 [6]
Fair Value 44,320 [5] 21,331 [6]
Affiliate investments | Common Equity/ Equivalents    
Schedule of Investments [Line Items]    
Cost 5,000 [5] 5,000 [6]
Fair Value 5,005 [5] 4,975 [6]
Control investments    
Schedule of Investments [Line Items]    
Cost 17,409 [7] 17,409 [8]
Fair Value 613 [7] 343 [8]
Control investments | Secured First Lien Debt    
Schedule of Investments [Line Items]    
Cost 9,210 [7] 9,210 [8]
Fair Value 613 [7] 343 [8]
Control investments | Preferred Equity    
Schedule of Investments [Line Items]    
Cost 8,199 [7] 8,199 [8]
Fair Value $ 0 [7] 0 [8]
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. - Common Stock Warrants    
Schedule of Investments [Line Items]    
Units 3.50%  
Fair Value $ 0 $ 0
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Common Stock Warrants    
Schedule of Investments [Line Items]    
Units 3.50% [5],[9],[10],[11],[12],[13] 3.50% [6],[14],[15],[16],[17],[18]
Cost $ 0 [5],[9],[11],[13] $ 0 [6],[14],[16],[18]
Fair Value 0 [5],[9],[11],[13] 0 [6],[14],[16],[18]
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Line of Credit 1    
Schedule of Investments [Line Items]    
Principal amount 3,080 [5],[9],[10],[12],[13],[19] 3,080 [6],[14],[15],[17],[18],[20]
Cost 3,080 [5],[9],[13],[19] 3,080 [6],[14],[18],[20]
Fair Value 3,080 [5],[9],[13],[19] 3,080 [6],[14],[18],[20]
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Line of Credit 2    
Schedule of Investments [Line Items]    
Principal amount 1,050 [5],[9],[10],[12],[13],[19] 930 [6],[14],[15],[17],[18],[20]
Cost 1,050 [5],[9],[13],[19] 930 [6],[14],[18],[20]
Fair Value $ 1,050 [5],[9],[13],[19] $ 930 [6],[14],[18],[20]
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Preferred Stock    
Schedule of Investments [Line Items]    
Shares 14,304 14,304 [6],[14],[15],[16],[17],[18]
Cost [6],[14],[16],[18]   $ 4,722
Fair Value $ 0 0 [6],[14],[16],[18]
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [5],[9],[10],[12],[13],[19] 14,000  
Cost [5],[9],[13],[19] 14,000  
Fair Value $ 3,812 [5],[9],[13],[19] 3,575
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Term Debt 1    
Schedule of Investments [Line Items]    
Principal amount [6],[14],[15],[17],[18],[20]   14,000
Cost [6],[14],[18],[20]   14,000
Fair Value [6],[14],[18],[20]   $ 3,575
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.– Preferred Stock    
Schedule of Investments [Line Items]    
Shares [5],[9],[10],[11],[12],[13] 14,304  
Cost [5],[9],[11],[13] $ 4,722  
Fair Value [5],[9],[11],[13] $ 0  
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Preferred Stock    
Schedule of Investments [Line Items]    
Shares 6,653 [10],[11],[12],[13] 6,653 [15],[16],[17],[18]
Cost $ 6,653 [11],[13] $ 6,653 [16],[18]
Fair Value 49,815 [11],[13] 51,877 [16],[18]
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 1    
Schedule of Investments [Line Items]    
Principal amount 17,700 [10],[12],[13] 17,700 [15],[17],[18]
Cost 17,700 [13] 17,700 [18]
Fair Value 17,700 [13] 17,700 [18]
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 2    
Schedule of Investments [Line Items]    
Principal amount 6,850 [10],[12],[13] 6,850 [15],[17],[18]
Cost 6,850 [13] 6,850 [18]
Fair Value $ 6,850 [13] $ 6,850 [18]
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc. - Preferred Equity    
Schedule of Investments [Line Items]    
Shares [15],[16],[17],[18]   21,000
Cost [16],[18]   $ 21,000
Fair Value [16],[18]   31,070
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc. – Preferred Equity    
