Cover
Cover - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | May 09, 2023 | Sep. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2023 | ||
Current Fiscal Year End Date | --03-31 | ||
Document Transition Report | false | ||
Entity File Number | 814-00704 | ||
Entity Registrant Name | GLADSTONE INVESTMENT CORPORATION\DE | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 83-0423116 | ||
Entity Address, Address Line One | 1521 WESTBRANCH DRIVE | ||
Entity Address, Address Line Two | SUITE 100 | ||
Entity Address, City or Town | MCLEAN | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 22102 | ||
City Area Code | 703 | ||
Local Phone Number | 287-5800 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 390,435,779 | ||
Entity Common Stock, Shares Outstanding | 33,591,505 | ||
Documents Incorporated by Reference | Portions of the Registrant’s definitive proxy statement relating to the Registrant’s 2023 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A are incorporated by reference into Part III of this Annual Report on Form 10-K as indicated herein. Such proxy statement will be filed with the Securities and Exchange Commission no later than 120 days following the end of the Registrant’s fiscal year ended March 31, 2023. | ||
Entity Central Index Key | 0001321741 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock, $0.001 par value per share | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $0.001 par value per share | ||
Trading Symbol | GAIN | ||
Security Exchange Name | NASDAQ | ||
2026 Notes | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 5.00% Notes due 2026 | ||
Trading Symbol | GAINN | ||
Security Exchange Name | NASDAQ | ||
2028 Notes | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 4.875% Notes due 2028 | ||
Trading Symbol | GAINZ | ||
Security Exchange Name | NASDAQ |
Audit Information
Audit Information | 12 Months Ended |
Mar. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Washington, DC |
CONSOLIDATED STATEMENTS OF ASSE
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | |||
ASSETS | |||||
Investments at fair value | $ 753,543 | [1] | $ 714,396 | [2] | |
Cash and cash equivalents | 2,683 | 14,190 | |||
Restricted cash and cash equivalents | 565 | 305 | |||
Interest receivable | 3,038 | 3,042 | |||
Due from administrative agent | 3,899 | 6,406 | |||
Deferred financing costs, net | 431 | 895 | |||
Other assets, net | 1,485 | 1,178 | |||
TOTAL ASSETS | 765,644 | 740,412 | |||
Borrowings: | |||||
Line of credit at fair value (Cost of $35,200 and $0, respectively) | 35,171 | 0 | |||
Notes payable, net | 257,436 | 256,252 | |||
Secured borrowing | 0 | 5,096 | |||
Total borrowings | 292,607 | 261,348 | |||
Accounts payable and accrued expenses | 786 | 799 | |||
Interest payable | 2,309 | 2,190 | |||
Fees due to Adviser and Administrator | 29,635 | 29,915 | |||
Other liabilities | 565 | 330 | |||
TOTAL LIABILITIES | 325,902 | 294,582 | |||
Commitments and contingencies | [3] | ||||
Net Assets | [4] | 439,742 | 445,830 | ||
ANALYSIS OF NET ASSETS | |||||
Common stock, $0.001 par value per share, 100,000,000 shares authorized; 33,591,505 and 33,205,023 shares issued and outstanding, respectively | 34 | 33 | |||
Capital in excess of par value | 401,798 | 397,948 | |||
Cumulative net unrealized appreciation of investments | 32,913 | 45,148 | |||
Cumulative net unrealized depreciation of other | 29 | 0 | |||
Overdistributed net investment income | (5,527) | (12,995) | |||
Accumulated net realized gain in excess of distributions | 10,495 | 15,696 | |||
Total distributable earnings | 37,910 | 47,849 | |||
Net Assets | [4] | $ 439,742 | $ 445,830 | ||
NET ASSET VALUE PER SHARE (in USD per share) | $ 13.09 | $ 13.43 | |||
Adviser | |||||
Borrowings: | |||||
Fees due to Adviser and Administrator | [5] | $ 28,919 | $ 29,288 | ||
Administrator | |||||
Borrowings: | |||||
Fees due to Adviser and Administrator | [5] | 716 | 627 | ||
Non-Control/Non-Affiliate investments | |||||
ASSETS | |||||
Investments at fair value | 496,875 | [6] | 442,124 | [7] | |
Affiliate investments | |||||
ASSETS | |||||
Investments at fair value | 255,955 | [8] | 271,559 | [9] | |
Control investments | |||||
ASSETS | |||||
Investments at fair value | $ 713 | [10] | $ 713 | [11] | |
[1]Cumulative gross unrealized appreciation for federal income tax purposes is $150.4 million; cumulative gross unrealized depreciation for federal income tax purposes is $119.3 million. Cumulative net unrealized appreciation is $31.1 million, based on a tax cost of $722.4 million.[2]Cumulative gross unrealized appreciation for federal income tax purposes is $140.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $97.1 million. Cumulative net unrealized appreciation is $43.8 million, based on a tax cost of $670.6 million.[3] Refer to Note 11 — Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information. Refer to Note 9 — Distributions to Common Stockholders in the accompanying Notes to Consolidated Financial Statements for additional information. Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information. |
CONSOLIDATED STATEMENTS OF AS_2
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | ||
Cost | $ 720,630 | [1] | $ 669,248 | [2] |
Line of credit at cost | $ 35,200 | $ 0 | ||
Common stock, par value (in USD per share) | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | ||
Common stock, shares, issued (In shares) | 33,591,505 | 33,205,023 | ||
Common stock, shares, outstanding (in shares) | 33,591,505 | 33,205,023 | ||
Non-Control/Non-Affiliate investments | ||||
Cost | $ 429,305 | [3] | $ 388,773 | [4] |
Affiliate investments | ||||
Cost | 276,055 | [5] | 279,855 | [6] |
Control investments | ||||
Cost | $ 15,270 | [7] | $ 620 | [8] |
[1]Cumulative gross unrealized appreciation for federal income tax purposes is $150.4 million; cumulative gross unrealized depreciation for federal income tax purposes is $119.3 million. Cumulative net unrealized appreciation is $31.1 million, based on a tax cost of $722.4 million.[2]Cumulative gross unrealized appreciation for federal income tax purposes is $140.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $97.1 million. Cumulative net unrealized appreciation is $43.8 million, based on a tax cost of $670.6 million.[3]Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities.[4]Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities.[5]Affiliate investments, as defined by the 1940 Act, are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities.[6]Affiliate investments, as defined by the 1940 Act, are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities.[7]Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities.[8]Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities. |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | ||
INVESTMENT INCOME | ||||
Interest income: | $ 60,276 | $ 59,649 | $ 47,164 | |
Dividend income: | 10,865 | 2,595 | 7,075 | |
Success fee income: | 10,402 | 10,308 | 2,388 | |
Total investment income | 81,543 | 72,552 | 56,627 | |
EXPENSES | ||||
Base management fee | [1] | 14,798 | 14,113 | 12,115 |
Loan servicing fee | [1] | 7,880 | 7,178 | 7,082 |
Incentive fee | [1] | 8,880 | 26,360 | 8,778 |
Administration fee | [1] | 1,811 | 1,806 | 1,619 |
Interest expense on borrowings | 15,877 | 13,078 | 4,440 | |
Dividends on mandatorily redeemable preferred stock | 0 | 2,306 | 8,674 | |
Amortization of deferred financing costs and discounts | 1,802 | 1,803 | 1,750 | |
Professional fees | 1,916 | 1,431 | 1,935 | |
Other general and administrative expenses | 3,270 | 3,162 | 2,327 | |
Expenses before credits from Adviser | 56,234 | 71,237 | 48,720 | |
Credits to base management fee – loan servicing fee | [1] | (7,880) | (7,178) | (7,082) |
Credits to fees from Adviser - other | [1] | (3,811) | (6,497) | (2,949) |
Total expenses, net of credits to fees | 44,543 | 57,562 | 38,689 | |
NET INVESTMENT INCOME | 37,000 | 14,990 | 17,938 | |
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss): | 10,753 | 12,444 | 10,592 | |
Net unrealized appreciation (depreciation): | (12,206) | 74,882 | 13,924 | |
Net realized and unrealized gain (loss) | (1,453) | 87,326 | 24,516 | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ 35,547 | $ 102,316 | $ 42,454 | |
BASIC AND DILUTED PER COMMON SHARE: | ||||
Net investment income, basic (in USD per share) | $ 1.11 | $ 0.45 | $ 0.54 | |
Net investment income, diluted (in USD per share) | 1.11 | 0.45 | 0.54 | |
Net increase in net assets resulting from operations, basic (in USD per share) | 1.07 | 3.08 | 1.28 | |
Net increase in net assets resulting from operations, diluted (in USD per share) | $ 1.07 | $ 3.08 | $ 1.28 | |
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING: | ||||
Basic (in shares) | 33,311,785 | 33,205,023 | 33,176,760 | |
Diluted (in shares) | 33,311,785 | 33,205,023 | 33,176,760 | |
Cash and cash equivalents | ||||
INVESTMENT INCOME | ||||
Interest income: | $ 81 | $ 1 | $ 5 | |
Non-Control/Non-Affiliate investments | ||||
INVESTMENT INCOME | ||||
Interest income: | 41,872 | 34,531 | 26,031 | |
Dividend income: | 4,847 | 6 | 910 | |
Success fee income: | 9,801 | 2,647 | 871 | |
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss): | 7,561 | 256 | 6,401 | |
Net unrealized appreciation (depreciation): | 14,218 | 52,529 | (14,718) | |
Affiliate investments | ||||
INVESTMENT INCOME | ||||
Interest income: | 18,323 | 24,617 | 20,208 | |
Dividend income: | 6,018 | 2,589 | 6,165 | |
Success fee income: | 601 | 7,661 | 1,517 | |
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss): | 3,469 | 14,186 | 4,973 | |
Net unrealized appreciation (depreciation): | (23,792) | 25,378 | 30,170 | |
Control investments | ||||
INVESTMENT INCOME | ||||
Interest income: | 0 | 500 | 920 | |
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss): | (277) | 0 | 0 | |
Net unrealized appreciation (depreciation): | (2,661) | (3,025) | (1,528) | |
Other | ||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss): | 0 | (1,998) | (782) | |
Net unrealized appreciation (depreciation): | $ 29 | $ 0 | $ 0 | |
[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 | Mar. 31, 2023 | Mar. 31, 2022 | |||
Schedule of Investments [Line Items] | |||||
Cost | $ 720,630 | [1] | $ 669,248 | [2] | |
Fair value | 753,543 | [1] | 714,396 | [2] | |
Buildings and Real Estate | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 60,571 | 0 | |||
Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 9,646 | 14,064 | |||
Diversified/Conglomerate Services | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 268,954 | 307,403 | |||
Healthcare, Education, and Childcare | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 37,445 | 39,252 | |||
Home and Office Furnishings, Housewares, and Durable Consumer Products | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 143,685 | 125,440 | |||
Hotels, Motels, Inns, and Gaming | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 58,713 | 37,923 | |||
Leisure, Amusement, Motion Pictures, and Entertainment | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 47,616 | 46,514 | |||
Aerospace and Defense | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 22,215 | 25,296 | |||
Cargo Transport | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 14,707 | 14,533 | |||
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 20,088 | 13,823 | |||
Mining, Steel, Iron and Non-Precious Metals | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 25,998 | 24,250 | |||
Chemicals, Plastics, and Rubber | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 24,891 | 26,618 | |||
Telecommunications | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 18,987 | 32,467 | |||
Secured First Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Cost | 471,439 | 429,457 | |||
Fair value | 437,517 | 425,087 | |||
Secured Second Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Cost | 84,158 | 81,147 | |||
Fair value | 75,734 | 67,958 | |||
Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Cost | 149,099 | 143,079 | |||
Fair value | 222,585 | 217,599 | |||
Common Equity/ Equivalents | |||||
Schedule of Investments [Line Items] | |||||
Cost | 15,934 | 15,565 | |||
Fair value | 17,707 | 3,752 | |||
Non-Control/Non-Affiliate investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | 429,305 | [3] | 388,773 | [4] | |
Fair value | 496,875 | [3] | 442,124 | [4] | |
Non-Control/Non-Affiliate investments | Secured First Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Cost | 281,631 | [3] | 233,881 | [4] | |
Fair value | 279,748 | [3] | 233,673 | [4] | |
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Cost | 5,750 | [3] | 5,200 | [4] | |
Fair value | 5,391 | [3] | 4,992 | [4] | |
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Diversified/Conglomerate Services | |||||
Schedule of Investments [Line Items] | |||||
Cost | 110,450 | [3] | 128,450 | [4] | |
Fair value | 110,450 | [3] | 128,450 | [4] | |
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Home and Office Furnishings, Housewares, and Durable Consumer Products | |||||
Schedule of Investments [Line Items] | |||||
Cost | 36,750 | [3] | 24,550 | [4] | |
Fair value | 35,226 | [3] | 24,550 | [4] | |
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Hotels, Motels, Inns, and Gaming | |||||
Schedule of Investments [Line Items] | |||||
Cost | 42,450 | [3] | 27,700 | [4] | |
Fair value | 42,450 | [3] | 27,700 | [4] | |
Non-Control/Non-Affiliate investments | Secured Second Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Cost | 54,340 | [3] | 67,947 | [4] | |
Fair value | 50,842 | [3] | 66,917 | [4] | |
Non-Control/Non-Affiliate investments | Secured Second Lien Debt | Aerospace and Defense | |||||
Schedule of Investments [Line Items] | |||||
Cost | 25,696 | [3] | 25,296 | [4] | |
Fair value | 22,215 | [3] | 25,296 | [4] | |
Non-Control/Non-Affiliate investments | Secured Second Lien Debt | Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) | |||||
Schedule of Investments [Line Items] | |||||
Cost | 15,644 | [3] | 14,864 | [4] | |
Fair value | 15,644 | [3] | 13,823 | [4] | |
Non-Control/Non-Affiliate investments | Secured Second Lien Debt | Automobile | |||||
Schedule of Investments [Line Items] | |||||
Cost | [4] | 1,500 | |||
Fair value | [4] | 1,498 | |||
Non-Control/Non-Affiliate investments | Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Cost | 79,240 | [3] | 73,220 | [4] | |
Fair value | 164,534 | [3] | 139,927 | [4] | |
Non-Control/Non-Affiliate investments | Preferred Equity | Diversified/Conglomerate Services | |||||
Schedule of Investments [Line Items] | |||||
Cost | 18,201 | [3] | 33,181 | [4] | |
Fair value | 51,170 | [3] | 67,884 | [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 | 33,969 | [3] | 24,748 | [4] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | |||||
Schedule of Investments [Line Items] | |||||
Cost | 14,094 | [3] | 13,725 | [4] | |
Fair value | 1,751 | [3] | 1,607 | [4] | |
Affiliate investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | 276,055 | [5] | 279,855 | [6] | |
Fair value | 255,955 | [5] | 271,559 | [6] | |
Affiliate investments | Secured First Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Cost | 185,258 | [5] | 195,576 | [6] | |
Fair value | 157,769 | [5] | 191,414 | [6] | |
Affiliate investments | Secured First Lien Debt | Diversified/Conglomerate Services | |||||
Schedule of Investments [Line Items] | |||||
Cost | 100,498 | [5] | 95,498 | [6] | |
Fair value | 77,964 | [5] | 91,474 | [6] | |
Affiliate investments | Secured First Lien Debt | Personal and Non-Durable Consumer Products (Manufacturing Only) | |||||
Schedule of Investments [Line Items] | |||||
Cost | [6] | 4,200 | |||
Fair value | [6] | 4,200 | |||
Affiliate investments | Secured First Lien Debt | Mining, Steel, Iron and Non-Precious Metals | |||||
Schedule of Investments [Line Items] | |||||
Cost | [6] | 18,250 | |||
Fair value | [6] | 18,250 | |||
Affiliate investments | Secured First Lien Debt | Telecommunications | |||||
Schedule of Investments [Line Items] | |||||
Cost | 16,800 | [5] | 16,800 | [6] | |
Fair value | 16,800 | [5] | 16,800 | [6] | |
Affiliate investments | Secured Second Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Cost | 26,618 | [5] | 13,200 | [6] | |
Fair value | 24,892 | [5] | 1,041 | [6] | |
Affiliate investments | Secured Second Lien Debt | Personal and Non-Durable Consumer Products (Manufacturing Only) | |||||
Schedule of Investments [Line Items] | |||||
Cost | [6] | 13,200 | |||
Fair value | [6] | 1,041 | |||
Affiliate investments | Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Cost | 62,960 | [5] | 69,859 | [6] | |
Fair value | 58,051 | [5] | 77,672 | [6] | |
Affiliate investments | Preferred Equity | Diversified/Conglomerate Services | |||||
Schedule of Investments [Line Items] | |||||
Cost | 24,309 | [5] | 24,309 | [6] | |
Fair value | 14,126 | [5] | 19,084 | [6] | |
Affiliate investments | Common Equity/ Equivalents | |||||
Schedule of Investments [Line Items] | |||||
Cost | 1,219 | [5] | 1,220 | [6] | |
Fair value | 15,243 | [5] | 1,432 | [6] | |
Control investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | 15,270 | [7] | 620 | [8] | |
Fair value | 713 | [7] | 713 | [8] | |
Control investments | Secured First Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Cost | [7] | 4,550 | |||
Fair value | [7] | 0 | |||
Control investments | Secured Second Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Cost | [7] | 3,200 | |||
Fair value | [7] | 0 | |||
Control investments | Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Cost | [7] | 6,899 | |||
Fair value | [7] | 0 | |||
Control investments | Common Equity/ Equivalents | |||||
Schedule of Investments [Line Items] | |||||
Cost | [8] | 620 | |||
Fair value | [8] | $ 713 | |||
Control investments | Common Equity/ Equivalents | Leisure, Amusement, Motion Pictures, and Entertainment | |||||
Schedule of Investments [Line Items] | |||||
Cost | [7] | 621 | |||
Fair value | [7] | $ 713 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Common Stock Warrants | |||||
Schedule of Investments [Line Items] | |||||
Shares | [9],[10],[11],[12],[13] | 0.035 | |||
Units | [14],[15],[16],[17],[18] | 3.50% | |||
Cost | $ 0 | [14],[15],[17] | $ 0 | [9],[10],[12] | |
Fair value | 0 | [14],[15],[17] | 921 | [9],[10],[12] | |
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 2,800 | [14],[15],[16],[18] | 2,800 | [9],[10],[11],[13] | |
Cost | 2,800 | [14],[15] | 2,800 | [9],[10] | |
Fair value | $ 2,800 | [14],[15] | 2,800 | [9],[10] | |
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | [14],[15],[16],[17],[18] | 14,304 | |||
Cost | [14],[15],[17] | $ 4,722 | |||
Fair value | [14],[15],[17] | 2,187 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[10],[11],[13] | 14,000 | |||
Cost | [9],[10] | 14,000 | |||
Fair value | [9],[10] | $ 14,000 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [14],[15],[16],[18] | 14,000 | |||
Cost | [14],[15] | 14,000 | |||
Fair value | [14],[15] | $ 14,000 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.– Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | [9],[10],[11],[12],[13] | 14,304 | |||
Cost | [9],[10],[12] | $ 4,722 | |||
Fair value | [9],[10],[12] | $ 14,746 | |||
Investment, Identifier [Axis]: Bassett Creek Services, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | [10],[11],[12],[13] | 4,900 | |||
Cost | [10],[12] | $ 4,900 | |||
Fair value | [10],[12] | 17,150 | |||
Investment, Identifier [Axis]: Bassett Creek Services, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[11],[13] | 48,000 | |||
Cost | [10] | 48,000 | |||
Fair value | [10] | $ 48,000 | |||
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 6,653 | [14],[16],[17],[18] | 6,653 | [10],[11],[12],[13] | |
Cost | $ 6,653 | [14],[17] | $ 6,653 | [10],[12] | |
Fair value | 33,969 | [14],[17] | 21,485 | [10],[12] | |
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 17,700 | [14],[16],[18] | 17,700 | [10],[11],[13] | |
Cost | 17,700 | [14] | 17,700 | [10] | |
Fair value | 17,700 | [14] | 17,700 | [10] | |
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 6,850 | [14],[16],[18] | 6,850 | [10],[11],[13] | |
Cost | 6,850 | [14] | 6,850 | [10] | |
Fair value | $ 6,850 | [14] | $ 6,850 | [10] | |
Investment, Identifier [Axis]: Counsel Press, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 6,995 | [14],[16],[17],[18] | 6,995 | [10],[11],[12],[13] | |
Cost | $ 6,995 | [14],[17] | $ 6,995 | [10],[12] | |
Fair value | 27,885 | [14],[17] | 25,374 | [10],[12] | |
Investment, Identifier [Axis]: Counsel Press, Inc. – Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 21,100 | [14],[16],[18] | 21,100 | [10],[11],[13] | |