Schedule of Investments [Line Items]    
Shares [10],[11],[12],[13] 21,000  
Cost [11],[13] $ 21,000  
Fair Value [11],[13] 30,737  
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount 38,250 [10],[12],[13] 38,250 [15],[17],[18]
Cost 38,250 [13] 38,250 [18]
Fair Value $ 38,250 [13] $ 38,250 [18]
Investment, Identifier [Axis]: Detroit Defense, Inc. - Preferred Stock    
Schedule of Investments [Line Items]    
Shares [9],[10],[11],[12],[13],[21] 17,388  
Cost [9],[11],[13],[21] $ 17,388  
Fair Value [9],[11],[13],[21] 12,572  
Investment, Identifier [Axis]: Detroit Defense, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [9],[10],[12],[13],[21] 61,305  
Cost [9],[13],[21] 61,305  
Fair Value [9],[13],[21] $ 61,305  
Investment, Identifier [Axis]: Diligent Delivery Systems – Common Stock Warrants    
Schedule of Investments [Line Items]    
Units 8.00% [10],[11],[12],[13] 8.00% [15],[16],[17],[18]
Cost $ 500 [11],[13] $ 500 [16],[18]
Fair Value 0 [11],[13] 0 [16],[18]
Investment, Identifier [Axis]: Diligent Delivery Systems – Term Debt    
Schedule of Investments [Line Items]    
Principal amount 13,000 [10],[12],[13],[19] 13,000 [15],[17],[20],[22]
Cost 13,000 [13],[19] 13,000 [20],[22]
Fair Value 512 [13],[19] 12,624 [20],[22]
Investment, Identifier [Axis]: Dreyfus Treasury Obligations Cash Management Fund    
Schedule of Investments [Line Items]    
Cash equivalents, principal 25 [10],[12],[23] 1,354 [15],[17],[24]
Cash equivalents 25 [23] 1,354 [24]
Cash equivalents $ 25 [23] $ 1,354 [24]
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Preferred Stock    
Schedule of Investments [Line Items]    
Shares 8,199 [9],[10],[11],[12],[13] 8,199 [14],[15],[16],[17],[18]
Cost $ 8,199 [9],[11],[13] $ 8,199 [14],[16],[18]
Fair Value 0 [9],[11],[13] 0 [14],[16],[18]
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [14],[15],[17],[18],[20]   9,210
Cost [14],[18],[20]   9,210
Fair Value [14],[18],[20]   343
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [9],[10],[12],[13],[19] 9,210  
Cost [9],[13],[19] 9,210  
Fair Value $ 613 [9],[13],[19] $ 343
Investment, Identifier [Axis]: Educators Resource, Inc. – Preferred Stock    
Schedule of Investments [Line Items]    
Shares 8,560 [10],[11],[12],[13] 8,560 [15],[16],[17],[18]
Cost $ 8,560 [11],[13] $ 8,560 [16],[18]
Fair Value 11,630 [11],[13] 21,501 [16],[18]
Investment, Identifier [Axis]: Educators Resource, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount 30,000 [10],[12],[13] 30,000 [15],[17],[18]
Cost 30,000 [13] 30,000 [18]
Fair Value $ 30,000 [13] $ 30,000 [18]
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Common Stock    
Schedule of Investments [Line Items]    
Shares 16,957 [10],[11],[12],[13] 16,957 [15],[16],[17],[18]
Cost $ 11,513 [11],[13] $ 11,513 [16],[18]
Fair Value 3,447 [11],[13] 3,480 [16],[18]
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 1    
Schedule of Investments [Line Items]    
Principal amount 6,900 [10],[12],[13] 6,900 [15],[17],[18]
Cost 6,900 [13] 6,900 [18]
Fair Value 6,900 [13] 6,900 [18]
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 2    
Schedule of Investments [Line Items]    
Principal amount 18,796 [10],[12],[13] 18,796 [15],[17],[18]
Cost 18,796 [13] 18,796 [18]
Fair Value $ 18,796 [13] $ 18,796 [18]
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Common Stock    
Schedule of Investments [Line Items]    
Shares 63,747 [10],[11],[12],[13] 63,747 [15],[16],[17],[18]
Cost $ 8 [11],[13] $ 8 [16],[18]
Fair Value $ 0 [11],[13] $ 0 [16],[18]
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Preferred Stock    
Schedule of Investments [Line Items]    
Shares 19,280 [10],[11],[12],[13] 19,280 [15],[16],[17],[18]
Cost $ 9,583 [11],[13] $ 9,583 [16],[18]
Fair Value 12,258 [11],[13] 9,070 [16],[18]
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount 12,200 [10],[12],[13] 12,200 [15],[17],[18]
Cost 12,200 [13] 12,200 [18]
Fair Value $ 12,200 [13] 12,200 [18]
Investment, Identifier [Axis]: Gladstone Alternative Income Fund – Common Equity    
Schedule of Investments [Line Items]    
Shares [5],[10],[11],[12],[25] 500,000  
Cost [5],[11],[25] $ 5,000  
Fair Value $ 5,005 [5],[11],[25] $ 4,975
Investment, Identifier [Axis]: Gladstone Alternative Income Fund. – Common Equity    
Schedule of Investments [Line Items]    
Shares [6],[15],[16],[17],[26]   500,000
Cost [6],[16],[26]   $ 5,000
Fair Value [6],[16],[26]   4,975
Investment, Identifier [Axis]: Global GRAB Technologies, Inc. – Preferred Stock    
Schedule of Investments [Line Items]    
Shares [10],[11],[12],[13] 21,100  
Cost [11],[13] $ 21,100  
Fair Value [11],[13] 25,022  
Investment, Identifier [Axis]: Global GRAB Technologies, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [10],[12] 46,500  
Cost 46,500  
Fair Value $ 46,500  
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc. – Line of Credit 1    
Schedule of Investments [Line Items]    
Principal amount [15],[17],[18]   2,000
Cost [18]   2,000
Fair Value [18]   2,000
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc. – Line of Credit 2    
Schedule of Investments [Line Items]    
Principal amount [15],[17],[18]   400
Cost [18]   400
Fair Value [18]   $ 400
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc. – Preferred Stock    
Schedule of Investments [Line Items]    
Shares 3,275,000 [10],[11],[12],[13] 3,275,000 [15],[16],[17],[18]
Cost $ 3,275 [11],[13] $ 3,275 [16],[18]
Fair Value 0 [11],[13] 0 [16],[18]
Investment, Identifier [Axis]: Home Concepts Acquisition, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount 12,000 [10],[12],[13] 12,000 [15],[17],[18]
Cost 12,000 [13] 12,000 [18]
Fair Value $ 8,379 [13] $ 9,281 [18]
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Preferred Stock    
Schedule of Investments [Line Items]    
Shares 10,080 [10],[11],[12],[13] 10,080 [15],[16],[17],[18]
Cost $ 0 [11],[13] $ 0 [16],[18]
Fair Value 0 [11],[13] 0 [16],[18]
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount 57,700 [10],[12],[13] 57,700 [15],[17],[18]
Cost 57,700 [13] 57,700 [18]
Fair Value $ 16,545 [13] $ 29,634 [18]
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Preferred Stock    
Schedule of Investments [Line Items]    
Shares 67,490 [5],[10],[11],[12],[13] 67,490 [6],[15],[16],[17],[18]
Cost $ 6,749 [5],[11],[13] $ 6,749 [6],[16],[18]
Fair Value 30,453 [5],[11],[13] 12,921 [6],[16],[18]
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [5],[10],[12],[13] 22,000  
Cost [5],[13] 22,000  
Fair Value [5],[13] 22,000  
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount 22,000 22,000 [6],[15],[17],[18]
Cost [6],[18]   22,000
Fair Value 22,000 22,000 [6],[18]
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Line of Credit    
Schedule of Investments [Line Items]    
Principal amount 0  
Fair Value 0 3,036
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 1    
Schedule of Investments [Line Items]    
Principal amount 0 16,500 [6],[15],[17],[18],[20]
Cost [6],[18],[20]   16,500
Fair Value 0 10,019 [6],[18],[20]
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 2    