Cost | 21,100 | [14] | 21,100 | [10] | |
Fair value | 21,100 | [14] | 21,100 | [10] | |
Investment, Identifier [Axis]: Counsel Press, Inc. – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 6,400 | [14],[16],[18] | 6,400 | [10],[11],[13] | |
Cost | 6,400 | [14] | 6,400 | [10] | |
Fair value | $ 6,400 | [14] | 6,400 | [10] | |
Investment, Identifier [Axis]: Country Club Enterprises, LLC – Guaranty | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [11],[13],[19] | 0 | |||
Cost | [19] | 0 | |||
Fair value | [19] | 0 | |||
Investment, Identifier [Axis]: Country Club Enterprises, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [11],[13],[20] | 1,500 | |||
Cost | [20] | 1,500 | |||
Fair value | [20] | $ 1,498 | |||
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc. - Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Shares | [14],[16],[17],[18] | 21,000 | |||
Cost | [14],[17] | $ 21,000 | |||
Fair value | [14],[17] | 22,321 | |||
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [14],[16],[18] | 38,250 | |||
Cost | [14] | 38,250 | |||
Fair value | [14] | $ 38,250 | |||
Investment, Identifier [Axis]: Diligent Delivery Systems – Common Stock Warrants | |||||
Schedule of Investments [Line Items] | |||||
Shares | [10],[11],[12],[13] | 0 | |||
Units | [14],[16],[17],[18] | 8% | |||
Cost | $ 500 | [14],[17] | $ 500 | [10],[12] | |
Fair value | 1,724 | [14],[17] | 1,533 | [10],[12] | |
Investment, Identifier [Axis]: Diligent Delivery Systems – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 13,000 | [16],[18],[21] | 13,000 | [11],[13],[20] | |
Cost | 13,000 | [21] | 12,987 | [20] | |
Fair value | $ 12,983 | [21] | $ 13,000 | [20] | |
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 8,199 | [14],[15],[16],[17],[18] | 8,199 | [9],[10],[11],[12],[13] | |
Cost | $ 8,199 | [14],[15],[17] | $ 8,199 | [9],[10],[12] | |
Fair value | 0 | [14],[15],[17] | 0 | [9],[10],[12] | |
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [14],[15],[16],[18],[22] | 9,210 | |||
Cost | [14],[15],[22] | 9,210 | |||
Fair value | [14],[15],[22] | $ 4,255 | |||
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc.– Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[11],[13],[20] | 9,210 | |||
Cost | [9],[20] | 9,210 | |||
Fair value | [9],[20] | $ 9,072 | |||
Investment, Identifier [Axis]: Educators Resource, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 8,560 | [14],[16],[17],[18] | 8,560 | [10],[11],[12],[13] | |
Cost | $ 8,560 | [14],[17] | $ 8,560 | [10],[12] | |
Fair value | 17,445 | [14],[17] | 19,252 | [10],[12] | |
Investment, Identifier [Axis]: Educators Resource, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 20,000 | [14],[16],[18] | 20,000 | [10],[11],[13] | |
Cost | 20,000 | [14] | 20,000 | [10] | |
Fair value | $ 20,000 | [14] | $ 20,000 | [10] | |
Investment, Identifier [Axis]: Funko Acquisition Holdings, LLC – Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares | 4,239 | [15],[16],[17],[18],[23] | 6,290 | [9],[11],[12],[13],[24] | |
Cost | $ 21 | [15],[17],[23] | $ 30 | [9],[12],[24] | |
Fair value | $ 27 | [15],[17],[23] | $ 74 | [9],[12],[24] | |
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 16,957 | [14],[16],[17],[18] | 16,957 | [10],[11],[12],[13] | |
Cost | $ 11,513 | [14],[17] | $ 11,513 | [10],[12] | |
Fair value | 0 | [14],[17] | 0 | [10],[12] | |
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 6,900 | [14],[16],[18] | 6,500 | [10],[11],[13] | |
Cost | 6,900 | [14] | 6,500 | [10] | |
Fair value | 5,965 | [14] | 6,500 | [10] | |
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 18,796 | [14],[16],[18] | 18,796 | [10],[11],[13] | |
Cost | 18,796 | [14] | 18,796 | [10] | |
Fair value | $ 16,250 | [14] | $ 18,796 | [10] | |
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 63,747 | [14],[16],[17],[18] | 63,747 | [10],[11],[12],[13] | |
Cost | $ 8 | [14],[17] | $ 8 | [10],[12] | |
Fair value | $ 0 | [14],[17] | $ 0 | [10],[12] | |
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 19,280 | [14],[16],[17],[18] | 19,280 | [10],[11],[12],[13] | |
Cost | $ 9,583 | [14],[17] | $ 9,583 | [10],[12] | |
Fair value | 0 | [14],[17] | 3,263 | [10],[12] | |
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [14],[16],[18] | 12,200 | |||
Cost | [14] | 12,200 | |||
Fair value | [14] | $ 10,676 | |||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[11],[13],[25] | 13,300 | |||
Cost | [10],[25] | 13,300 | |||
Fair value | [10],[25] | $ 13,300 | |||
Investment, Identifier [Axis]: Gladstone SOG Investments, Inc. - Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | [14],[16],[17],[18] | 100 | |||
Cost | [14],[17] | $ 620 | |||
Fair value | [14],[17] | $ 713 | |||
Investment, Identifier [Axis]: Gladstone SOG Investments, Inc. - Common Stock( | |||||
Schedule of Investments [Line Items] | |||||
Shares | [10],[11],[12],[13] | 100 | |||
Cost | [10],[12] | $ 620 | |||
Fair value | [10],[12] | $ 713 | |||
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 10,080 | [14],[16],[17],[18] | 10,080 | [10],[11],[12],[13] | |
Cost | $ 0 | [14],[17] | $ 10,080 | [10],[12] | |
Fair value | 12,345 | [14],[17] | 17,807 | [10],[12] | |
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 57,700 | [14],[16],[18] | 27,700 | [10],[11],[13] | |
Cost | 57,700 | [14] | 27,700 | [10] | |
Fair value | $ 57,700 | [14] | $ 27,700 | [10] | |
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 67,490 | [14],[16],[17],[18] | 67,490 | [10],[11],[12],[13] | |
Cost | $ 6,749 | [14],[17] | $ 6,749 | [10],[12] | |
Fair value | 10,926 | [14],[17] | 16,405 | [10],[12] | |
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[11],[13] | 22,000 | |||
Cost | [10] | 22,000 | |||
Fair value | [10] | 22,000 | |||
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [14],[16],[18] | 22,000 | |||
Cost | [14] | 22,000 | |||
Fair value | [14] | 22,000 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Guaranty | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [11],[13],[19] | 0 | |||
Cost | [19] | 0 | |||
Fair value | [19] | 0 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 16,500 | [14],[16],[18],[22] | 16,500 | [10],[11],[13],[26] | |
Cost | 16,500 | [14],[22] | 16,500 | [10],[26] | |
Fair value | 9,054 | [14],[22] | 15,023 | [10],[26] | |
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [14],[16],[18],[22] | 26,000 | |||
Cost | [14],[22] | 26,000 | |||
Fair value | [14],[22] | 14,268 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 3 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [14],[16],[18],[22] | 2,438 | |||
Cost | [14],[22] | 2,438 | |||
Fair value | [14],[22] | 1,338 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [14],[16],[18],[22] | 5,000 | |||
Cost | [14],[22] | 5,000 | |||
Fair value | [14],[22] | $ 2,744 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[11],[13],[26] | 26,000 | |||
Cost | [10],[26] | 26,000 | |||
Fair value | [10],[26] | 23,672 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 3 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[11],[13],[26] | 2,438 | |||
Cost | [10],[26] | 2,438 | |||
Fair value | [10],[26] | $ 2,219 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 10,920 | [14],[16],[17],[18] | 10,920 | [10],[11],[12],[13] | |
Cost | $ 10,920 | [14],[17] | $ 10,920 | [10],[12] | |
Fair value | $ 0 | [14],[17] | $ 0 | [10],[12] | |
Investment, Identifier [Axis]: Mason West, LLC – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 11,206 | [14],[16],[17],[18] | 11,206 | [10],[11],[12],[13] | |
Cost | $ 11,206 | [14],[17] | $ 11,206 | [10],[12] | |
Fair value | 10,940 | [14],[17] | 7,553 | [10],[12] | |
Investment, Identifier [Axis]: Mason West, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 25,250 | [14],[16],[18] | 25,250 | [10],[11],[13] | |
Cost | 25,250 | [14] | 25,250 | [10] | |
Fair value | 25,250 | [14] | 25,250 | [10] | |
Investment, Identifier [Axis]: Nocturne Luxury Villas, Inc. – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[11],[13] | 0 | |||
Cost | [10] | 0 | |||
Fair value | [10] | $ 0 | |||
Investment, Identifier [Axis]: Nocturne Luxury Villas, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | [10],[11],[12],[13] | 6,600 | |||
Cost | [10],[12] | $ 6,600 | |||
Fair value | [10],[12] | 10,223 | |||
Investment, Identifier [Axis]: Nocturne Luxury Villas, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[11],[13] | 27,700 | |||
Cost | [10] | 27,700 | |||
Fair value | [10] | $ 27,700 | |||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [14],[16],[18] | 0 | |||
Cost | [14] | 0 | |||
Fair value | [14] | $ 0 | |||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | [14],[16],[17],[18] | 6,600 | |||
Cost | [14],[17] | $ 6,600 | |||
Fair value | [14],[17] | 16,263 | |||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [14],[16],[18] | 42,450 | |||
Cost | [14] | 42,450 | |||
Fair value | [14] | $ 42,450 | |||
Investment, Identifier [Axis]: Nth Degree Investment Group, LLC – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 14,360,000 | [14],[16],[17],[18] | 14,360,000 | [10],[11],[12],[13] | |
Cost | $ 1,219 | [14],[17] | $ 1,219 | [10],[12] | |
Fair value | $ 15,243 | [14],[17] | $ 511 | [10],[12] | |
Investment, Identifier [Axis]: Old World Christmas, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 6,180 | [14],[16],[17],[18] | 6,180 | [10],[11],[12],[13] | |
Cost | $ 0 | [14],[17] | $ 0 | [10],[12] | |
Fair value | 33,990 | [14],[17] | 37,842 | [10],[12] | |
Investment, Identifier [Axis]: Old World Christmas, Inc. – Secured First Lien Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[11],[13] | 25,000 | |||
Cost | [10] | 25,000 | |||
Fair value | [10] | $ 25,000 | |||
Investment, Identifier [Axis]: Old World Christmas, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [14],[16],[18] | 40,500 | |||
Cost | [14] | 40,500 | |||
Fair value | [14] | $ 40,500 | |||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | [14],[16],[17],[18] | 158,598 | |||
Cost | [14],[17] | $ 19,730 | |||
Fair value | [14],[17] | 0 | |||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Preferred Stock( | |||||
Schedule of Investments [Line Items] | |||||
Shares | [10],[11],[12],[13] | 158,598 | |||
Cost | [10],[12] | $ 19,730 | |||
Fair value | [10],[12] | 0 | |||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [14],[16],[18] | 26,618 | |||
Cost | [14] | 26,618 | |||
Fair value | [14] | $ 24,892 | |||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[11],[13] | 26,618 | |||
Cost | [10] | 26,618 | |||
Fair value | [10] | 26,618 | |||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [11],[13],[20] | 2,000 | |||
Cost | [20] | 2,000 | |||
Fair value | [20] | $ 1,920 | |||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 4,221 | [14],[16],[17],[18] | 3,195 | [10],[11],[12],[13] | |
Cost | $ 1,830 | [14],[17] | $ 1,452 | [10],[12] | |
Fair value | 0 | [14],[17] | 0 | [10],[12] | |
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [16],[18],[21] | 2,550 | |||
Cost | [21] | 2,550 | |||
Fair value | [21] | 2,391 | |||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 3,200 | [16],[18],[21] | 3,200 | [11],[13],[20] | |
Cost | 3,200 | [21] | 3,200 | [20] | |
Fair value | $ 3,000 | [21] | $ 3,072 | [20] | |
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 221,500 | [14],[16],[17],[18] | 221,500 | [10],[11],[12],[13] | |
Cost | $ 222 | [14],[17] | $ 222 | [10],[12] | |
Fair value | $ 0 | [14],[17] | $ 0 | [10],[12] | |
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 29,577 | [14],[16],[17],[18] | 29,577 | [10],[11],[12],[13] | |
Cost | $ 4,643 | [14],[17] | $ 4,643 | [10],[12] | |
Fair value | 4,444 | [14],[17] | 0 | [10],[12] | |
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 3,128 | [14],[16],[18] | 3,128 | [11],[13],[20],[26] | |
Cost | 3,128 | [14] | 3,128 | [20],[26] | |
Fair value | 3,128 | [14] | 2,909 | [20],[26] | |
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 12,516 | [14],[16],[18] | 11,736 | [11],[13],[20],[26] | |
Cost | 12,516 | [14] | 11,736 | [20],[26] | |
Fair value | $ 12,516 | [14] | $ 10,914 | [20],[26] | |
Investment, Identifier [Axis]: Schylling, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 4,000 | [14],[16],[17],[18] | 4,000 | [10],[11],[12],[13] | |
Cost | $ 4,000 | [14],[17] | $ 4,000 | [10],[12] | |
Fair value | 18,922 | [14],[17] | 17,820 | [10],[12] | |
Investment, Identifier [Axis]: Schylling, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 27,981 | [14],[16],[18] | 27,981 | [10],[11],[13] | |
Cost | 27,981 | [14] | 27,981 | [10] | |
Fair value | $ 27,981 | [14] | $ 27,981 | [10] | |
Investment, Identifier [Axis]: The Maids International, LLC – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 6,640 | [14],[16],[17],[18] | 6,640 | [10],[11],[12],[13] | |
Cost | $ 6,640 | [14],[17] | $ 6,640 | [10],[12] | |
Fair value | 3,200 | [14],[17] | 2,679 | [10],[12] | |
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [14],[16],[18] | 28,560 | |||
Cost | [14] | 28,560 | |||
Fair value | [14] | $ 28,560 | |||
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[11],[13] | 28,560 | |||
Cost | [10] | 28,560 | |||
Fair value | [10] | $ 28,560 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | [14],[16],[17],[18] | 751 | |||
Cost | [14],[17] | $ 1 | |||
Fair value | [14],[17] | $ 0 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | [14],[16],[17],[18] | 6,899 | |||
Cost | [14],[17] | $ 6,899 | |||
Fair value | [14],[17] | 0 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | [10],[11],[12],[13] | 751 | |||
Cost | [10],[12] | $ 1 | |||
Fair value | [10],[12] | 0 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Delayed Draw Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[11],[13],[26] | 1,500 | |||
Cost | [10],[26] | 1,500 | |||
Fair value | [10],[26] | 118 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [14],[16],[18],[22] | 4,550 | |||
Cost | [14],[22] | 4,550 | |||
Fair value | [14],[22] | 0 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Line of Credit 1 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[11],[13],[26] | 3,400 | |||
Cost | [10],[26] | 3,400 | |||
Fair value | [10],[26] | 3,400 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Line of Credit 2 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[11],[13],[26] | 800 | |||
Cost | [10],[26] | 800 | |||
Fair value | [10],[26] | $ 800 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Preferred Stock( | |||||
Schedule of Investments [Line Items] | |||||
Shares | [10],[11],[12],[13] | 6,899 | |||
Cost | [10],[12] | $ 6,899 | |||
Fair value | [10],[12] | 0 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[11],[13],[26] | 11,700 | |||
Cost | [10],[26] | 11,700 | |||
Fair value | [10],[26] | $ 923 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [14],[16],[18],[22] | 3,200 | |||
Cost | [14],[22] | 3,200 | |||
Fair value | [14],[22] | 0 | |||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd. | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [14],[16],[18] | 18,250 | |||
Cost | [14] | 18,250 | |||
Fair value | [14] | $ 18,250 | |||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd. - Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 6,000 | [14],[16],[17],[18] | 6,000 | [10],[11],[12],[13] | |
Cost | $ 6,000 | [14],[17] | $ 6,000 | [10],[12] | |
Fair value | $ 7,748 | [14],[17] | 6,000 | [10],[12] | |
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 1 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[11],[13] | 0 | |||
Cost | [10] | 0 | |||
Fair value | [10] | 0 | |||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 2 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [10],[11],[13] | 18,250 | |||
Cost | [10] | 18,250 | |||
Fair value | [10] | $ 18,250 | |||
[1]Cumulative gross unrealized appreciation for federal income tax purposes is $150.4 million; cumulative gross unrealized depreciation for federal income tax purposes is $119.3 million. Cumulative net unrealized appreciation is $31.1 million, based on a tax cost of $722.4 million.[2]Cumulative gross unrealized appreciation for federal income tax purposes is $140.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $97.1 million. Cumulative net unrealized appreciation is $43.8 million, based on a tax cost of $670.6 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] (L) 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. Fair value was based on the total enterprise value of the portfolio company, which is generally allocated to the portfolio company’s securities in order of their relative priority in the capital structure. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Fair value was based on the 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. Refer to Note 11— Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information regarding this guaranty. Fair value was based on internal yield analysis or on estimates of value submitted by ICE Data Pricing and Reference Data, LLC. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Fair value was based on internal yield analysis or on estimates of value submitted by ICE Data Pricing and Reference Data, LLC. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Our investment in Funko was valued using Level 2 inputs within the ASC 820 fair value hierarchy. Our common units in Funko are convertible into class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. 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. (H) $5.1 million of the debt security was participated to a third-party, but is accounted for as collateral for a secured borrowing under accounting principles generally accepted in the U.S. and presented as Secured borrowing on our accompanying Consolidated Statements of Assets and Liabilities as of March 31, 2022. |
CONSOLIDATED SCHEDULE OF INVE_2
CONSOLIDATED SCHEDULE OF INVESTMENTS (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | ||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 171.40% | [1],[2],[3],[4],[5] | 160.20% | [6],[7],[8],[9],[10] | |
Total | $ 2,150 | $ 14,500 | |||
Fair value | $ 753,543 | [5] | $ 714,396 | [10] | |
Percentage threshold of qualified assets representing total assets in order to acquire non-qualified assets | 70% | 70% | |||
Investment, interest rate, paid in cash | 4.90% | 0.50% | |||
Secured borrowing | $ 0 | $ 5,096 | |||
Cumulative net unrealized appreciation | 150,400 | 140,800 | |||
Cumulative gross unrealized depreciation | 119,300 | 97,100 | |||
Cumulative gross unrealized appreciation for federal income tax purposes | 31,129 | 43,760 | |||
Based on a tax cost | $ 722,400 | $ 670,600 | |||
Funko Acquisition Holdings, LLC | |||||
Schedule of Investments [Line Items] | |||||
Percentage of acquired non-qualifying assets of total assets | 0.10% | 0.10% | |||
Collateral Pledged | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 639,500 | $ 537,500 | |||
Buildings and Real Estate | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 60,571 | 0 | |||
Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 9,646 | 14,064 | |||
Diversified/Conglomerate Services | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 268,954 | 307,403 | |||
Healthcare, Education, and Childcare | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 37,445 | 39,252 | |||
Home and Office Furnishings, Housewares, and Durable Consumer Products | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 143,685 | 125,440 | |||
Hotels, Motels, Inns, and Gaming | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 58,713 | 37,923 | |||
Leisure, Amusement, Motion Pictures, and Entertainment | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 47,616 | 46,514 | |||
Aerospace and Defense | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 22,215 | 25,296 | |||
Cargo Transport | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 14,707 | 14,533 | |||
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 20,088 | 13,823 | |||
Mining, Steel, Iron and Non-Precious Metals | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 25,998 | 24,250 | |||
Telecommunications | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 18,987 | 32,467 | |||
Chemicals, Plastics, and Rubber | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 24,891 | 26,618 | |||
Secured First Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 437,517 | 425,087 | |||
Secured Second Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 75,734 | 67,958 | |||
Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 222,585 | 217,599 | |||
Common Equity/ Equivalents | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 17,707 | 3,752 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Common Stock Warrants | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 0 | [11],[12],[13] | 921 | [14],[15],[16] | |