Schedule of Investments [Line Items]    
Principal amount [6],[15],[17],[18],[20]   26,000
Cost [6],[18],[20]   26,000
Fair Value [6],[18],[20]   15,788
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 3    
Schedule of Investments [Line Items]    
Principal amount [6],[15],[17],[18],[20]   2,438
Cost [6],[18],[20]   2,438
Fair Value [6],[18],[20]   1,480
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Line of Credit    
Schedule of Investments [Line Items]    
Principal amount [6],[15],[17],[18],[20]   5,000
Cost [6],[18],[20]   5,000
Fair Value [6],[18],[20]   3,036
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [5],[10],[12],[13] 20,000  
Cost [5],[13] 20,000  
Fair Value 20,000 [5],[13] 15,788
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 2    
Schedule of Investments [Line Items]    
Principal amount 0  
Fair Value $ 0 $ 1,480
Investment, Identifier [Axis]: J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock    
Schedule of Investments [Line Items]    
Shares 10,920 [5],[10],[11],[12],[13] 10,920 [6],[15],[16],[17],[18]
Cost $ 10,920 [5],[11],[13] $ 10,920 [6],[16],[18]
Fair Value $ 9,236 [5],[11],[13] $ 0 [6],[16],[18]
Investment, Identifier [Axis]: Mason West, LLC – Preferred Stock    
Schedule of Investments [Line Items]    
Shares 11,206 [10],[11],[12],[13] 11,206 [15],[16],[17],[18]
Cost $ 11,206 [11],[13] $ 11,206 [16],[18]
Fair Value 19,235 [11],[13] 13,262 [16],[18]
Investment, Identifier [Axis]: Mason West, LLC – Term Debt    
Schedule of Investments [Line Items]    
Principal amount 25,250 [10],[12],[13] 25,250 [15],[17],[18]
Cost 25,250 [13] 25,250 [18]
Fair Value 25,250 [13] 25,250 [18]
Investment, Identifier [Axis]: Nielsen-Kellerman Acquisition Corp. - Term Debt    
Schedule of Investments [Line Items]    
Principal amount [5],[9],[10],[12],[13] 48,082  
Cost [5],[9],[13] 48,082  
Fair Value [5],[9],[13] $ 48,082  
Investment, Identifier [Axis]: Nielsen-Kellerman Acquisition Corp. Line of Credit    
Schedule of Investments [Line Items]    
Principal amount [6],[14],[15],[17],[18]   1,070
Cost [6],[14],[18]   1,070
Fair Value [6],[14],[18]   1,070
Investment, Identifier [Axis]: Nielsen-Kellerman Acquisition Corp. TL - Term Debt    
Schedule of Investments [Line Items]    
Principal amount [6],[14],[15],[17],[18]   48,082
Cost [6],[14],[18]   48,082
Fair Value [6],[14],[18]   $ 48,082
Investment, Identifier [Axis]: Nielsen-Kellerman Acquisition Corp. – Preferred Stock    
Schedule of Investments [Line Items]    
Shares 22,169 [5],[9],[10],[11],[12],[13] 22,169 [6],[14],[15],[16],[17],[18]
Cost $ 22,169 [5],[9],[11],[13] $ 22,169 [6],[14],[16],[18]
Fair Value 14,641 [5],[9],[11],[13] 22,421 [6],[14],[16],[18]
Investment, Identifier [Axis]: Nielsen-Kellerman Acquisition Corp. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount 48,082  
Fair Value 48,082 48,082
Investment, Identifier [Axis]: Nielsen-Kellerman Acquisition Corp.– Line of Credit    
Schedule of Investments [Line Items]    
Principal amount 0  
Fair Value $ 0 1,070
Investment, Identifier [Axis]: Nielsen-Kellerman Acquisition Corp.– Preferred Stock    
Schedule of Investments [Line Items]    
Shares 22,169  
Fair Value $ 14,641 $ 22,421
Investment, Identifier [Axis]: Old World Christmas, Inc. – Preferred Stock    
Schedule of Investments [Line Items]    
Shares 6,180 [5],[10],[11],[12],[13] 6,180 [6],[15],[16],[17],[18]
Cost $ 0 [5],[11],[13] $ 0 [6],[16],[18]
Fair Value 29,730 [5],[11],[13] 23,539 [6],[16],[18]
Investment, Identifier [Axis]: Old World Christmas, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount 38,000 [5],[10],[12],[13] 38,000 [6],[15],[17],[18]
Cost 38,000 [5],[13] 38,000 [6],[18]
Fair Value 38,000 [5],[13] 38,000 [6],[18]
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Line of Credit    
Schedule of Investments [Line Items]    
Principal amount [5],[10],[12],[13] 1,400  
Cost [5],[13] 1,400  
Fair Value [5],[13] 1,400  
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [5],[10],[12],[13] 400  
Cost [5],[13] 400  
Fair Value [5],[13] 400  
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Line of Credit    
Schedule of Investments [Line Items]    
Principal amount 1,400  
Fair Value $ 1,400 $ 0
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Preferred Stock    
Schedule of Investments [Line Items]    
Shares 428,773 [5],[10],[11],[12],[13] 322,598 [6],[15],[16],[17],[18]
Cost $ 46,746 [5],[11],[13] $ 36,130 [6],[16],[18]
Fair Value $ 4,928 [5],[11],[13] 996 [6],[16],[18]
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Preferred Stock(O)    
Schedule of Investments [Line Items]    
Shares 428,773  
Fair Value $ 4,928 996
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [6],[15],[17],[18]   10,616
Cost [6],[18]   10,616
Fair Value [6],[18]   10,616
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Term Debt 1    
Schedule of Investments [Line Items]    
Principal amount 400  
Fair Value 400 0
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Term Debt 2    
Schedule of Investments [Line Items]    
Principal amount 0  
Fair Value 0 $ 10,616
Investment, Identifier [Axis]: Phoenix Door Systems, Inc – Line of Credit    
Schedule of Investments [Line Items]    
Principal amount [10],[12],[13] 2,950  
Cost [13] 2,950  
Fair Value [13] $ 2,950  
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Common Stock    
Schedule of Investments [Line Items]    
Shares 4,221 [10],[11],[12],[13] 4,221 [15],[16],[17],[18]
Cost $ 1,830 [11],[13] $ 1,830 [16],[18]
Fair Value 0 [11],[13] 0 [16],[18]
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Line of Credit    
Schedule of Investments [Line Items]    
Principal amount [15],[17],[18]   2,950
Cost [18]   2,950
Fair Value [18]   2,950
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount 3,200 [10],[12],[13] 3,200 [15],[17],[18]
Cost 3,200 [13] 3,200 [18]
Fair Value 3,200 [13] 3,200 [18]
Investment, Identifier [Axis]: Pyrotek Special Effects, Inc. - Line of Credit    
Schedule of Investments [Line Items]    
Principal amount [6],[15],[17],[18],[27]   2,500
Cost [6],[18],[27]   2,500
Fair Value [6],[18],[27]   2,500
Investment, Identifier [Axis]: Pyrotek Special Effects, Inc. - Term Debt    
Schedule of Investments [Line Items]    
Principal amount 20,120 [5],[10],[12],[13],[28] 20,120 [6],[15],[17],[18],[27]
Cost 20,120 [5],[13],[28] 20,120 [6],[18],[27]
Fair Value $ 20,120 [5],[13],[28] 20,120 [6],[18],[27]
Investment, Identifier [Axis]: Pyrotek Special Effects, Inc. – Preferred Stock    
Schedule of Investments [Line Items]    
Shares 7,060  
Fair Value $ 1,835 7,260
Investment, Identifier [Axis]: Pyrotek Special Effects, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount 20,120  
Fair Value $ 20,120 $ 20,120
Investment, Identifier [Axis]: Pyrotek Special Effects, Inc.. – Preferred Stock    
Schedule of Investments [Line Items]    
Shares 7,060 [5],[10],[11],[12],[13],[28] 7,060,000 [6],[15],[16],[17],[18],[27]
Cost $ 7,060 [5],[11],[13],[28] $ 7,060 [6],[16],[18],[27]
Fair Value 1,835 [5],[11],[13],[28] 7,260 [6],[16],[18],[27]