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Line of credit facility, available | $ 0 | [1],[2],[3],[4],[11],[12] | $ 0 | [6],[7],[8],[9],[14],[15] | |
Investment, reference rate and spread | 11% | [1],[2],[3],[4],[11],[12] | 11% | [6],[7],[8],[9],[14],[15] | |
Investment interest rate | 15.90% | [1],[2],[3],[4],[11],[12] | 13% | [6],[7],[8],[9],[14],[15] | |
Fair value | $ 2,800 | [11],[12] | $ 2,800 | [14],[15] | |
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [11],[12],[13] | $ 2,187 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[14],[15] | 11% | |||
Investment interest rate | [6],[7],[8],[9],[14],[15] | 13% | |||
Fair value | [14],[15] | $ 14,000 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment interest rate | [1],[2],[3],[4],[11],[12] | 15.90% | |||
Fair value | [11],[12] | $ 14,000 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.– Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [14],[15],[16] | 14,746 | |||
Investment, Identifier [Axis]: Bassett Creek Services, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [15],[16] | $ 17,150 | |||
Investment, Identifier [Axis]: Bassett Creek Services, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[15] | 10% | |||
Investment interest rate | [6],[7],[8],[9],[15] | 12% | |||
Fair value | [15] | $ 48,000 | |||
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 33,969 | [11],[13] | $ 21,485 | [15],[16] | |
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 10% | [1],[2],[3],[4],[11] | 10% | [6],[7],[8],[9],[15] | |
Investment interest rate | 14.90% | [1],[2],[3],[4],[11] | 12% | [6],[7],[8],[9],[15] | |
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% | [6],[7],[8],[9],[15] | |
Investment interest rate | 14.90% | [1],[2],[3],[4],[11] | 12% | [6],[7],[8],[9],[15] | |
Fair value | $ 6,850 | [11] | $ 6,850 | [15] | |
Investment, Identifier [Axis]: Counsel Press, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 27,885 | [11],[13] | $ 25,374 | [15],[16] | |
Investment, Identifier [Axis]: Counsel Press, Inc. – Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 11.80% | [1],[2],[3],[4],[11] | 11.80% | [6],[7],[8],[9],[15] | |
Investment interest rate | 16.60% | [1],[2],[3],[4],[11] | 12.80% | [6],[7],[8],[9],[15] | |
Fair value | $ 21,100 | [11] | $ 21,100 | [15] | |
Investment, Identifier [Axis]: Counsel Press, Inc. – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 13% | [1],[2],[3],[4],[11] | 13% | [6],[7],[8],[9],[15] | |
Investment interest rate | 17.90% | [1],[2],[3],[4],[11] | 14% | [6],[7],[8],[9],[15] | |
Fair value | $ 6,400 | [11] | $ 6,400 | [15] | |
Investment, Identifier [Axis]: Country Club Enterprises, LLC – Guaranty | |||||
Schedule of Investments [Line Items] | |||||
Total | [6],[7],[8],[9],[17] | 1,000 | |||
Fair value | [17] | $ 0 | |||
Investment, Identifier [Axis]: Country Club Enterprises, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[18] | 8% | |||
Investment interest rate | [6],[7],[8],[9],[18] | 10% | |||
Fair value | [18] | $ 1,498 | |||
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc. - Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [11],[13] | $ 22,321 | |||
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[11] | 15.90% | |||
Investment interest rate | [1],[2],[3],[4],[11] | 11% | |||
Fair value | [11] | $ 38,250 | |||
Investment, Identifier [Axis]: Diligent Delivery Systems – Common Stock Warrants | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 1,724 | [11],[13] | $ 1,533 | [15],[16] | |
Investment, Identifier [Axis]: Diligent Delivery Systems – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 9% | [1],[2],[3],[4],[19] | 9% | [6],[7],[8],[9],[18] | |
Investment interest rate | 13.90% | [1],[2],[3],[4],[19] | 11% | [6],[7],[8],[9],[18] | |
Fair value | $ 12,983 | [19] | $ 13,000 | [18] | |
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 0 | [11],[12],[13] | $ 0 | [14],[15],[16] | |
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[11],[12],[20] | 5.50% | |||
Investment interest rate | [1],[2],[3],[4],[11],[12],[20] | 10.40% | |||
Fair value | [11],[12],[20] | $ 4,255 | |||
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc.– Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[14],[18] | 5.50% | |||
Investment interest rate | [6],[7],[8],[9],[14],[18] | 7.50% | |||
Fair value | [14],[18] | $ 9,072 | |||
Investment, Identifier [Axis]: Educators Resource, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 17,445 | [11],[13] | $ 19,252 | [15],[16] | |
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% | [6],[7],[8],[9],[15] | |
Investment interest rate | 15.40% | [1],[2],[3],[4],[11] | 13% | [6],[7],[8],[9],[15] | |
Fair value | $ 20,000 | [11] | $ 20,000 | [15] | |
Investment, Identifier [Axis]: Funko Acquisition Holdings, LLC – Common Units | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 27 | [12],[13],[21] | 74 | [14],[16],[22] | |
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 0 | [11],[13] | $ 0 | [15],[16] | |
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 9% | [1],[2],[3],[4],[11] | 4.10% | [6],[7],[8],[9],[15] | |
Investment interest rate | 4.10% | [1],[2],[3],[4],[11] | 7.10% | [6],[7],[8],[9],[15] | |
Fair value | $ 5,965 | [11] | $ 6,500 | [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% | [6],[7],[8],[9],[15] | |
Investment interest rate | 11.90% | [1],[2],[3],[4],[11] | 10% | [6],[7],[8],[9],[15] | |
Fair value | $ 16,250 | [11] | $ 18,796 | [15] | |
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 0 | [11],[13] | 0 | [15],[16] | |
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 0 | [11],[13] | $ 3,263 | [15],[16] | |
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] | 14.90% | |||
Fair value | [11] | $ 10,676 | |||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[15],[23] | 10% | |||
Investment interest rate | [6],[7],[8],[9],[15],[23] | 13.50% | |||
Fair value | [15],[23] | $ 13,300 | |||
Investment, Identifier [Axis]: Gladstone SOG Investments, Inc. - Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [11],[13] | 713 | |||
Investment, Identifier [Axis]: Gladstone SOG Investments, Inc. - Common Stock( | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [15],[16] | 713 | |||
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 12,345 | [11],[13] | $ 17,807 | [15],[16] | |
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 7.50% | [1],[2],[3],[4],[11] | 9.50% | [6],[7],[8],[9],[15] | |
Investment interest rate | 12.40% | [1],[2],[3],[4],[11] | 12% | [6],[7],[8],[9],[15] | |
Fair value | $ 57,700 | [11] | $ 27,700 | [15] | |
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 10,926 | [11],[13] | $ 16,405 | [15],[16] | |
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[15] | 11% | |||
Investment interest rate | [6],[7],[8],[9],[15] | 13% | |||
Fair value | [15] | $ 22,000 | |||
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[11] | 11% | |||
Investment interest rate | [1],[2],[3],[4],[11] | 15.90% | |||
Fair value | [11] | $ 22,000 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Guaranty | |||||
Schedule of Investments [Line Items] | |||||
Total | [6],[7],[8],[9],[17] | 9,250 | |||
Fair value | [17] | $ 0 | |||
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],[20] | 6% | [6],[7],[8],[9],[15],[24] | |
Investment interest rate | 10.90% | [1],[2],[3],[4],[11],[20] | 8% | [6],[7],[8],[9],[15],[24] | |
Fair value | $ 9,054 | [11],[20] | $ 15,023 | [15],[24] | |
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],[20] | 10.30% | |||
Investment interest rate | [1],[2],[3],[4],[11],[20] | 15.10% | |||
Fair value | [11],[20] | $ 14,268 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 3 | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [11],[20] | 1,338 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Line of credit facility, available | [1],[2],[3],[4],[11],[20] | $ 0 | |||
Investment, reference rate and spread | [1],[2],[3],[4],[11],[20] | 6% | |||
Investment interest rate | [1],[2],[3],[4],[11],[20] | 10.90% | |||
Fair value | [11],[20] | $ 2,744 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[15],[24] | 10.30% | |||
Investment interest rate | [6],[7],[8],[9],[15],[24] | 11.80% | |||
Fair value | [15],[24] | $ 23,672 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[15],[24] | 6% | |||
Investment interest rate | [6],[7],[8],[9],[15],[24] | 8% | |||
Fair value | [15],[24] | $ 2,219 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 0 | [11],[13] | 0 | [15],[16] | |
Investment, Identifier [Axis]: Mason West, LLC – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 10,940 | [11],[13] | $ 7,553 | [15],[16] | |
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% | [6],[7],[8],[9],[15] | |
Investment interest rate | 14.90% | [1],[2],[3],[4],[11] | 12.50% | [6],[7],[8],[9],[15] | |
Fair value | $ 25,250 | [11] | $ 25,250 | [15] | |
Investment, Identifier [Axis]: Nocturne Luxury Villas, Inc. – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Line of credit facility, available | [6],[7],[8],[9],[15] | $ 2,000 | |||
Investment, reference rate and spread | [6],[7],[8],[9],[15] | 8% | |||
Investment interest rate | [6],[7],[8],[9],[15] | 10% | |||
Fair value | [15] | $ 0 | |||
Investment, Identifier [Axis]: Nocturne Luxury Villas, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [15],[16] | $ 10,223 | |||
Investment, Identifier [Axis]: Nocturne Luxury Villas, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[15] | 10.50% | |||
Investment interest rate | [6],[7],[8],[9],[15] | 12.50% | |||
Fair value | [15] | $ 27,700 | |||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Line of credit facility, available | [1],[2],[3],[4],[11] | $ 2,000 | |||
Investment, reference rate and spread | [1],[2],[3],[4],[11] | 8% | |||
Investment interest rate | [1],[2],[3],[4],[11] | 12.90% | |||
Fair value | [11] | $ 0 | |||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [11],[13] | $ 16,263 | |||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[11] | 15.40% | |||
Investment interest rate | [1],[2],[3],[4],[11] | 10.50% | |||
Fair value | [11] | $ 42,450 | |||
Investment, Identifier [Axis]: Nth Degree Investment Group, LLC – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 15,243 | [11],[13] | 511 | [15],[16] | |
Investment, Identifier [Axis]: Old World Christmas, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 33,990 | [11],[13] | $ 37,842 | [15],[16] | |
Investment, Identifier [Axis]: Old World Christmas, Inc. – Secured First Lien Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[15] | 9.50% | |||
Investment interest rate | [6],[7],[8],[9],[15] | 11% | |||
Fair value | [15] | $ 25,000 | |||
Investment, Identifier [Axis]: Old World Christmas, Inc. – Term Debt | |||||
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] | 14.40% | |||
Fair value | [11] | $ 40,500 | |||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [11],[13] | $ 0 | |||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Preferred Stock( | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [15],[16] | $ 0 | |||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[11] | 5.50% | |||
Investment interest rate | [1],[2],[3],[4],[11] | 10.40% | |||
Fair value | [11] | $ 24,892 | |||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[15] | 5.50% | |||
Investment interest rate | [6],[7],[8],[9],[15] | 7% | |||
Fair value | [15] | $ 26,618 | |||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Line of credit facility, available | [6],[7],[8],[9],[18] | $ 150 | |||
Investment, reference rate and spread | [6],[7],[8],[9],[18] | 7% | |||
Investment interest rate | [6],[7],[8],[9],[18] | 9% | |||
Unused fee percentage | [6],[7],[8],[9],[18] | 0.30% | |||
Fair value | [18] | $ 1,920 | |||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 0 | [11],[13] | $ 0 | [15],[16] | |
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Line of credit facility, available | [1],[2],[3],[4],[19] | $ 0 | |||
Investment, reference rate and spread | [1],[2],[3],[4],[19] | 7% | |||
Investment interest rate | [1],[2],[3],[4],[19] | 11.90% | |||
Unused fee percentage | [1],[2],[3],[4],[19] | 0.30% | |||
Fair value | [19] | $ 2,391 | |||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 11% | [1],[2],[3],[4],[19] | 11% | [6],[7],[8],[9],[18] | |
Investment interest rate | 15.90% | [1],[2],[3],[4],[19] | 13% | [6],[7],[8],[9],[18] | |
Fair value | $ 3,000 | [19] | $ 3,072 | [18] | |
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | 0 | [11],[13] | 0 | [15],[16] | |
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 4,444 | [11],[13] | $ 0 | [15],[16] | |
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 7% | [1],[2],[3],[4],[11] | 7% | [6],[7],[8],[9],[18],[24] | |
Investment interest rate | 11.90% | [1],[2],[3],[4],[11] | 9% | [6],[7],[8],[9],[18],[24] | |
Fair value | $ 3,128 | [11] | $ 2,909 | [18],[24] | |
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 7% | [1],[2],[3],[4],[11] | 7% | [6],[7],[8],[9],[18],[24] | |
Investment interest rate | 11.90% | [1],[2],[3],[4],[11] | 9% | [6],[7],[8],[9],[18],[24] | |
Fair value | $ 12,516 | [11] | $ 10,914 | [18],[24] | |
Investment, Identifier [Axis]: Schylling, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 18,922 | [11],[13] | $ 17,820 | [15],[16] | |
Investment, Identifier [Axis]: Schylling, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 11% | [1],[2],[3],[4],[11] | 11% | [6],[7],[8],[9],[15] | |
Investment interest rate | 15.90% | [1],[2],[3],[4],[11] | 13% | [6],[7],[8],[9],[15] | |
Fair value | $ 27,981 | [11] | $ 27,981 | [15] | |
Investment, Identifier [Axis]: The Maids International, LLC – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 3,200 | [11],[13] | $ 2,679 | [15],[16] | |
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] | 15.40% | |||
Fair value | [11] | $ 28,560 | |||
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[15] | 10.50% | |||
Investment interest rate | [6],[7],[8],[9],[15] | 12% | |||
Fair value | [15] | $ 28,560 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [11],[13] | 0 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [11],[13] | 0 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [15],[16] | 0 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Delayed Draw Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Line of credit facility, available | [6],[7],[8],[9],[15],[24] | $ 0 | |||
Investment, reference rate and spread | [6],[7],[8],[9],[15],[24] | 4% | |||
Investment interest rate | [6],[7],[8],[9],[15],[24] | 7% | |||
Fair value | [15],[24] | $ 118 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Line of credit facility, available | [1],[2],[3],[4],[11],[20] | $ 150 | |||
Investment, reference rate and spread | [1],[2],[3],[4],[11],[20] | 5% | |||
Unused fee percentage | [1],[2],[3],[4],[11],[20] | 9.90% | |||
Fair value | [11],[20] | $ 0 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Line of Credit 1 | |||||
Schedule of Investments [Line Items] | |||||
Line of credit facility, available | [6],[7],[8],[9],[15],[24] | $ 0 | |||
Investment, reference rate and spread | [6],[7],[8],[9],[15],[24] | 5% | |||
Investment interest rate | [6],[7],[8],[9],[15],[24] | 9% | |||
Fair value | [15],[24] | $ 3,400 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Line of Credit 2 | |||||
Schedule of Investments [Line Items] | |||||
Line of credit facility, available | [6],[7],[8],[9],[15],[24] | $ 100 | |||
Investment, reference rate and spread | [6],[7],[8],[9],[15],[24] | 5% | |||
Investment interest rate | [6],[7],[8],[9],[15],[24] | 9% | |||
Fair value | [15],[24] | $ 800 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Preferred Stock( | |||||
Schedule of Investments [Line Items] | |||||
Fair value | [15],[16] | $ 0 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[15],[24] | 4% | |||
Investment interest rate | [6],[7],[8],[9],[15],[24] | 7% | |||
Fair value | [15],[24] | $ 923 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[11],[20] | 4% | |||
Unused fee percentage | [1],[2],[3],[4],[11],[20] | 8.90% | |||
Fair value | [11],[20] | $ 0 | |||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd. | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[11] | 10% | |||
Investment interest rate | [1],[2],[3],[4],[11] | 14.90% | |||
Fair value | [11] | $ 18,250 | |||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd. - Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Fair value | $ 7,748 | [11],[13] | 6,000 | [15],[16] | |
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 1 | |||||
Schedule of Investments [Line Items] | |||||
Line of credit facility, available | [6],[7],[8],[9],[15] | $ 2,000 | |||
Investment, reference rate and spread | [6],[7],[8],[9],[15] | 8.50% | |||
Investment interest rate | [6],[7],[8],[9],[15] | 10% | |||
Fair value | [15] | $ 0 | |||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [6],[7],[8],[9],[15] | 10% | |||
Investment interest rate | [6],[7],[8],[9],[15] | 11.50% | |||
Fair value | [15] | $ 18,250 | |||
Non-Control/Non-Affiliate investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 113% | [1],[2],[3],[4],[25] | 99.20% | [6],[7],[8],[9],[26] | |
Fair value | $ 496,875 | [25] | $ 442,124 | [26] | |
Non-Control/Non-Affiliate investments | Secured First Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 63.60% | [1],[2],[3],[4],[25] | 52.40% | [6],[7],[8],[9],[26] | |
Fair value | $ 279,748 | [25] | $ 233,673 | [26] | |
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Buildings and Real Estate | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [1],[2],[3],[4],[25] | 8.70% | |||
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 1.20% | [1],[2],[3],[4],[25] | 1.10% | [6],[7],[8],[9],[26] | |
Fair value | $ 5,391 | [25] | $ 4,992 | [26] | |
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Diversified/Conglomerate Services | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 25.10% | [1],[2],[3],[4],[25] | 28.80% | [6],[7],[8],[9],[26] | |
Fair value | $ 110,450 | [25] | $ 128,450 | [26] | |
Non-Control/Non-Affiliate investments | Secured First Lien Debt | Healthcare, Education, and Childcare | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 4.50% | [1],[2],[3],[4],[25] | 4.50% | [6],[7],[8],[9],[26] | |
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 | 8% | [1],[2],[3],[4],[25] | 5.50% | [6],[7],[8],[9],[26] | |
Fair value | $ 35,226 | [25] | $ 24,550 | [26] | |
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 | 9.70% | [1],[2],[3],[4],[25] | 6.20% | [6],[7],[8],[9],[26] | |
Fair value | $ 42,450 | [25] | $ 27,700 | [26] | |
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 | 6.40% | [1],[2],[3],[4],[25] | 6.30% | [6],[7],[8],[9],[26] | |
Non-Control/Non-Affiliate investments | Secured Second Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 11.60% | [1],[2],[3],[4],[25] | 15% | [6],[7],[8],[9],[26] | |
Fair value | $ 50,842 | [25] | $ 66,917 | [26] | |
Non-Control/Non-Affiliate investments | Secured Second Lien Debt | Home and Office Furnishings, Housewares, and Durable Consumer Products | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [6],[7],[8],[9],[26] | 3% | |||
Non-Control/Non-Affiliate investments | Secured Second Lien Debt | Aerospace and Defense | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 5% | [1],[2],[3],[4],[25] | 5.70% | [6],[7],[8],[9],[26] | |
Fair value | $ 22,215 | [25] | $ 25,296 | [26] | |
Non-Control/Non-Affiliate investments | Secured Second Lien Debt | Cargo Transport | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 3% | [1],[2],[3],[4],[25] | 2.90% | [6],[7],[8],[9],[26] | |
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 | 3.60% | [1],[2],[3],[4],[25] | 3.10% | [6],[7],[8],[9],[26] | |
Fair value | $ 15,644 | [25] | $ 13,823 | [26] | |
Non-Control/Non-Affiliate investments | Secured Second Lien Debt | Automobile | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [6],[7],[8],[9],[26] | 0.30% | |||
Fair value | [26] | $ 1,498 | |||
Non-Control/Non-Affiliate investments | Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 37.40% | [1],[2],[3],[4],[25] | 31.40% | [6],[7],[8],[9],[26] | |
Fair value | $ 164,534 | [25] | $ 139,927 | [26] | |
Non-Control/Non-Affiliate investments | Preferred Equity | Buildings and Real Estate | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [1],[2],[3],[4],[25] | 5.10% | |||
Non-Control/Non-Affiliate investments | Preferred Equity | Diversified/Conglomerate Services | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 11.60% | [1],[2],[3],[4],[25] | 15.20% | [6],[7],[8],[9],[26] | |
Fair value | $ 51,170 | [25] | $ 67,884 | [26] | |
Non-Control/Non-Affiliate investments | Preferred Equity | Healthcare, Education, and Childcare | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 4% | [1],[2],[3],[4],[25] | 4.30% | [6],[7],[8],[9],[26] | |
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 | 7.70% | [1],[2],[3],[4],[25] | 5.60% | [6],[7],[8],[9],[26] | |
Fair value | $ 33,969 | [25] | $ 24,748 | [26] | |
Non-Control/Non-Affiliate investments | Preferred Equity | Hotels, Motels, Inns, and Gaming | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 3.70% | [1],[2],[3],[4],[25] | 2.30% | [6],[7],[8],[9],[26] | |
Non-Control/Non-Affiliate investments | Preferred Equity | Leisure, Amusement, Motion Pictures, and Entertainment | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 4.30% | [1],[2],[3],[4],[25] | 4% | [6],[7],[8],[9],[26] | |
Non-Control/Non-Affiliate investments | Preferred Equity | Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 1% | [1],[2],[3],[4],[25] | 0% | [6],[7],[8],[9],[26] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.40% | [1],[2],[3],[4],[25] | 0.40% | [6],[7],[8],[9],[26] | |
Fair value | $ 1,751 | [25] | $ 1,607 | [26] | |
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],[25] | 0% | [6],[7],[8],[9],[26] | |
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],[25] | 0% | [6],[7],[8],[9],[26] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | Aerospace and Defense | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0% | [1],[2],[3],[4],[25] | 0% | [6],[7],[8],[9],[26] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | Cargo Transport | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.40% | [1],[2],[3],[4],[25] | 0.40% | [6],[7],[8],[9],[26] | |
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 | 0% | [1],[2],[3],[4],[25] | 0% | [6],[7],[8],[9],[26] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | Personal and Non-Durable Consumer Products (Manufacturing Only) | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0% | [1],[2],[3],[4],[25] | 0% | [6],[7],[8],[9],[26] | |
Affiliate investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 58.20% | [1],[2],[3],[4],[27] | 60.80% | [6],[7],[8],[9],[28] | |
Fair value | $ 255,955 | [27] | $ 271,559 | [28] | |
Affiliate investments | Secured First Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 35.80% | [1],[2],[3],[4],[27] | 42.90% | [6],[7],[8],[9],[28] | |
Fair value | $ 157,769 | [27] | $ 191,414 | [28] | |
Affiliate investments | Secured First Lien Debt | Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 1% | [1],[2],[3],[4],[27] | 2% | [6],[7],[8],[9],[28] | |
Affiliate investments | Secured First Lien Debt | Diversified/Conglomerate Services | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 17.70% | [1],[2],[3],[4],[27] | 20.50% | [6],[7],[8],[9],[28] | |
Fair value | $ 77,964 | [27] | $ 91,474 | [28] | |
Affiliate investments | Secured First Lien Debt | Home and Office Furnishings, Housewares, and Durable Consumer Products | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 9.20% | [1],[2],[3],[4],[27] | 5.60% | [6],[7],[8],[9],[28] | |
Affiliate investments | Secured First Lien Debt | Personal and Non-Durable Consumer Products (Manufacturing Only) | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [6],[7],[8],[9],[28] | 1% | |||
Fair value | [28] | $ 4,200 | |||
Affiliate investments | Secured First Lien Debt | Mining, Steel, Iron and Non-Precious Metals | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 4.10% | [1],[2],[3],[4],[27] | 4.10% | [6],[7],[8],[9],[28] | |
Fair value | [28] | $ 18,250 | |||
Affiliate investments | Secured First Lien Debt | Telecommunications | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 3.80% | [1],[2],[3],[4],[27] | 3.70% | [6],[7],[8],[9],[28] | |
Fair value | $ 16,800 | [27] | $ 16,800 | [28] | |
Affiliate investments | Secured First Lien Debt | Chemicals, Plastics, and Rubber | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [6],[7],[8],[9],[28] | 6% | |||
Affiliate investments | Secured Second Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 5.70% | [1],[2],[3],[4],[27] | 0.20% | [6],[7],[8],[9],[28] | |
Fair value | $ 24,892 | [27] | $ 1,041 | [28] | |
Affiliate investments | Secured Second Lien Debt | Personal and Non-Durable Consumer Products (Manufacturing Only) | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [6],[7],[8],[9],[28] | 0.20% | |||
Fair value | [28] | $ 1,041 | |||
Affiliate investments | Secured Second Lien Debt | Chemicals, Plastics, and Rubber | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [1],[2],[3],[4],[27] | 5.70% | |||
Affiliate investments | Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 13.20% | [1],[2],[3],[4],[27] | 17.40% | [6],[7],[8],[9],[28] | |
Fair value | $ 58,051 | [27] | $ 77,672 | [28] | |
Affiliate investments | Preferred Equity | Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0% | [1],[2],[3],[4],[27] | 0% | [6],[7],[8],[9],[28] | |
Affiliate investments | Preferred Equity | Diversified/Conglomerate Services | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 3.20% | [1],[2],[3],[4],[27] | 4.30% | [6],[7],[8],[9],[28] | |
Fair value | $ 14,126 | [27] | $ 19,084 | [28] | |
Affiliate investments | Preferred Equity | Home and Office Furnishings, Housewares, and Durable Consumer Products | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 7.70% | [1],[2],[3],[4],[27] | 8.50% | [6],[7],[8],[9],[28] | |
Affiliate investments | Preferred Equity | Personal and Non-Durable Consumer Products (Manufacturing Only) | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [6],[7],[8],[9],[28] | 0% | |||
Affiliate investments | Preferred Equity | Mining, Steel, Iron and Non-Precious Metals | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 1.80% | [1],[2],[3],[4],[27] | 1.30% | [6],[7],[8],[9],[28] | |
Affiliate investments | Preferred Equity | Telecommunications | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.50% | [1],[2],[3],[4],[27] | 3.30% | [6],[7],[8],[9],[28] | |
Affiliate investments | Preferred Equity | Chemicals, Plastics, and Rubber | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0% | [1],[2],[3],[4],[27] | 0% | [6],[7],[8],[9],[28] | |
Affiliate investments | Common Equity/ Equivalents | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 3.50% | [1],[2],[3],[4],[27] | 0.30% | [6],[7],[8],[9],[28] | |
Fair value | $ 15,243 | [27] | $ 1,432 | [28] | |
Affiliate investments | Common Equity/ Equivalents | Diversified/Conglomerate Services | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 3.50% | [1],[2],[3],[4],[27] | 0.10% | [6],[7],[8],[9],[28] | |
Affiliate investments | Common Equity/ Equivalents | Personal and Non-Durable Consumer Products (Manufacturing Only) | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [6],[7],[8],[9],[28] | 0% | |||
Affiliate investments | Common Equity/ Equivalents | Telecommunications | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0% | [1],[2],[3],[4],[27] | 0.20% | [6],[7],[8],[9],[28] | |
Control investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.20% | [1],[2],[3],[4],[29] | 0.20% | [6],[7],[8],[9],[30] | |
Fair value | $ 713 | [29] | $ 713 | [30] | |
Control investments | Secured First Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [1],[2],[3],[4],[29] | 0% | |||
Fair value | [29] | $ 0 | |||
Control investments | Secured First Lien Debt | Personal and Non-Durable Consumer Products (Manufacturing Only) | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [1],[2],[3],[4],[29] | 0% | |||
Control investments | Secured Second Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [1],[2],[3],[4],[29] | 0% | |||
Fair value | [29] | $ 0 | |||
Control investments | Secured Second Lien Debt | Personal and Non-Durable Consumer Products (Manufacturing Only) | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [1],[2],[3],[4],[29] | 0% | |||
Control investments | Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [1],[2],[3],[4],[29] | 0% | |||
Fair value | [29] | $ 0 | |||
Control investments | Preferred Equity | Personal and Non-Durable Consumer Products (Manufacturing Only) | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [1],[2],[3],[4],[29] | 0% | |||
Control investments | Common Equity/ Equivalents | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.20% | [1],[2],[3],[4],[29] | 0.20% | [6],[7],[8],[9],[30] | |
Fair value | [30] | $ 713 | |||
Control investments | Common Equity/ Equivalents | Leisure, Amusement, Motion Pictures, and Entertainment | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.20% | [1],[2],[3],[4],[29] | 0.20% | [6],[7],[8],[9],[30] | |
Fair value | [29] | $ 713 | |||
Control investments | Common Equity/ Equivalents | Personal and Non-Durable Consumer Products (Manufacturing Only) | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [1],[2],[3],[4],[29] | 0% | |||
[1] Certain of the securities listed are issued by affiliate(s) of the indicated portfolio company. The majority of the securities listed, totaling $639.5 million at fair value, are pledged as collateral to our revolving line of credit, as described further in Note 5— Borrowings in the accompanying Notes to Consolidated Financial Statements . Additionally, under Section 55 of the Investment Company Act of 1940, as amended (the "1940 Act"), we may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. As of March 31, 2023, 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. Unless indicated otherwise, all cash interest rates are indexed to 30-day London Interbank Offered Rate ("LIBOR" or "L"), which was 4.9% as of March 31, 2023. If applicable, paid-in-kind interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or 30-day LIBOR plus a spread. Due dates represent the contractual maturity date. Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the 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. Certain of the securities listed are issued by affiliate(s) of the indicated portfolio company. The majority of the securities listed, totaling $537.5 million at fair value, are pledged as collateral to our revolving line of credit, as described further in Note 5— Borrowings in the accompanying Notes to Consolidated Financial Statements . Additionally, under Section 55 of the 1940 Act, we may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. As of March 31, 2022, our investment in Funko was considered a non-qualifying asset under Section 55 of the 1940 Act and represented less than 0.1% of total investments, at fair value. Unless indicated otherwise, all cash interest rates are indexed to 30-day LIBOR, which was 0.5% as of March 31, 2022. If applicable, paid-in-kind interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or 30-day LIBOR plus a spread. Due dates represent the contractual maturity date. Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the FASB ASC 820 fair value hierarchy. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. 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. (L) 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. 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. Refer to Note 11— Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information regarding this guaranty. Fair value was based on internal yield analysis or on estimates of value submitted by ICE Data Pricing and Reference Data, LLC. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Fair value was based on internal yield analysis or on estimates of value submitted by ICE Data Pricing and Reference Data, LLC. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Our investment in Funko was valued using Level 2 inputs within the ASC 820 fair value hierarchy. Our common units in Funko are convertible into class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. 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. (H) $5.1 million of the debt security was participated to a third-party, but is accounted for as collateral for a secured borrowing under accounting principles generally accepted in the U.S. and presented as Secured borrowing on our accompanying Consolidated Statements of Assets and Liabilities as of March 31, 2022. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS - USD ($) $ in Thousands | 12 Months Ended | |||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | ||||
Investment Company, Net Assets [Roll Forward] | ||||||
NET ASSETS, BEGINNING OF YEAR | $ 445,830 | [1] | $ 382,364 | [1] | $ 369,031 | |
OPERATIONS | ||||||
Net investment income | 37,000 | 14,990 | 17,938 | |||
Net realized gain on investments | 10,753 | 14,442 | 11,374 | |||
Net realized loss on other | 0 | (1,998) | (782) | |||
Net unrealized appreciation (depreciation) of investments | (12,235) | 74,882 | 13,924 | |||
Net unrealized depreciation of other | 29 | 0 | 0 | |||
Net increase in net assets from operations | 35,547 | 102,316 | 42,454 | |||
DISTRIBUTIONS | ||||||
Distributions to common stockholders from net investment income ($0.92, $0.91, and $0.83 per share, respectively) | [1] | (30,833) | (30,244) | (27,407) | ||
Distributions to common stockholders from cumulative realized gains ($0.49, $0.26, and $0.10 per share, respectively) | [1] | (16,217) | (8,606) | (3,451) | ||
Net decrease in net assets from distributions | [1] | (47,050) | (38,850) | (30,858) | ||
CAPITAL ACTIVITY | ||||||
Issuance of common stock | 5,492 | 0 | 1,772 | |||
Discounts, commissions, and offering costs for issuance of common stock | (77) | 0 | (35) | |||
Net increase in net assets from capital activity | 5,415 | 0 | 1,737 | |||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (6,088) | 63,466 | 13,333 | |||
NET ASSETS, END OF YEAR | [1] | $ 439,742 | $ 445,830 | $ 382,364 | ||
[1] Refer to Note 9 — Distributions to Common Stockholders in the accompanying Notes to Consolidated Financial Statements for additional information. |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Parentheticals) - $ / shares | 12 Months Ended | |||||||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||||||||||
Net investment income (loss) (in USD per share) | $ 0.92 | $ 0.91 | $ 0.83 | $ 0.75 | $ 0.69 | $ 0.84 | $ 0.75 | $ 0.64 | $ 0.77 | $ 0.71 |
Gain (loss) on investment (in USD per share) | $ 0.49 | $ 0.26 | $ 0.10 | $ 0.28 | $ 0.24 | $ 0.05 | $ 0 | $ 0.11 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net increase in net assets resulting from operations | $ 35,547 | $ 102,316 | $ 42,454 | |
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities: | ||||
Purchase of investments | (133,756) | (92,738) | (95,272) | |
Principal repayments of investments | 52,300 | 51,398 | 20,734 | |
Net proceeds from the sale of investments | 35,533 | 50,018 | 31,047 | |
Net realized gain (loss) | (10,753) | (12,444) | (10,592) | |
Net unrealized depreciation (appreciation) of investments | 12,206 | (74,882) | (13,924) | |
Amortization of premiums, discounts, and acquisition costs, net | (12) | (18) | (18) | |
Amortization of deferred financing costs and discounts | 1,802 | 1,803 | 1,750 | |
Bad debt expense, net of recoveries | 362 | 792 | 88 | |
Changes in assets and liabilities: | ||||
Decrease (increase) in interest receivable | 4 | (131) | 16 | |
Decrease (increase) in due from administrative agent | 2,507 | (5,242) | (393) | |
(Increase) decrease in other assets, net | (446) | 209 | (19) | |
(Decrease) increase in accounts payable and accrued expenses | (13) | 236 | (521) | |
Increase (decrease) in interest payable | 119 | 1,599 | 453 | |
Increase (decrease) in other liabilities | 442 | 45 | (13,972) | |
Net cash (used in) provided by operating activities | (4,504) | 36,599 | (29,732) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from issuance of common stock | 5,492 | 0 | 1,772 | |
Discounts, commissions, and offering costs for issuance of common stock | (77) | 0 | (31) | |
Proceeds from line of credit | 102,500 | 111,700 | 125,900 | |
Repayments on line of credit | (67,300) | (134,100) | (152,700) | |
Proceeds from issuance of notes payable | 0 | 134,550 | 127,938 | |
Proceeds from issuance of mandatorily redeemable preferred stock | 0 | 0 | 19,276 | |
Redemption of mandatorily redeemable preferred stock | 0 | (94,371) | (57,500) | |
Deferred financing and offering costs | (308) | (3,431) | (5,727) | |
Distributions paid to common stockholders | (47,050) | (38,850) | (30,858) | |
Net cash (used in) provided by financing activities | (6,743) | (24,502) | 28,070 | |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS | (11,247) | 12,097 | (1,662) | |
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR | 14,495 | 2,398 | 4,060 | |
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF YEAR | 3,248 | 14,495 | 2,398 | |
CASH PAID FOR INTEREST | 14,103 | 9,837 | 3,169 | |
Adviser | ||||
Changes in assets and liabilities: | ||||
Increase (decrease) in fees due to related party | [1] | (435) | 13,588 | 8,442 |
Administrator | ||||
Changes in assets and liabilities: | ||||
Increase (decrease) in fees due to related party | [1] | 89 | 50 | (5) |
Investment, Unaffiliated and Affiliated Issuer, Excluding Other | ||||
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities: | ||||
Net realized gain (loss) | (10,753) | (14,442) | (11,374) | |
Net unrealized depreciation (appreciation) of investments | 12,235 | (74,882) | (13,924) | |
Other | ||||
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities: | ||||
Net realized gain (loss) | 0 | 1,998 | 782 | |
Net unrealized depreciation (appreciation) of investments | $ (29) | $ 0 | $ 0 | |
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information. |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||
Feb. 28, 2023 | Dec. 31, 2022 | Aug. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Aug. 31, 2012 | ||||
Cost | $ 669,248 | [1] | $ 720,630 | [2] | $ 669,248 | [1] | |||||
Purchase of investments | 133,756 | 92,738 | $ 95,272 | ||||||||
Net realized gain (loss): | 10,753 | 12,444 | $ 10,592 | ||||||||
Ginsey Home Solutions, Inc. | |||||||||||
Payment to extinguish secured borrowing liability | $ 5,100 | ||||||||||
Cost | $ 12,200 | $ 5,000 | |||||||||
Purchase of investments | $ 4,000 | ||||||||||
The Mountain Corporation | |||||||||||
Cost | $ 4,300 | $ 13,200 | |||||||||
Purchase of investments | $ 4,700 | 3,200 | |||||||||
Net realized gain (loss): | $ (10,000) | ||||||||||
J.R. Hobbs Co. | |||||||||||
Cost | 36,000 | $ 36,000 | |||||||||
Purchase of investments | 26,000 | ||||||||||
Net realized gain (loss): | $ (10,000) | ||||||||||