Investment, Identifier [Axis]: Pyrotek Special Effects, Inc.– Line of Credit    
Schedule of Investments [Line Items]    
Principal amount 0  
Fair Value $ 0 $ 2,500
Investment, Identifier [Axis]: Ricardo Defense, Inc. - Preferred Stock    
Schedule of Investments [Line Items]    
Shares [14],[15],[16],[17],[18]   17,388
Cost [14],[16],[18]   $ 17,388
Fair Value [14],[16],[18]   17,388
Investment, Identifier [Axis]: Ricardo Defense, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [14],[15],[17],[18]   61,305
Cost [14],[18]   61,305
Fair Value [14],[18]   $ 61,305
Investment, Identifier [Axis]: Rowan Energy Inc. – Preferred Stock    
Schedule of Investments [Line Items]    
Shares [10],[11],[12],[13] 7,298  
Cost [11],[13] $ 7,298  
Fair Value [11],[13] 7,495  
Investment, Identifier [Axis]: Rowan Energy Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [10],[12],[13] 25,790  
Cost [13] 25,790  
Fair Value [13] $ 25,790  
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Common Stock    
Schedule of Investments [Line Items]    
Shares 18,721 [10],[11],[12],[13] 18,721 [15],[16],[17],[18]
Cost $ 30,746 [11],[13] $ 30,746 [16],[18]
Fair Value 204,048 [11],[13] 50,788 [16],[18]
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [15],[17],[18]   54,644
Cost [18]   54,644
Fair Value [18]   $ 54,644
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [10],[12],[13] 54,644  
Cost [13] 54,644  
Fair Value [13] $ 54,644  
Investment, Identifier [Axis]: Schylling, Inc. – Preferred Stock    
Schedule of Investments [Line Items]    
Shares 4,000 [10],[11],[12],[13] 4,000 [15],[16],[17],[18]
Cost $ 4,000 [11],[13] $ 4,000 [16],[18]
Fair Value 66,403 [11],[13] 20,599 [16],[18]
Investment, Identifier [Axis]: Schylling, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount 16,981 [10],[12],[13] 27,981 [15],[17],[18]
Cost 16,981 [13] 27,981 [18]
Fair Value $ 16,981 [13] $ 27,981 [18]
Investment, Identifier [Axis]: Smart Chemical Solutions, LLC - Preferred Stock    
Schedule of Investments [Line Items]    
Shares [9],[10],[11],[12],[13] 13,843  
Cost [9],[11],[13] $ 13,843  
Fair Value [9],[11],[13] 7,327  
Investment, Identifier [Axis]: Smart Chemical Solutions, LLC – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [9],[10],[12],[13] 35,660  
Cost [9],[13] 35,660  
Fair Value [9],[13] $ 35,660  
Investment, Identifier [Axis]: Sun State Nursery and Landscaping, LLC – Preferred Stock    
Schedule of Investments [Line Items]    
Shares [10],[11],[12],[13] 3,059  
Cost [11],[13] $ 3,059  
Fair Value [11],[13] 3,718  
Investment, Identifier [Axis]: Sun State Nursery and Landscaping, LLC – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [10],[12],[13] 9,520  
Cost [13] 9,520  
Fair Value [13] $ 9,520  
Investment, Identifier [Axis]: The E3 Company, LLC – Preferred Stock    
Schedule of Investments [Line Items]    
Shares 11,233,000 [10],[11],[12],[13] 11,233 [15],[16],[17],[18]
Cost $ 11,233 [11],[13] $ 11,233 [16],[18]
Fair Value 58,570 [11],[13] 35,839 [16],[18]
Investment, Identifier [Axis]: The E3 Company, LLC – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [15],[17],[18]   33,750
Cost [18]   33,750
Fair Value [18]   33,750
Investment, Identifier [Axis]: The E3 Company, LLC – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [10],[12],[13] 33,750  
Cost [13] 33,750  
Fair Value [13] $ 33,750  
Investment, Identifier [Axis]: The Maids International, LLC - Preferred Stock    
Schedule of Investments [Line Items]    
Shares 6,640  