[1]Cumulative gross unrealized appreciation for federal income tax purposes is $140.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $97.1 million. Cumulative net unrealized appreciation is $43.8 million, based on a tax cost of $670.6 million.[2]Cumulative gross unrealized appreciation for federal income tax purposes is $150.4 million; cumulative gross unrealized depreciation for federal income tax purposes is $119.3 million. Cumulative net unrealized appreciation is $31.1 million, based on a tax cost of $722.4 million. |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION Gladstone Investment Corporation (“Gladstone Investment”) was incorporated under the General Corporation Law of the State of Delaware on February 18, 2005, and completed an initial public offering on June 22, 2005. The terms “the Company,” “we,” “our” and “us” all refer to Gladstone Investment and its consolidated subsidiaries. We are an externally advised, closed-end, non-diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and are applying the guidance of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “ Financial Services-Investment Companies” (“ASC 946”). In addition, we have elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). We were established for the purpose of investing in debt and equity securities of established private businesses in the United States (“U.S.”). Debt investments primarily take the form of two types of loans: secured first lien loans and secured second lien loans. Equity investments primarily take the form of preferred or common equity (or warrants or options to acquire the foregoing), often in connection with buyouts and other recapitalizations. Our investment objectives are to: (i) achieve and grow current income by investing in debt securities of established businesses that we believe will provide stable earnings and cash flow to pay expenses, make principal and interest payments on our outstanding indebtedness and make distributions to stockholders that grow over time, and (ii) provide our stockholders with long-term capital appreciation in the value of our assets by investing in equity securities of established businesses, generally in combination with the aforementioned debt securities, that we believe can grow over time to permit us to sell our equity investments for capital gains. We intend that our investment portfolio over time will consist of approximately 75.0% in debt investments and 25.0% in equity investments, at cost. As of March 31, 2023, our investment portfolio was comprised of 77.1% in debt investments and 22.9% in equity investments, at cost. Gladstone Business Investment, LLC (“Business Investment”), a wholly-owned subsidiary of ours, was established on August 11, 2006 for the sole purpose of holding certain investments pledged as collateral under our line of credit. The financial statements of Business Investment are consolidated with those of Gladstone Investment. We are externally managed by Gladstone Management Corporation (the “Adviser”), an affiliate of ours and a U.S. Securities and Exchange Commission (“SEC”) registered investment adviser, pursuant to an investment advisory and management agreement (the “Advisory Agreement”). Administrative services are provided by Gladstone Administration, LLC (the “Administrator”), an affiliate of ours and the Adviser, pursuant to an administration agreement (the “Administration Agreement”). Refer to Note 4 — Related Party Transactions for more information regarding these arrangements. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Consolidated Financial Statements and these accompanying notes are prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and conform to the applicable requirements of Regulation S-X. Management believes it has made all necessary adjustments so that our accompanying Consolidated Financial Statements are presented fairly and that all such adjustments are of a normal recurring nature. Our accompanying Consolidated Financial Statements include our accounts and the accounts of our wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. Consolidation In accordance with Article 6 of Regulation S-X, we do not consolidate portfolio company investments. Under the investment company rules and regulations pursuant to the American Institute of Certified Public Accountants (“AICPA”) Audit and Accounting Guide for Investment Companies, codified in ASC 946, we are precluded from consolidating any entity other than another investment company, except that ASC 946 provides for the consolidation of a controlled operating company that provides substantially all of its services to the investment company or its consolidated subsidiaries. Use of Estimates Preparing financial statements requires management to make estimates and assumptions that affect the amounts reported in our accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements . Actual results may differ from those estimates. Classification of Investments In accordance with the provisions of the 1940 Act applicable to BDCs, we classify portfolio investments on our accompanying Consolidated Statements of Assets and Liabilities , Consolidated Statements of Operations , and Consolidated Schedules of Investments into the following categories: • Non-Control/Non-Affiliate Investments — Non-Control/Non-Affiliate investments are those that are neither control nor affiliate investments and in which we typically own less than 5.0% of the issued and outstanding voting securities; • Affiliate Investments — Affiliate investments are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities; and • Control Investments — Control investments are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities. Investment Valuation Policy Accounting Recognition We record our investments at fair value in accordance with the FASB ASC Topic 820, “ Fair Value Measurements and Disclosures” (“ASC 820”) and the 1940 Act. Investment transactions are recorded on the trade date. Realized gains or losses are generally measured by the difference between the net proceeds from the repayment or sale and the cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, and include investments charged off during the period, net of recoveries. Unrealized appreciation or depreciation primarily reflects the change in investment fair values, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. Board Responsibility Our board of directors (the “Board of Directors”) has approved investment valuation policies and procedures pursuant to Rule 2a-5 (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. ICE Data Pricing and Reference Data, LLC (“ICE”), a valuation specialist, generally provides estimates of fair value on our debt investments. The Valuation Team generally assigns ICE’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 ICE’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 ICE’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 Team’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 makes a determination to our Valuation Committee as to the fair value. Our Valuation Committee reviews the determined fair value and whether it is reasonable in light of the Policy and other relevant facts and circumstances. Valuation Techniques In accordance with ASC 820, the Valuation Team uses the following techniques when valuing our investment portfolio: • Total Enterprise Value — In determining the fair value using a TEV, the Valuation Team first calculates the TEV of the portfolio company by incorporating some or all of the following factors: the portfolio company’s ability to make payments and other specific portfolio company attributes; the earnings of the portfolio company (the trailing or projected twelve month revenue or earnings before interest, taxes, depreciation and amortization (“EBITDA”)); EBITDA multiples obtained from our indexing methodology whereby the original transaction EBITDA multiple at the time of our closing is indexed to a general subset of comparable disclosed transactions and EBITDA multiples from recent sales to third parties of similar securities in similar industries; a comparison to publicly traded securities in similar industries; and other pertinent factors. The Valuation Team generally reviews industry statistics and may use outside experts when gathering this information. Once the TEV is determined for a portfolio company, the Valuation Team generally allocates the TEV to the portfolio company’s securities based on the facts and circumstances of the securities, which typically results in the allocation of fair value to securities based on the order of their relative priority in the capital structure. Generally, the Valuation Team uses TEV to value our equity investments and, in the circumstances where we have the ability to effectuate a sale of a portfolio company, our debt investments. TEV is primarily calculated using EBITDA and EBITDA multiples; however, TEV may also be calculated using revenue and revenue multiples or a discounted cash flow (“DCF”) analysis whereby future expected cash flows of the portfolio company are discounted to determine a net present value using estimated risk-adjusted discount rates, which incorporate adjustments for nonperformance and liquidity risks. • Yield Analysis — The Valuation Team generally determines the fair value of our debt investments for which we do not have the ability to effectuate a sale of the applicable portfolio company using the yield analysis, which includes a DCF calculation and assumptions that the Valuation Team believes market participants would use, including: estimated remaining life, current market yield, current leverage, and interest rate spreads. This technique develops a modified discount rate that incorporates risk premiums including, among other things, increased probability of default, increased loss upon default, and increased liquidity risk. Generally, the Valuation Team uses the yield analysis to corroborate both estimates of value provided by ICE 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. • Investments in Funds — For equity investments in other funds for which we cannot effectuate a sale of the fund, the Valuation Team generally determines the fair value of our invested capital at the net asset value (“NAV”) provided by the fund. Any invested capital that is not yet reflected in the NAV provided by the fund is valued at par value. The Valuation Team may also determine fair value of our investments in other investment funds based on the capital accounts of the underlying entity. In addition to the valuation techniques listed above, the Valuation Team may also consider other factors when determining the fair value of our investments, including: the nature and realizable value of the collateral, including external parties’ guaranties, any relevant offers or letters of intent to acquire the portfolio company, timing of expected loan repayments, and the markets in which the portfolio company operates. Fair value measurements of our investments may involve subjective judgments and estimates and, due to the uncertainty inherent in valuing these securities, the determinations of fair value may fluctuate from period to period and may differ materially from the values that could be obtained if a ready market for these securities existed. Our NAV could be materially affected if the determinations regarding the fair value of our investments are materially different from the values that we ultimately realize upon our disposal of such securities. Additionally, changes in the market environment and other events that may occur over the life of the investment may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which it is recorded. Refer to Note 3 — Investments for additional information regarding fair value measurements and our application of ASC 820. Realized Gain or Loss and Unrealized Appreciation or Depreciation of Portfolio Investments Gains or losses on the sale of investments are calculated by using the specific identification method. A realized gain or loss is recognized on the trade date, typically when an investment is disposed of, and is computed as the difference between the cost basis of the investment on the disposition date and the net proceeds received from such disposition. Unrealized appreciation or depreciation reflects the difference between the fair value of the investment and the cost basis of such investment. We determine the fair value of each individual investment each reporting period and record changes in fair value as unrealized appreciation or depreciation in our accompanying Consolidated Statement of Operations . Revenue Recognition Interest Income Recognition Interest income, adjusted for amortization of premiums, amendment fees, and acquisition costs and the accretion of discounts, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when a loan becomes 90 days or more past due, or if our qualitative assessment indicates that the debtor is unable to service its debt or other obligations, we will place the loan on non-accrual status and cease recognizing interest income on that loan until the borrower has demonstrated the ability and intent to pay contractual amounts due. However, we remain contractually entitled to this interest. Interest payments received on non-accrual loans may be recognized as income or applied to the cost basis, depending upon management’s judgment. Generally, non-accrual loans are restored to accrual status when past-due principal and interest are paid, and, in management’s judgment, are likely to remain current, or, due to a restructuring, the interest income is deemed to be collectible. As of March 31, 2023, our loans to Edge Adhesives Holdings, Inc., J.R. Hobbs Co. – Atlanta, LLC (“J.R. Hobbs”) and The Mountain Corporation (“The Mountain”) were on non-accrual status, with an aggregate debt cost basis of $66.9 million, or 12.0% of the cost basis of all debt investments in our portfolio, and an aggregate fair value of $31.7 million, or 6.2% of the fair value of all debt investments in our portfolio. As of March 31, 2022, our loans to J.R. Hobbs, The Mountain, and SFEG Holdings, Inc. were on non-accrual status, with an aggregate debt cost basis of $77.2 million, or 15.1% of the cost basis of all debt investments in our portfolio, and an aggregate fair value of $60.0 million, or 12.2% of the fair value of all debt investments in our portfolio. Paid-in-kind (“PIK”) interest, computed at the contractual rate specified in the loan agreement, is added to the principal balance of the loan and recorded as interest income. Thus, the actual collection of PIK income may be deferred until the time of debt principal repayment. As of March 31, 2023 and 2022, 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. Cash and Cash Equivalents We consider all short-term, highly-liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value. We place our cash with financial institutions, and at times, cash held in checking accounts may exceed the Federal Deposit Insurance Corporation insured limit. We seek to mitigate this concentration of credit risk by depositing funds with major financial institutions. Restricted Cash and Cash Equivalents Restricted cash and cash equivalents are generally cash and cash equivalents held in escrow received as part of an investment exit. Restricted cash and cash equivalents are carried at cost, which approximates fair value. Deferred Financing and Offering Costs Deferred financing and offering costs consist of costs incurred to obtain financing, including lender fees, underwriting discounts and commissions, and legal fees. Certain costs associated with our revolving line of credit are deferred and amortized using the straight-line method, which approximates the effective interest method, over the term of the revolving line of credit. Costs associated with the issuance of our notes payable and mandatorily redeemable preferred stock are presented as discounts to the liquidation value of the notes payable and mandatorily redeemable preferred stock and are amortized using the straight-line method, which approximates the effective interest method, over the term of the notes payable and respective series of preferred stock. Refer to Note 5 — Borrowings and Note 6 — Mandatorily Redeemable Preferred Stock for further discussion. Related Party Fees We are party to the Advisory Agreement with the Adviser, which is 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 owned and controlled by our chairman and chief executive officer, whereby we pay separately for administrative services. Refer to Note 4 — Related Party Transactions for additional information regarding these related party fees and agreements. Federal Income Taxes We intend to continue to maintain our qualification as a RIC under subchapter M of the Code for federal income tax purposes. As a RIC, we generally are not subject to federal income tax on the portion of our taxable income and gains distributed to our stockholders. To maintain our qualification as a RIC, we must maintain our status as a BDC and meet certain source-of-income and asset diversification requirements. In addition, to qualify to be taxed as a RIC, we must generally distribute to stockholders, for each taxable year, at least 90% of our taxable ordinary income plus the excess of our net short-term capital gains over net long-term capital losses (“Investment Company Taxable Income”). Our policy generally is to make distributions to our stockholders in an amount up to 100% of our Investment Company Taxable Income. We intend to continue to make sufficient distributions to qualify as a RIC and to generally limit taxable income, although we may retain some or all of our net long-term capital gains and pay income taxes on such gains. Refer to Note 10 — Federal and State Income Taxes for additional information regarding our RIC requirements. FASB ASC 740, Income Taxes (“ASC 740”), requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authorities. Tax positions not deemed to satisfy the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current fiscal year. We have evaluated the implications of ASC 740 for all open tax years and in all major tax jurisdictions and determined that there is no material impact on our accompanying Consolidated Financial Statements . Our federal income tax returns for fiscal years 2022, 2021, and 2020 remain subject to examination by the Internal Revenue Service (“IRS”). We are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized benefits will change materially in the next twelve months. Distributions Distributions to stockholders are recorded on the ex-dividend date. We are required to distribute at least 90% of our Investment Company Taxable Income for each taxable year as a distribution to our stockholders to maintain our ability to be taxed as a RIC under Subchapter M of the Code. It is our policy to generally pay out as a distribution up to 100% of those amounts. The amount to be paid is determined by our Board of Directors and is based upon management’s estimate of Investment Company Taxable Income, net long-term capital gains, as well as amounts to be distributed in accordance with Section 855(a) of the Code. Based on that estimate, our Board of Directors declares monthly distributions, and supplemental distributions, as applicable, each quarter. At fiscal year-end, we may elect to treat a portion of the first distributions paid after year-end as having been paid in the prior year in accordance with Section 855(a) of the Code. We may retain some or all of our net long-term capital gains, if any, and designate them as deemed distributions, or distribute these capital gains to stockholders in cash. If we elect to retain net long-term capital gains and deem them distributed, each U.S. common stockholder will be treated as if they received a distribution of their pro-rata share of the retained net long-term capital gain and the U.S. federal income tax paid. As a result, each common stockholder will (i) be required to report their pro-rata share of the retained gain on their tax return as long-term capital gain, (ii) receive a refundable tax credit for their pro-rata share of federal income tax paid by us on the retained gain, and (iii) increase the tax basis of their shares of common stock by an amount equal to the deemed distribution less the tax credit. Refer to Note 9 — Distributions to Common Stockholders for further information. Our common stockholders who hold their shares through our transfer agent, Computershare, Inc. (“Computershare”), have the option to participate in a dividend reinvestment plan offered by Computershare, as the plan agent. This is an “opt in” dividend reinvestment plan, meaning that common stockholders may elect to have their cash distributions automatically reinvested in additional shares of our common stock. Common stockholders who do not so elect will receive their distributions in cash. Any distributions reinvested under the plan will be taxable to a common stockholder to the same extent, and with the same character, as if the common stockholder had received the distribution in cash. The common stockholder will have an adjusted basis in the additional common shares purchased through the plan equal to the dollar amount that would have been received if the U.S. stockholder had received the dividend or distribution in cash. The additional common shares will have a new holding period commencing on the day following the date on which the shares are credited to the common stockholder’s account. Computershare purchases shares in the open market in connection with the obligations under the plan. Recent Accounting Pronouncements In June 2022, the FASB issued Accounting Standards Update 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”), which clarifies the measurement and presentation of fair value for equity securities subject to contractual restrictions that prohibit the sale of the equity security. ASU 2022-03 is effective for annual reporting periods beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. Our early adoption of ASU 2022-03 did not have a material impact on our financial position, results of operations or cash flows. In August 2021, the FASB issued Accounting Standards Update 2021-06, “Presentation of Financial Statements (Topic 205): Financial Services – Depository and Lending (Topic 924), and Financial Services – Investment Companies (Topic 946)” (“ASU 2021-06”), which modifies the disclosure requirements for acquired and disposed businesses. ASU 2021-06 was effective upon issuance. Our adoption of ASU 2021-06 did not have a material impact on our financial position, results of operations or cash flows. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | INVESTMENTS Fair Value In accordance with ASC 820, we determine the fair value of our investments to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between willing market participants on the measurement date. This fair value definition focuses on exit price in the principal, or most advantageous, market and prioritizes, within a measurement of fair value, the use of market-based inputs over entity-specific inputs. ASC 820 also establishes the following three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of a financial instrument as of the measurement date. • Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical financial instruments in active markets; • Level 2 — inputs to the valuation methodology include quoted prices for similar financial instruments in active or inactive markets, and inputs that are observable for the financial instrument, either directly or indirectly, for substantially the full term of the financial instrument. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists, or instances where prices vary substantially over time or among brokered market makers; and • Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value measurement. Unobservable inputs are those inputs that reflect assumptions that market participants would use when pricing the financial instrument and can include the Valuation Team’s assumptions based upon the best available information. When a determination is made to classify our investments within Level 3 of the valuation hierarchy, such determination is based upon the significance of the unobservable factors to the overall fair value measurement. However, Level 3 financial instruments typically include, in addition to the unobservable, or Level 3, inputs, observable inputs (or components that are actively quoted and can be validated to external sources). The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. As of March 31, 2023 and 2022, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our investment in Funko Acquisition Holdings, LLC (“Funko”), which was valued using Level 2 inputs. We transfer investments in and out of Level 1, 2 and 3 of the valuation hierarchy as of the beginning balance sheet date, based on changes in the use of observable and unobservable inputs utilized to perform the valuation for the period. There were no transfers in or out of Level 1, 2 and 3 during the years ended March 31, 2023 and 2022, respectively. As of March 31, 2023 and 2022, our investments, by security type, at fair value were categorized as follows within the ASC 820 fair value hierarchy: Fair Value Measurements Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of March 31, 2023: Secured first lien debt $ 437,517 $ — $ — $ 437,517 Secured second lien debt 75,734 — — 75,734 Preferred equity 222,585 — — 222,585 Common equity/equivalents 17,707 — 27 (A) 17,680 Total Investments at March 31, 2023 $ 753,543 $ — $ 27 $ 753,516 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, 2022: Secured first lien debt $ 425,087 $ — $ — $ 425,087 Secured second lien debt 67,958 — — 67,958 Preferred equity 217,599 — — 217,599 Common equity/equivalents 3,752 — 74 (A) 3,678 Total Investments at March 31, 2022 $ 714,396 $ — $ 74 $ 714,322 (A) Fair value was determined based on the closing market price of shares of Funko, Inc. (our units in Funko can be converted into common shares of Funko, Inc.) at the reporting date less a discount for lack of marketability, as our investment was subject to certain restrictions. The following table presents our investments, valued using Level 3 inputs within the ASC 820 fair value hierarchy, and carried at fair value as of March 31, 2023 and 2022, by caption on our accompanying Consolidated Statements of Assets and Liabilities, and by security type: Total Recurring Fair Value Measurements Reported in Consolidated Statements of Assets and Liabilities Valued Using Level 3 Inputs March 31, 2023 2022 Non-Control/Non-Affiliate Investments Secured first lien debt $ 279,748 $ 233,673 Secured second lien debt 50,842 66,917 Preferred equity 164,534 139,927 Common equity/equivalents (A) 1,724 1,533 Total Non-Control/Non-Affiliate Investments 496,848 442,050 Affiliate Investments Secured first lien debt 157,769 191,414 Secured second lien debt 24,892 1,041 Preferred equity 58,051 77,672 Common equity/equivalents 15,243 1,432 Total Affiliate Investments 255,955 271,559 Control Investments Secured first lien debt — — Secured second lien debt — — Preferred equity — — Common equity/equivalents 713 713 Total Control Investments 713 713 Total investments at fair value using Level 3 inputs $ 753,516 $ 714,322 (A) Excludes our investment in Funko with a fair value of $27 thousand and $74 thousand as of March 31, 2023 and 2022, respectively, which was valued using Level 2 inputs. In accordance with ASC 820, the following table provides quantitative information about our investments valued using Level 3 fair value measurements as of March 31, 2023 and 2022. The table below is not intended to be all-inclusive, but rather provides information on the significant Level 3 inputs as they relate to our fair value measurements. The weighted-average calculations in the table below are based on the principal balances for all debt-related calculations and on the cost basis for all equity-related calculations for the particular input. Quantitative Information about Level 3 Fair Value Measurements Fair Value as of Valuation Technique/ Methodology Unobservable Range / Weighted-Average as of March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 Secured first lien debt $ 432,126 $ 411,023 TEV EBITDA multiple 4.4x – 7.7x / 6.4x 3.4x – 9.3x / 7.0x EBITDA $4,251 – $19,083 / $10,764 $3,990 – $13,707 / $8,221 Revenue multiple 0.3x – 0.6x / 0.3x 0.7x – 0.7x / 0.7x Revenue $15,483 – $109,615 / $94,957 $14,072 – $14,072 / $14,072 5,391 14,064 Yield Analysis Discount Rate 19.4% – 19.9% / 19.7% 11.3% – 15.2% / 14.6% Secured second lien debt 62,750 39,637 TEV EBITDA multiple 5.4x – 6.6x / 6.2x 5.6x – 6.8x / 6.0x EBITDA $4,112 – $6,379 / $5,501 $3,953 – $5,488 / $4,959 Revenue multiple N/A 0.7x – 0.7x / 0.7x Revenue N/A $14,072 – $14,072 / $14,072 12,984 28,321 Yield Analysis Discount Rate 14.0% – 14.0% / 14.0% 10.0% – 12.2% / 11.6% Preferred equity 222,585 217,599 TEV EBITDA multiple 4.4x – 7.7x / 5.9x 3.4x – 9.3x / 6.8x EBITDA $4,251 – $19,083 / $9,486 $1,210 – $13,707 / $6,926 Revenue multiple 0.3x – 0.6x / 0.4x 0.7x – 0.7x / 0.7x Revenue $15,483 – $109,615 / $69,247 $14,072 – $14,072 / $14,072 Common equity/equivalents (A) 17,680 3,678 TEV EBITDA multiple 4.7x – 7.2x / 6.4x 4.8x – 8.4x / 5.8x EBITDA $1,105 – $30,833 / $6,273 $829 – $13,707 / $5,709 Revenue multiple N/A 0.7x – 0.7x / 0.7x Revenue N/A $14,072 – $14,072 / $14,072 Total $ 753,516 $ 714,322 (A) Fair value as of both March 31, 2023 and 2022 excludes our investment in Funko with a fair value of $27 thousand and $74 thousand, respectively, which was valued using Level 2 inputs. Fair value measurements can be sensitive to changes in one or more of the valuation inputs. Changes in discount rates, EBITDA, or EBITDA multiples (or revenue or revenue multiples), each in isolation, may change the fair value of certain of our investments. Generally, an increase/(decrease) in discount rates or a (decrease)/increase in EBITDA or EBITDA multiples (or revenue or revenue multiples) may result in a (decrease)/increase in the fair value of certain of our investments. Changes in Level 3 Fair Value Measurements of Investments The following tables provide our portfolio’s changes in fair value, broken out by security type, during the years ended March 31, 2023 and 2022 for all investments for which the Adviser determines fair value using unobservable (Level 3) inputs. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Secured Secured Preferred Common Total Year ended March 31, 2023: Fair value as of March 31, 2022 $ 425,087 $ 67,958 $ 217,599 $ 3,678 $ 714,322 Total gain (loss): Net realized gain (loss) (A) — (10,000) 20,778 — 10,778 Net unrealized appreciation (depreciation) (B) (29,552) (5,235) 11,216 13,622 (9,949) Reversal of previously recorded (appreciation) depreciation upon realization (B) — 10,001 (12,250) — (2,249) New investments, repayments and settlements (C) : Issuances / originations 107,200 5,188 21,000 380 133,768 Settlements / repayments (50,800) (6,596) — — (57,396) Sales (D) — — (35,758) — (35,758) Transfers (E) (14,418) 14,418 — — — Fair value as of March 31, 2023 $ 437,517 $ 75,734 $ 222,585 $ 17,680 $ 753,516 Secured Secured Preferred Common Total Year ended March 31, 2022: Fair value as of March 31, 2021 $ 368,688 $ 102,897 $ 159,478 $ 2,671 $ 633,734 Total gain (loss): Net realized gain (loss) (A) (10,000) — 23,725 — 13,725 Net unrealized appreciation (depreciation) (B) 756 2,956 111,405 (15,027) 100,090 Reversal of previously recorded (appreciation) depreciation upon realization (B) 860 — (26,053) — (25,193) New investments, repayments and settlements (C) : Issuances / originations 68,638 9,648 14,472 — 92,758 Settlements / repayments (48,898) (2,500) — — (51,398) Sales — — (49,394) — (49,394) Transfers (E) 45,043 (45,043) (16,034) 16,034 — Fair value as of March 31, 2022 $ 425,087 $ 67,958 $ 217,599 $ 3,678 $ 714,322 (A) Included in net realized gain (loss) on investments on our accompanying Consolidated Statements of Operations for the respective years ended March 31, 2023 and 2022. (B) Included in net unrealized appreciation (depreciation) of investments on our accompanying Consolidated Statements of Operations for the respective years ended March 31, 2023 and 2022. (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) Includes $13.4 million of proceeds from the recapitalization of Old World Christmas, Inc. ("Old World") and $12.3 million of proceeds from the recapitalization of Horizon Facilities Services, Inc ("Horizon"). (E) 2023 : Transfers include (1) secured second lien debt of Ginsey with a total cost basis and fair value of $12.2 million, which was converted into secured first lien debt in August 2022 and (2) secured first lien debt of PSI Molded Plastics, Inc. with a total cost basis and fair value of $26.6 million, which was converted into secured second lien debt in September 2022. 2022 : Transfers represent (1) secured second lien debt of J.R. Hobbs with a total cost basis and fair value of $52.5 million and $$52.4 million, respectively, which was converted into secured first lien debt in June 2021, (2) secured first lien debt of D.P.M.S., Inc. ("Danco") with a total cost basis and fair value of $12.3 million and $7.3 million, respectively, which was converted into secured second lien debt of Galaxy Technologies Holdings, Inc. (“Galaxy Technologies Holdings”) in September 2021, (3) preferred equity of Galaxy Technologies, Inc. ("Galaxy") with a total cost basis and fair value of $11.5 million and $16.0 million, respectively, which was converted into common equity of Galaxy Technologies Holdings in September 2021 and (4) preferred equity of SOG Specialty Knives & Tools, LLC with a total cost and fair value of $0.6 million and $0.0 million, respectively, which was converted into common equity of Gladstone SOG Investments, Inc. in December 2021. Investment Activity During the fiscal year ended March 31, 2023, the following significant transactions occurred: • In May 2022, we invested an additional $6.4 million in the form of secured first lien debt in Nocturne Luxury Villas, Inc. ("Nocturne") to fund an add-on acquisition. • In June 2022, we exited our investment in Bassett Creek Services, Inc. ("Bassett Creek"), which resulted in success fee income of $3.0 million and a realized gain on preferred equity of $4.7 million. In connection with the sale, we received net cash proceeds of $57.6 million, including the repayment of our debt investment of $48.0 million at par. • In June 2022, we invested $21.0 million in a new portfolio company, Dema/Mai Holdings, Inc. (“Dema/Mai”), in the form of preferred equity to acquire Mai Mechanical, LLC, a leading provider of plumbing and mechanical services focused on multi-family residential construction headquartered in Denver, Colorado, from J.R. Hobbs, an existing portfolio company. In July 2022, we invested an additional $39.1 million in the form of secured first lien debt in Dema/Mai to fund the acquisition of Dema Plumbing, a plumbing and mechanical systems installation and service provider to single-family residential homebuilders. • In July 2022, we recapitalized our investment in Horizon and invested an additional $30.0 million in the form of secured first lien debt. In connection with this investment, we received equity proceeds of $12.3 million, which were recognized as a $10.1 million return of preferred equity cost basis and a realized gain of $2.2 million, as well as dividend income of $3.1 million and success fee income of $1.7 million. • In August 2022, in conjunction with a refinancing at Ginsey, our $13.3 million secured second lien debt investment was reduced to $12.2 million and converted to secured first lien debt. The reduction in our cost basis was the result of a $5.1 million payment made by Ginsey to extinguish our secured borrowing liability, which was partially offset by an additional investment in Ginsey of $4.0 million. Refer to Note 5 - Borrowing s for discussion of the secured borrowing liability. • In October 2022, we invested an additional $8.4 million in the form of secured first lien debt in Nocturne to fund an add-on acquisition. • In November 2022, our $1.5 million secured second lien debt investment in Country Club Enterprises, LLC ("CCE") was repaid at par. In connection with the repayment, we received success fee income of $1.1 million and our $1.0 million guaranty was released. Refer to Note 11 - Commitments and Contingencies for discussion of the guaranty. • In December 2022, we recapitalized our investment in Old World and invested an additional $15.5 million in the form of secured first lien debt. In connection with this investment, we received proceeds of $17.9 million, of which $13.4 million was recognized as a realized gain and $4.5 million was recognized as dividend income. • In December 2022, we replaced our previously outstanding secured second lien term loan and secured second lien delayed draw term loan to The Mountain with a total aggregate cost basis of $13.2 million with a new $3.2 million secured second lien term loan, which resulted in a realized loss of $10.0 million. • In February 2023, we replaced our two previously outstanding secured first lien revolving lines of credit to The Mountain with an aggregate cost basis of $4.3 million with a new secured first lien revolving line of credit with a $4.7 million commitment. Investment Conc entrations As of March 31, 2023, our investment portfolio consisted of investments in 25 portfolio companies located in 19 states across 14 different industries with an aggregate fair value of $753.5 million. Our investments in Old World, Horizon, Dema/Mai, Nocturne, and Brunswick Bowling Products, Inc., represent our five largest portfolio investments at fair value, and collectively comprised $322.3 million, or 42.8%, of our total investment portfolio at fair value as of March 31, 2023. The following table summarizes our investments by security type as of March 31, 2023 and 2022: March 31, 2023 March 31, 2022 Cost Fair Value Cost Fair Value Secured first lien debt $ 471,439 65.4 % $ 437,517 58.1 % $ 429,457 64.2 % $ 425,087 59.5 % Secured second lien debt 84,158 11.7 % 75,734 10.1 % 81,147 12.1 % 67,958 9.5 % Total debt 555,597 77.1 % 513,251 68.2 % 510,604 76.3 % 493,045 69.0 % Preferred equity 149,099 20.7 % 222,585 29.5 % 143,079 21.4 % 217,599 30.5 % Common equity/equivalents 15,934 2.2 % 17,707 2.3 % 15,565 2.3 % 3,752 0.5 % Total equity/equivalents 165,033 22.9 % 240,292 31.8 % 158,644 23.7 % 221,351 31.0 % Total investments $ 720,630 100.0 % $ 753,543 100.0 % $ 669,248 100.0 % $ 714,396 100.0 % Investments at fair value consisted of the following industry classifications as of March 31, 2023 and 2022: March 31, 2023 March 31, 2022 Fair Value Percentage of Total Investments Fair Value Percentage of Diversified/Conglomerate Services $ 268,954 35.7 % $ 307,403 43.0 % Home and Office Furnishings, Housewares, and Durable Consumer Products 143,685 19.1 % 125,440 17.6 % Buildings and Real Estate 60,571 8.0 % — — % Hotels, Motels, Inns, and Gaming 58,713 7.8 % 37,923 5.3 % Leisure, Amusement, Motion Pictures, and Entertainment 47,616 6.3 % 46,514 6.5 % Healthcare, Education, and Childcare 37,445 5.0 % 39,252 5.5 % Mining, Steel, Iron and Non-Precious Metals 25,998 3.5 % 24,250 3.4 % Chemicals, Plastics, and Rubber 24,891 3.3 % 26,618 3.7 % Aerospace and Defense 22,215 2.8 % 25,296 3.5 % Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) 20,088 2.7 % 13,823 1.9 % Telecommunications 18,987 2.5 % 32,467 4.6 % Cargo Transport 14,707 2.0 % 14,533 2.0 % Diversified/Conglomerate Manufacturing 9,646 1.3 % 14,064 2.0 % Other < 2.0% 27 0.0 % 6,813 1.0 % Total investments $ 753,543 100.0 % $ 714,396 100.0 % Investments at fair value were included in the following geographic regions of the U.S. as of March 31, 2023 and 2022: March 31, 2023 March 31, 2022 Location Fair Value Percentage of Total Investments Fair Value Percentage of Total Investments Northeast $ 266,612 35.4 % $ 194,100 27.2 % West 197,989 26.3 % 158,607 22.2 % South 171,056 22.7 % 188,978 26.4 % Midwest 117,886 15.6 % 172,711 24.2 % Total investments $ 753,543 100.0 % $ 714,396 100 % The geographic region indicates the location of the headquarters for our portfolio companies. A portfolio company may have additional business locations in other geographic regions. Investment Principal Repayments The following table summarizes the contractual principal repayment and maturity of our investment portfolio for the next five fiscal years and thereafter, assuming no voluntary prepayments, as of March 31, 2023: Amount For the fiscal years ending March 31: 2024 $ 81,218 2025 89,614 2026 202,419 2027 144,096 2028 38,250 Thereafter — Total contractual repayments $ 555,597 Investments in equity securities 165,033 Total cost basis of investments held as of March 31, 2023: $ 720,630 Receivables from Portfolio Companies Receivables from portfolio companies represent non-recurring costs that we incurred on behalf of portfolio companies. Such receivables, net of any allowance for uncollectible receivables, are included in Other assets, net on our accompanying Consolidated Statements of Assets and Liabilities . We generally maintain an allowance for uncollectible receivables from portfolio companies when the receivable balance becomes 90 days or more past due or if it is determined, based upon management’s judgment, that the portfolio company is unable to pay its obligations. We write-off accounts receivable when we have exhausted collection efforts and have deemed the receivables uncollectible. As of March 31, 2023 and 2022, we had gross receivables from portfolio companies of $2.2 million and $1.7 million, respectively. As of March 31, 2023 and 2022, the allowance for uncollectible receivables was $1.6 million and $1.3 million, respectively. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Mar. 31, 2023 | |