Fair Value $ 4,631 $ 8,410
Investment, Identifier [Axis]: The Maids International, LLC – Preferred Stock    
Schedule of Investments [Line Items]    
Shares 6,640 [5],[10],[11],[12],[13] 6,640 [6],[15],[16],[17],[18]
Cost $ 6,640 [5],[11],[13] $ 6,640 [6],[16],[18]
Fair Value 4,631 [5],[11],[13] 8,410 [6],[16],[18]
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [6],[15],[17],[18]   28,560
Cost [6],[18]   28,560
Fair Value [6],[18]   28,560
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [5],[10],[12],[13] 28,560  
Cost [5],[13] 28,560  
Fair Value $ 28,560 [5],[13] 28,560
Investment, Identifier [Axis]: UPB Acquisition, Inc – Preferred Stock    
Schedule of Investments [Line Items]    
Shares [5],[10],[11],[12],[13] 6,000  
Cost [5],[11],[13] $ 6,000  
Fair Value [5],[11],[13] $ 26,713  
Investment, Identifier [Axis]: UPB Acquisition, Inc. - Preferred Stock    
Schedule of Investments [Line Items]    
Shares 6,000  
Fair Value $ 26,713 $ 26,010
Investment, Identifier [Axis]: UPB Acquisition, Inc. – Preferred Stock    
Schedule of Investments [Line Items]    
Shares [6],[15],[16],[17],[18]   6,000
Cost [6],[16],[18]   $ 6,000
Fair Value [6],[16],[18]   26,010
Investment, Identifier [Axis]: UPB Acquisition, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [5],[10],[12],[13] 11,000  
Cost [5],[13] 11,000  
Fair Value $ 11,000 [5],[13] 15,000
Investment, Identifier [Axis]: UPB Acquisition, Inc. – Term Debt    
Schedule of Investments [Line Items]    
Principal amount [6],[15],[17],[18]   15,000
Cost [6],[18]   15,000
Fair Value [6],[18]   $ 15,000
[1] Cumulative gross unrealized appreciation for federal income tax purposes is $428.5 million; cumulative gross unrealized depreciation for federal income tax purposes is $173.7 million. Cumulative net unrealized appreciation is $254.8 million, based on a tax cost of $1.1 billion.
[2] 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.
[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] 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.
[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] 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.
[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] 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.
[9] 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.
[10] 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.
[11] Security is non-income producing.
[12] 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.
[13] 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.
[14] 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.
[15] 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.
[16] Security is non-income producing.
[17] 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.
[18] 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.
[19] Debt security is on non-accrual status.
[20] Debt security is on non-accrual status.
[21] The portfolio company changed its name from Ricardo Defense, Inc. to Detroit Defense, Inc. during the year ended March 31, 2026.
[22] 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.
[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] 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.
[25] Fair value was based on net asset value provided by the underlying fund as a practical expedient.
[26] Fair value was based on net asset value, provided by the underlying fund, as a practical expedient.
[27] This portfolio company is headquartered in Ontario, Canada.
[28] This portfolio company is headquartered in Ontario, Canada.