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 12, 2022, 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, 2023. Two of our executive officers, David Gladstone (our chairman and chief executive officer) and Terry Lee Brubaker (our chief operating officer) serve as directors and executive officers of the Adviser, which is 100% indirectly owned and controlled by Mr. Gladstone. David Dullum (our president) is also the executive vice president of private equity (buyouts) of the Adviser. Michael LiCalsi, our general counsel and secretary (who also serves as the Administrator’s president, general counsel and secretary), is also the executive vice president of administration, general counsel, and secretary of our Adviser. The following table summarizes the base management fees, loan servicing fees, incentive fees, and associated non-contractual, unconditional, and irrevocable credits reflected in our accompanying Consolidated Statements of Operations : Year Ended March 31, 2023 2022 2021 Average total assets subject to base management fee (A) $ 739,900 $ 705,650 $ 605,750 Multiplied by annual base management fee of 2.0% 2.0 % 2.0 % 2.0 % Base management fee (B) 14,798 14,113 12,115 Credits to fees from Adviser - other (B) (3,811) (6,497) (2,949) Net base management fee $ 10,987 $ 7,616 $ 9,166 Loan servicing fee (B) $ 7,880 $ 7,178 $ 7,082 Credits to base management fee - loan servicing fee (B) (7,880) (7,178) (7,082) Net loan servicing fee $ — $ — $ — Incentive fee – income-based $ 9,176 $ 8,074 $ 3,746 Incentive fee – capital gains-based (C) (296) 18,286 5,032 Total incentive fee (B) 8,880 26,360 8,778 Credits to fees from Adviser - other (B) — — — Net total incentive fee $ 8,880 $ 26,360 $ 8,778 (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, totaling $0.2 million, $0.3 million, and $0.2 million for the years ended March 31, 2023, 2022, and 2021, respectively, 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. Loan Servicing Fee The Adviser also services the loans held by our wholly-owned subsidiary, Business Investment (the borrower under the Credit Facility), in return for which the Adviser receives a 2.0% annual fee based on the monthly aggregate outstanding balance of loans pledged under the Credit Facility. Since Business Investment is a consolidated subsidiary of ours, coupled with the fact that the total base management fee paid to the Adviser pursuant to the Advisory Agreement cannot exceed 2.0% of total assets (less any uninvested cash or cash equivalents resulting from borrowings) during any given calendar year, we treat payment of the loan servicing fee pursuant to the Credit Facility as a pre-payment of the base management fee under the Advisory Agreement. Accordingly, these loan servicing fees are 100% non-contractually, unconditionally, and irrevocably credited back to us by the Adviser. Incentive Fee The incentive fee payable to the Adviser under our Advisory Agreement consists of two parts: an income-based incentive fee and a capital gains-based incentive fee. The income-based incentive fee rewards the Adviser if our quarterly net investment income (before giving effect to any incentive fee) exceeds 1.75% of our net assets, which we define as total assets less indebtedness and before taking into account any incentive fees payable or contractually due but not payable during the period, at the end of the immediately preceding calendar quarter, adjusted appropriately for any share issuances or repurchases during the period (the “Hurdle Rate”). The income-based incentive fee with respect to our pre-incentive fee net investment income is payable quarterly to the Adviser and is computed as follows: • No incentive fee in any calendar quarter in which our pre-incentive fee net investment income does not exceed the Hurdle Rate; • 100.0% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate but is less than 2.1875% of our net assets, adjusted appropriately for any share issuances or repurchases during the period, in any calendar quarter; and • 20.0% of the amount of our pre-incentive fee net investment income, if any, that exceeds 2.1875% of our net assets, adjusted appropriately for any share issuances or repurchases during the period, in any calendar quarter. The second part of the incentive fee is a capital gains-based incentive fee that is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date), and equals 20.0% of our realized capital gains, less any realized capital losses and unrealized depreciation, calculated as of the end of the preceding calendar year. The capital gains-based incentive fee payable to the Adviser is calculated based on (i) cumulative aggregate realized capital gains since our inception, less (ii) cumulative aggregate realized capital losses since our inception, less (iii) the entire portfolio’s aggregate unrealized capital depreciation, if any, as of the date of the calculation. If this number is positive at the applicable calculation date, then the capital gains-based incentive fee for such year equals 20.0% of such amount, less the aggregate amount of any capital gains-based incentive fees paid in respect of our portfolio in all prior years. For calculation purposes, cumulative aggregate realized capital gains, if any, equals the sum of the excess between the net sales price of each investment, when sold, and the original cost of such investment since our inception. Cumulative aggregate realized capital losses equals the sum of the deficit between the net sales price of each investment, when sold, and the original cost of such investment since our inception. The entire portfolio’s aggregate unrealized capital depreciation, if any, equals the sum of the deficit between the fair value of each investment security as of the applicable calculation date and the original cost of such investment security. As of and for the years ended March 31, 2023 and 2021, no capital gains-based incentive fees were contractually due and paid to the Adviser. As of and for the year ended March 31, 2022, $5.3 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 year ended March 31, 2023, we recorded a reversal of capital gains-based incentive fees of $0.3 million. During the years ended March 31, 2022 and 2021, we recorded capital gains-based incentive fees of $18.3 million and $5.0 million, respectively. Transactions with the Administrator We reimburse the Administrator pursuant to the Administration Agreement for our allocable portion of the Administrator’s expenses incurred while performing services to us, which are primarily rent and salaries and benefits expenses of the Administrator’s employees, including, our chief financial officer and treasurer, chief valuation officer, chief compliance officer, and general counsel and secretary, and their respective staffs. Two of our executive officers, David Gladstone (our chairman and chief executive officer) and Terry Lee Brubaker (our chief operating officer) serve as members of the board of managers and executive officers of the Administrator, which is 100% indirectly owned and controlled by Mr. Gladstone. Another of our officers, Mr. LiCalsi (our general counsel and secretary), serves as the Administrator’s president as well as the executive vice president of administration, general counsel, and secretary for the Adviser. Our allocable portion of the Administrator’s expenses is generally derived by multiplying the Administrator’s total expenses by the approximate percentage of time during the current quarter the Administrator’s employees performed services for us in relation to their time spent performing services for all companies serviced by the Administrator. On July 12, 2022, 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, 2023. Administration fees for the years ended March 31, 2023, 2022, and 2021 were $1.8 million, $1.8 million, and $1.6 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% owned and controlled by David Gladstone, our chairman and chief executive officer. Mr. Gladstone also serves on the board of managers of Gladstone Securities. Other Transactions From time to time, Gladstone Securities provides services, such as investment banking and due diligence services, to certain of our portfolio companies, for which it receives a fee. Any such fees paid by portfolio companies to Gladstone Securities do not impact the fees we pay to the Adviser or the non-contractual, unconditional, and irrevocable credits against the base management fee. During the years ended March 31, 2023, 2022, and 2021, the fees received by Gladstone Securities from portfolio companies totaled $1.6 million, $3.2 million, and $0.6 million, respectively. Related Party Fees Due Amounts due to related parties on our accompanying Consolidated Statements of Assets and Liabilities were as follows: As of March 31, 2023 2022 Base management and loan servicing fee due to Adviser, net of credits $ 1,574 $ 1,648 Incentive fee due to Adviser (A) 27,259 27,577 Other due to Adviser 86 63 Total fees due to Adviser $ 28,919 $ 29,288 Fee due to Administrator 716 627 Total related party fees due $ 29,635 $ 29,915 (A) Includes a capital gains-based incentive fee of $25.1 million and $25.4 million as of March 31, 2023 and 2022, respectively, recorded in accordance with GAAP requirements and which was not contractually due under the terms of the Advisory Agreement. Refer to Note 4 — Related Party Transactions — Transactions with the Adviser — Incentive Fee for additional information, including capital gains-based incentive fee payments made. Net expenses receivable from Gladstone Capital Corporation, one of our affiliated funds, for reimbursement of certain co-investment expenses, totaled $27 thousand as of March 31, 2022. There were no co-investment expenses as of March 31, 2023. These amounts are generally settled in the quarter subsequent to being incurred and have been included in Other assets, net on the accompanying Consolidated Statements of Assets and Liabilities as of March 31, 2023 and 2022, respectively. |
BORROWINGS
BORROWINGS | 12 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
BORROWINGS | BORROWINGS Revolving Line of Credit On March 8, 2021, we, through our wholly-owned subsidiary, Business Investment, entered into Amendment No. 6 to the Credit Facility, with KeyBank National Association (“KeyBank”) as administrative agent, lead arranger, managing agent and lender, the Adviser, as servicer, and certain other lenders party thereto. The revolving period was extended to February 29, 2024, and if not renewed or extended by such date, all principal and interest will be due and payable on February 28, 2026 (two years after the revolving period end date). On August 10, 2020, we, through Business Investment, entered into Amendment No. 5 to the Credit Facility. Among other things, Amendment No. 5 amended the Credit Facility to (i) add London Interbank Offered Rate (“LIBOR”) replacement language; (ii) implement a 0.50% LIBOR floor; (iii) reduce the facility size from $200.0 million to $180.0 million, which may be expanded to $300.0 million through additional commitments; and (iv) provide certain other changes to existing terms and covenants. Advances under the Credit Facility generally bear interest at 30-day LIBOR, subject to a floor of 0.50%, plus 2.85% per annum until February 29, 2024, with the margin then increasing to 3.10% for the period from February 29, 2024 to February 28, 2025, and increasing further to 3.35% thereafter. The Credit Facility has an unused commitment fee on the daily unused commitment amount of 0.50% per annum if the average unused commitment amount for the period is less than or equal to 50% of the total commitment amount, 0.75% per annum if the average unused commitment amount for the period is greater than 50% but less than or equal to 65% of the total commitment amount, and 1.00% per annum if the average unused commitment amount for the period is greater than 65% of the total commitment amount. Refer to Note 14 — Subsequent Events for information on Amendment No. 7 to the Credit Facility. The following tables summarize noteworthy information related to the Credit Facility: As of March 31, 2023 2022 Commitment amount $ 180,000 $ 180,000 Borrowings outstanding at cost $ 35,200 $ — Availability (A) $ 144,800 $ 180,000 For the Years Ended March 31 2023 2022 2021 Weighted-average borrowings outstanding $ 16,186 $ 18,051 $ 82,632 Effective interest rate (B) 17.3 % 12.5 % 4.3 % Commitment (unused) fees incurred $ 1,655 $ 1,641 $ 819 (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 $144.8 million and $180.0 million as of March 31, 2023 and 2022, respectively. (B) Excludes the impact of deferred financing costs and includes unused commitment fees. Interest is payable monthly during the term of the Credit Facility. Available borrowings are subject to various constraints and applicable advance rates, which are generally based on the size, characteristics, and quality of the collateral pledged by Business Investment. The Credit Facility also requires that any interest and principal payments on pledged loans be remitted directly by the borrower into a lockbox account with KeyBank. KeyBank is also the trustee of the account and generally remits the collected funds to us once a month. Amounts collected in the lockbox account with KeyBank are presented as Due from administrative agent on the accompanying Consolidated Statements of Assets and Liabilities. Among other things, the Credit Facility contains a performance guaranty that requires us to maintain (i) a minimum net worth of the greater of $210.0 million or $210.0 million plus 50% of all equity and subordinated debt raised minus 50% of any equity or subordinated debt redeemed or retired after November 16, 2016, which equated to $289.0 million as of March 31, 2023, (ii) asset coverage with respect to senior securities representing indebtedness of at least 150% (or such percentage as may be set forth in Section 18 of the 1940 Act, as modified by Section 61 of the 1940 Act); and (iii) our status as a BDC under the 1940 Act and as a RIC under the Code. As of March 31, 2023, and as defined in the performance guaranty of the Credit Facility, we had a net worth of $696.7 million, asset coverage on our senior securities representing indebtedness of 244.7%, calculated in compliance with the requirements of Sections 18 and 61 of the 1940 Act, and an active status as a BDC and RIC. As of March 31, 2023, we were in compliance with all covenants under the Credit Facility. Fair Value We elected to apply the fair value option of ASC Topic 825, “ Financial Instruments ,” to the Credit Facility, which was consistent with our application of ASC 820 to our investments. Generally, the fair value of the Credit Facility is determined using a yield analysis, which includes a DCF calculation and also takes into account the assumptions the Valuation Team believes market participants would use, including the estimated remaining life, counterparty credit risk, current market yield and interest rate spreads of similar securities as of the measurement date. At March 31, 2023, the discount rate used to determine the fair value of the Credit Facility was 30-day LIBOR, with a 0.50% floor, plus 2.94% per annum, plus an unused commitment fee of 1.0%. At March 31, 2022, the discount rate used to determine the fair value of the Credit Facility was 30-day LIBOR, with a 0.50% floor, plus 2.85% per annum, plus an unused commitment fee of 1.0%. Generally, an increase or decrease in the discount rate used in the DCF calculation may result in a corresponding decrease or increase, respectively, in the fair value of the Credit Facility. At each of March 31, 2023 and 2022, the Credit Facility was valued using Level 3 inputs and any changes in its fair value are recorded in Net unrealized appreciation (depreciation) of other on our accompanying Consolidated Statements of Operations . The following tables provide relevant information and disclosures about the Credit Facility as of and for the years ended March 31, 2023 and 2022, as required by ASC 820: Level 3 – Borrowings Recurring Fair Value Measurements Reported in Consolidated Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3) As of March 31, 2023 2022 Credit Facility $ 35,171 $ — Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3) Reported in Consolidated Statements of Assets and Liabilities Credit Facility Year ended March 31, 2023: Fair value at March 31, 2022 $ — Borrowings 102,500 Repayments (67,300) Unrealized depreciation (29) Fair value at March 31, 2023 $ 35,171 Year ended March 31, 2022: Fair value at March 31, 2021 $ 22,400 Borrowings 111,700 Repayments (134,100) Fair value at March 31, 2022 $ — The fair value of the collateral under the Credit Facility was $639.5 million and $537.5 million as of March 31, 2023 and 2022, 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 “2026 Notes”), which resulted in net proceeds of approximately $123.8 million after deducting underwriting discounts, commissions and offering costs borne by us. The 2026 Notes are traded under the ticker symbol “GAINN” on the Nasdaq Global Select Market (“Nasdaq”). The 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 on or after May 1, 2023. The 2026 Notes bear interest at a rate of 5.00% per year, which is payable quarterly in arrears. The indenture relating to the 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 2026 Notes, and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. The 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 “2028 Notes”), which resulted in net proceeds of approximately $131.3 million after deducting underwriting discounts, commissions and offering costs borne by us. The 2028 Notes are traded under the ticker symbol “GAINZ” on Nasdaq. The 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 on or after November 1, 2023. The 2028 Notes bear interest at a rate of 4.875% per year, which is payable quarterly in arrears. The indenture relating to the 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 2028 Notes, and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. The 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. The following tables summarizes our 2026 Notes and 2028 Notes as of March 31, 2023 and 2022: As of March 31, 2023: Description Ticker Date Issued Maturity Date (A) Interest Notes Principal Aggregate 2026 Notes GAINN March 2, 2021 May 1, 2026 5.00% 5,117,500 $ 25.00 $ 127,938 2028 Notes GAINZ August 18, 2021 November 1, 2028 4.875% 5,382,000 $ 25.00 134,550 Notes payable, gross (B) 10,499,500 262,488 Less: Unamortized Discounts (5,052) Notes payable, net (C) $ 257,436 As of March 31, 2022: Description Ticker Date Issued Maturity Date (A) Interest Notes Principal Aggregate 2026 Notes GAINN March 2, 2021 May 1, 2026 5.00% 5,117,500 $ 25.00 $ 127,938 2028 Notes GAINZ August 18, 2021 November 1, 2028 4.875% 5,382,000 $ 25.00 134,550 Notes payable, gross (B) 10,499,500 262,488 Less: Unamortized Discounts (6,236) Notes payable, net (C) $ 256,252 (A) The 2026 Notes can be redeemed at our option at any time on or after May 1, 2023. The 2028 Notes can be redeemed at our option at any time on or after November 1, 2023. (B) As of March 31, 2023 and 2022, asset coverage on our senior securities representing indebtedness, calculated pursuant to Sections 18 and 61 of the 1940 Act, was 244.7% and 252.9%, 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 2026 Notes and 2028 Notes as of March 31, 2023 was $121.5 million and $127.4 million, respectively. The fair value based on the last reported closing prices of the 2026 Notes and 2028 Notes as of March 31, 2022 was $128.3 million and $134.3 million, respectively. We consider the closing prices of the 2026 Notes and 2028 Notes to be a Level 1 inputs within the ASC 820 hierarchy. Secured Borrowing In August 2012, we entered into a participation agreement with a third-party related to $5.0 million of our secured second lien term debt investment in Ginsey and in May 2014, we amended the agreement with the third-party to include an additional $0.1 million. ASC Topic 860, “ Transfers and Servicing ” required us to treat the participation as a financing-type transaction. Specifically, the third-party had a senior claim to our remaining investment in the event of default by Ginsey which, in part, resulted in the loan participation bearing a rate of interest lower than the contractual rate established at origination. Therefore, our accompanying Consolidated Statements of Assets and Liabilities as of March 31, 2022 reflect the entire secured second lien term debt investment in Ginsey and a corresponding $5.1 million secured borrowing liability. In conjunction with the August 2022 refinancing at Ginsey, the $5.1 million secured borrowing liability was extinguished. |
MANDATORILY REDEEMABLE PREFERRE
MANDATORILY REDEEMABLE PREFERRED STOCK | 12 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
MANDATORILY REDEEMABLE PREFERRED STOCK | MANDATORILY REDEEMABLE PREFERRED STOCK In August 2021, we used a portion of the proceeds from the issuance of our 2028 Notes to voluntarily redeem all outstanding shares of our 6.375% Series E Cumulative Term Preferred Stock (or “Series E Term Preferred Stock” or “Series E”), which had a liquidation preference of $25.00 per share. In connection with the voluntary redemption of our Series E Term Preferred Stock, we incurred a loss on extinguishment of debt of $2.0 million, which was recorded in Realized loss on other in our accompanying Consolidated Statements of Operations and which was primarily comprised of unamortized deferred issuance costs at the time of redemption. In March 2021, we used a portion of the proceeds from the issuance of our 2026 Notes to voluntarily redeem all outstanding shares of our 6.25% Series D Cumulative Term Preferred Stock (or “Series D Term Preferred Stock” or “Series D”), which had a liquidation preference of $25.00 per share. In connection with the voluntary redemption of our Series D Term Preferred Stock, we incurred a loss on extinguishment of debt of $0.8 million, which was recorded in Realized loss on other in our accompanying Consolidated Statements of Operations and which was primarily comprised of unamortized deferred issuance costs at the time of redemption . The following tables summarize dividends declared by our Board of Directors and paid by us on each of our Series D Term Preferred Stock and Series E Term Preferred Stock during the years ended March 31, 2022 and 2021: For the Year Ended March 31, 2022 : Declaration Date Record Payment Date Dividend per Share of Series E Term Preferred Stock (A) April 13, 2021 April 23, 2021 April 30, 2021 $ 0.13281250 April 13, 2021 May 19, 2021 May 28, 2021 0.13281250 April 13, 2021 June 18, 2021 June 30, 2021 0.13281250 July 13, 2021 July 23, 2021 July 30, 2021 0.13281250 July 13, 2021 August 23, 2021 August 31, 2021 0.07968750 (B) Total $ 0.61093750 For the Year Ended March 31, 2021 : Declaration Date Record Date Payment Date Dividend per Share of Series D Term Preferred Stock (C) Dividend per Share of Series E Term Preferred Stock (A) April 14, 2020 April 24, 2020 April 30, 2020 $ 0.13020833 $ 0.13281250 April 14, 2020 May 19, 2020 May 29, 2020 0.13020833 0.13281250 April 14, 2020 June 19, 2020 June 30, 2020 0.13020833 0.13281250 July 14, 2020 July 24, 2020 July 31, 2020 0.13020833 0.13281250 July 14, 2020 August 24, 2020 August 31, 2020 0.13020833 0.13281250 July 14, 2020 September 23, 2020 September 30, 2020 0.13020833 0.13281250 October 13, 2020 October 23, 2020 October 30, 2020 0.13020833 0.13281250 October 13, 2020 November 20, 2020 November 30, 2020 0.13020833 0.13281250 October 13, 2020 December 23, 2020 December 31, 2020 0.13020833 0.13281250 January 12, 2021 January 22, 2021 January 29, 2021 0.13020833 0.13281250 January 12, 2021 February 17, 2021 February 26, 2021 0.13020833 0.13281250 January 12, 2021 March 18, 2021 March 31, 2021 0.00868056 (D) 0.13281250 Total $ 1.44097219 $ 1.59375000 (A) We voluntarily redeemed all outstanding shares of our Series E Term Preferred Stock on August 19, 2021 (B) Represents accrued and unpaid dividends up to, but excluding, the redemption date of August 19, 2021. (C) We voluntarily redeemed all outstanding shares of our Series D Term Preferred Stock on March 3, 2021. (D) Represents accrued and unpaid dividends up to, but excluding, the redemption date of March 3, 2021. The federal income tax characteristics of dividends paid to our preferred stockholders generally constitute ordinary income or capital gains to the extent of our current and accumulated earnings and profits and are reported after the end of the calendar year based on tax information for the full fiscal year. The tax characterization of dividends paid to our preferred stockholders during the calendar year ended December 31, 2021 was 71.3% from ordinary income and 28.7% from capital gains. To qualify to be taxed as a RIC under Subchapter M of the Code, we must generally distribute to our stockholders, for each taxable year, at least 90% of our Investment Company Taxable Income. The amount to be paid out as distributions to our stockholders is determined by our Board of Directors and is based upon management’s estimate of Investment Company Taxable Income and net long-term capital gains, as well as amounts to be distributed in accordance with Section 855(a) of the Code. Based on that estimate, our Board of Directors declares monthly distributions, and supplemental distributions, as appropriate, to stockholders each quarter and deemed distributions of long-term capital gains annually as of the end of the fiscal year, as applicable. The U.S. federal income tax characteristics of cash distributions paid to our common stockholders generally are reported to stockholders on IRS Form 1099 after the end of each calendar year. Estimates of tax characterization made on a quarterly basis may not be representative of the actual tax characterization of cash distributions for the full year. Estimates made on a quarterly basis are updated as of each interim reporting date. The tax characterization of cash distributions paid to our common stockholders during the calendar year ended December 31, 2022 was 61.2% from ordinary income and 38.8% from capital gains. The tax characterization of cash distributions paid to our common stockholders during the calendar year ended December 31, 2021 was 71.3% from ordinary income and 28.7% from capital gains . We paid the following cash distributions to our common stockholders for the years ended March 31, 2023, 2022 and 2021. For the Year Ended March 31, 2023 : Declaration Date Record Date Payment Date Distribution April 12, 2022 April 22, 2022 April 29, 2022 $ 0.075 April 12, 2022 May 20, 2022 May 31, 2022 0.075 April 12, 2022 June 6, 2022 June 15, 2022 0.120 (A) April 12, 2022 June 22, 2022 June 30, 2022 0.075 July 12, 2022 July 22, 2022 July 29, 2022 0.075 July 12, 2022 August 23, 2022 August 31, 2022 0.075 July 12, 2022 September 22, 2022 September 30, 2022 0.075 October 11, 2022 October 21, 2022 October 31, 2022 0.080 October 11, 2022 November 18, 2022 November 30, 2022 0.080 October 11, 2022 December 6, 2022 December 15, 2022 0.120 (A) October 11, 2022 December 20, 2022 December 30, 2022 0.080 January 10, 2023 January 20, 2023 January 31, 2023 0.080 January 10, 2023 February 17, 2023 February 28, 2023 0.080 January 10, 2023 March 3, 2023 March 15, 2023 0.240 (A) January 10, 2023 March 17, 2023 March 31, 2023 0.080 Year ended March 31, 2023 $ 1.410 For the Year Ended March 31, 2022 : Declaration Date Record Date Payment Date Distribution April 13, 2021 April 23, 2021 April 30, 2021 $ 0.070 April 13, 2021 May 19, 2021 May 28, 2021 0.070 April 13, 2021 June 8, 2021 June 17, 2021 0.060 (A) April 13, 2021 June 18, 2021 June 30, 2021 0.070 July 13, 2021 July 23, 2021 July 30, 2021 0.070 July 13, 2021 August 23, 2021 August 31, 2021 0.070 July 13, 2021 September 3, 2021 September 15, 2021 0.030 (A) July 13, 2021 September 22, 2021 September 30, 2021 0.070 October 12, 2021 October 22, 2021 October 29, 2021 0.075 October 12, 2021 November 19, 2021 November 30, 2021 0.075 October 12, 2021 December 7, 2021 December 15, 2021 0.090 (A) October 12, 2021 December 23, 2021 December 31, 2021 0.075 January 11, 2022 January 21, 2022 January 31, 2022 0.075 January 11, 2022 February 4, 2022 February 14, 2022 0.120 (A) January 11, 2022 February 18, 2022 February 28, 2022 0.075 January 11, 2022 March 23, 2022 March 31, 2022 0.075 Year ended March 31, 2022: $ 1.170 For the Year Ended March 31, 2021 : Declaration Date Record Date Payment Date Distribution April 14, 2020 April 24, 2020 April 30, 2020 $ 0.070 April 14, 2020 May 19, 2020 May 29, 2020 0.070 April 14, 2020 June 8, 2020 June 17, 2020 0.090 (A) April 14, 2020 June 19, 2020 June 30, 2020 0.070 July 14, 2020 July 24, 2020 July 31, 2020 0.070 July 14, 2020 August 24, 2020 August 31, 2020 0.070 July 14, 2020 September 23, 2020 September 30, 2020 0.070 October 13, 2020 October 23, 2020 October 30, 2020 0.070 October 13, 2020 November 20, 2020 November 30, 2020 0.070 October 13, 2020 December 23, 2020 December 31, 2020 0.070 January 12, 2021 January 22, 2021 January 29, 2021 0.070 January 12, 2021 February 17, 2021 February 26, 2021 0.070 January 12, 2021 March 18, 2021 March 31, 2021 0.070 Year ended March 31, 2021: $ 0.930 (A) Represents a supplemental distribution to common stockholders. Aggregate cash distributions to our common stockholders declared and paid for the years ended March 31, 2023, 2022 and 2021 were $47.0 million, $38.9 million, and $30.9 million, respectively. For the fiscal years ended March 31, 2023, 2022, and 2021, Investment Company Taxable Income exceeded distributions declared and paid, and, in accordance with Section 855(a) of the Code, we elected to treat $21.4 million, $13.9 million, and $16.1 million, respectively, of the first distributions paid subsequent to fiscal year-end, as having been paid in the prior year. In addition, for the fiscal years ended March 31, 2023, 2022, and 2021, net capital gains exceeded distributions declared and paid, and, in accordance with Section 855(a) of the Code, we elected to treat $10.6 million, $15.7 million, and $8.5 million, respectively, of the first distributions paid subsequent to fiscal year-end as having been paid in the prior year. We may distribute our net long-term capital gains, if any, in cash or elect to retain some or all of such gains, pay taxes at the U.S. federal corporate-level income tax rate on the amount retained, and designate the retained amount as a “deemed distribution.” If we elect to retain net long-term capital gains and deem them distributed, each U.S. common stockholder will be treated as if they received a distribution of their pro-rata share of the retained net long-term capital gain and the U.S. federal income tax paid. As a result, each U.S. common stockholder will (i) be required to report their pro-rata share of the retained gain on their tax return as long-term capital gain, (ii) receive a refundable tax credit for their pro-rata share of federal income tax paid by us on the retained gain, and (iii) increase the tax basis of their shares of common stock by an amount equal to the deemed distribution less the tax credit. To use the deemed distribution approach, we must provide written notice to our common stockholders prior to the expiration of 60 days after the close of the relevant taxable year. For the years ended March 31, 2023, 2022, and 2021 we did not elect to retain long-term capital gains and to treat them as deemed distributions to common stockholders. The components of our net assets on a tax basis were as follows: Year Ended March 31, 2023 2022 Common stock $ 34 $ 33 Capital in excess of par value 401,798 397,948 Cumulative unrealized appreciation of investments 31,129 43,760 Cumulative unrealized depreciation of other 29 — Undistributed ordinary income 21,380 13,862 Undistributed capital gain 10,552 15,731 Other temporary differences (25,180) (25,504) Net Assets $ 439,742 $ 445,830 For the years ended March 31, 2023 and 2022, we recorded the following adjustments for estimated permanent book-tax differences to reflect tax character. Results of operations, total net assets, and cash flows were not affected by these adjustments. Tax Year Ended March 31, 2023 2022 Underdistributed (overdistributed) net investment income $ 1,301 $ (333) Accumulated net realized gain in excess of distributions $ 263 $ 3,181 Capital in excess of par value $ (1,564) $ (2,848) |
REGISTRATION STATEMENT AND COMM
REGISTRATION STATEMENT AND COMMON EQUITY OFFERINGS | 12 Months Ended |
Mar. 31, 2023 | |
Government Assistance [Abstract] | |
REGISTRATION STATEMENT AND COMMON EQUITY OFFERINGS | REGISTRATION STATEMENT AND COMMON EQUITY OFFERINGS Registration Statement On September 3, 2021, we filed a registration statement on Form N-2 (File No. 333-259302), which the SEC declared effective on October 15, 2021. The registration statement permits us to issue, through one or more transactions, up to an aggregate of $300.0 million in securities, consisting of common stock, preferred stock, subscription rights, debt securities, and warrants to purchase common stock, preferred stock, or debt securities, including through concurrent, separate offerings of such securities. As of March 31, 2023, we had the ability to issue up to $294.5 million of the securities registered under the registration statement. Common Equity Offerings In August 2022, we entered into equity distribution agreements with Oppenheimer & Co. and Virtu Americas LLC (each a “Sales Agent”), under which we have the ability to issue and sell shares of our common stock, from time to time, through the Sales Agents, up to an aggregate offering price of $50.0 million in what is commonly referred to as an “at-the-market” program (“Common Stock ATM Program”). During the year ended March 31, 2023, we sold 386,482 shares of our common stock under the Common Stock ATM Program at a weighted-average gross price of $14.21 per share and raised approximately $5.5 million of gross proceeds. The weighted-average net price per share, after deducting commissions and offering costs borne by us, was $14.01 and resulted in total net proceeds of approximately $5.4 million. These sales were above our then current NAV per share. In December 2019, we entered into equity distribution agreements with Wedbush Securities, Inc., Cantor Fitzgerald & Co., and Ladenburg Thalmann & Co., Inc. (each a “2019 Sales Agent”), under which we had the ability to issue and sell shares of our common stock, from time to time, through the 2019 Sales Agents, up to an aggregate offering price of $35.0 million in an at-the-market program (the “2019 Common Stock ATM Program”). On August 11, 2021, we terminated the equity distribution agreements with each of the 2019 Sales Agents. |
NET INCREASE (DECREASE) IN NET
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER WEIGHTED-AVERAGE COMMON SHARE | 12 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER WEIGHTED-AVERAGE COMMON SHARE | NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER WEIGHTED-AVERAGE COMMON SHARE The following table sets forth the computation of basic and diluted Net increase in net assets resulting from operations per weighted-average common share for the years ended March 31, 2023, 2022, and 2021: Year Ended March 31, 2023 2022 2021 Numerator: net increase (decrease) in net assets resulting from operations $ 35,547 $ 102,316 $ 42,454 Denominator: basic and diluted weighted-average common shares 33,311,785 33,205,023 33,176,760 Basic and diluted net increase (decrease) in net assets resulting from operations per weighted-average common share $ 1.07 $ 3.08 $ 1.28 |
DISTRIBUTIONS TO COMMON STOCKHO
DISTRIBUTIONS TO COMMON STOCKHOLDERS | 12 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
DISTRIBUTIONS TO COMMON STOCKHOLDERS | MANDATORILY REDEEMABLE PREFERRED STOCK In August 2021, we used a portion of the proceeds from the issuance of our 2028 Notes to voluntarily redeem all outstanding shares of our 6.375% Series E Cumulative Term Preferred Stock (or “Series E Term Preferred Stock” or “Series E”), which had a liquidation preference of $25.00 per share. In connection with the voluntary redemption of our Series E Term Preferred Stock, we incurred a loss on extinguishment of debt of $2.0 million, which was recorded in Realized loss on other in our accompanying Consolidated Statements of Operations and which was primarily comprised of unamortized deferred issuance costs at the time of redemption. In March 2021, we used a portion of the proceeds from the issuance of our 2026 Notes to voluntarily redeem all outstanding shares of our 6.25% Series D Cumulative Term Preferred Stock (or “Series D Term Preferred Stock” or “Series D”), which had a liquidation preference of $25.00 per share. In connection with the voluntary redemption of our Series D Term Preferred Stock, we incurred a loss on extinguishment of debt of $0.8 million, which was recorded in Realized loss on other in our accompanying Consolidated Statements of Operations and which was primarily comprised of unamortized deferred issuance costs at the time of redemption . The following tables summarize dividends declared by our Board of Directors and paid by us on each of our Series D Term Preferred Stock and Series E Term Preferred Stock during the years ended March 31, 2022 and 2021: For the Year Ended March 31, 2022 : Declaration Date Record Payment Date Dividend per Share of Series E Term Preferred Stock (A) April 13, 2021 April 23, 2021 April 30, 2021 $ 0.13281250 April 13, 2021 May 19, 2021 May 28, 2021 0.13281250 April 13, 2021 June 18, 2021 June 30, 2021 0.13281250 July 13, 2021 July 23, 2021 July 30, 2021 0.13281250 July 13, 2021 August 23, 2021 August 31, 2021 0.07968750 (B) Total $ 0.61093750 For the Year Ended March 31, 2021 : Declaration Date Record Date Payment Date Dividend per Share of Series D Term Preferred Stock (C) Dividend per Share of Series E Term Preferred Stock (A) April 14, 2020 April 24, 2020 April 30, 2020 $ 0.13020833 $ 0.13281250 April 14, 2020 May 19, 2020 May 29, 2020 0.13020833 0.13281250 April 14, 2020 June 19, 2020 June 30, 2020 0.13020833 0.13281250 July 14, 2020 July 24, 2020 July 31, 2020 0.13020833 0.13281250 July 14, 2020 August 24, 2020 August 31, 2020 0.13020833 0.13281250 July 14, 2020 September 23, 2020 September 30, 2020 0.13020833 0.13281250 October 13, 2020 October 23, 2020 October 30, 2020 0.13020833 0.13281250 October 13, 2020 November 20, 2020 November 30, 2020 0.13020833 0.13281250 October 13, 2020 December 23, 2020 December 31, 2020 0.13020833 0.13281250 January 12, 2021 January 22, 2021 January 29, 2021 0.13020833 0.13281250 January 12, 2021 February 17, 2021 February 26, 2021 0.13020833 0.13281250 January 12, 2021 March 18, 2021 March 31, 2021 0.00868056 (D) 0.13281250 Total $ 1.44097219 $ 1.59375000 (A) We voluntarily redeemed all outstanding shares of our Series E Term Preferred Stock on August 19, 2021 (B) Represents accrued and unpaid dividends up to, but excluding, the redemption date of August 19, 2021. (C) We voluntarily redeemed all outstanding shares of our Series D Term Preferred Stock on March 3, 2021. (D) Represents accrued and unpaid dividends up to, but excluding, the redemption date of March 3, 2021. The federal income tax characteristics of dividends paid to our preferred stockholders generally constitute ordinary income or capital gains to the extent of our current and accumulated earnings and profits and are reported after the end of the calendar year based on tax information for the full fiscal year. The tax characterization of dividends paid to our preferred stockholders during the calendar year ended December 31, 2021 was 71.3% from ordinary income and 28.7% from capital gains. To qualify to be taxed as a RIC under Subchapter M of the Code, we must generally distribute to our stockholders, for each taxable year, at least 90% of our Investment Company Taxable Income. The amount to be paid out as distributions to our stockholders is determined by our Board of Directors and is based upon management’s estimate of Investment Company Taxable Income and net long-term capital gains, as well as amounts to be distributed in accordance with Section 855(a) of the Code. Based on that estimate, our Board of Directors declares monthly distributions, and supplemental distributions, as appropriate, to stockholders each quarter and deemed distributions of long-term capital gains annually as of the end of the fiscal year, as applicable. The U.S. federal income tax characteristics of cash distributions paid to our common stockholders generally are reported to stockholders on IRS Form 1099 after the end of each calendar year. Estimates of tax characterization made on a quarterly basis may not be representative of the actual tax characterization of cash distributions for the full year. Estimates made on a quarterly basis are updated as of each interim reporting date. The tax characterization of cash distributions paid to our common stockholders during the calendar year ended December 31, 2022 was 61.2% from ordinary income and 38.8% from capital gains. The tax characterization of cash distributions paid to our common stockholders during the calendar year ended December 31, 2021 was 71.3% from ordinary income and 28.7% from capital gains . We paid the following cash distributions to our common stockholders for the years ended March 31, 2023, 2022 and 2021. For the Year Ended March 31, 2023 : Declaration Date Record Date Payment Date Distribution April 12, 2022 April 22, 2022 April 29, 2022 $ 0.075 April 12, 2022 May 20, 2022 May 31, 2022 0.075 April 12, 2022 June 6, 2022 June 15, 2022 0.120 (A) April 12, 2022 June 22, 2022 June 30, 2022 0.075 July 12, 2022 July 22, 2022 July 29, 2022 0.075 July 12, 2022 August 23, 2022 August 31, 2022 0.075 July 12, 2022 September 22, 2022 September 30, 2022 0.075 October 11, 2022 October 21, 2022 October 31, 2022 0.080 October 11, 2022 November 18, 2022 November 30, 2022 0.080 October 11, 2022 December 6, 2022 December 15, 2022 0.120 (A) October 11, 2022 December 20, 2022 December 30, 2022 0.080 January 10, 2023 January 20, 2023 January 31, 2023 0.080 January 10, 2023 February 17, 2023 February 28, 2023 0.080 January 10, 2023 March 3, 2023 March 15, 2023 0.240 (A) January 10, 2023 March 17, 2023 March 31, 2023 0.080 Year ended March 31, 2023 $ 1.410 For the Year Ended March 31, 2022 : Declaration Date Record Date Payment Date Distribution April 13, 2021 April 23, 2021 April 30, 2021 $ 0.070 April 13, 2021 May 19, 2021 May 28, 2021 0.070 April 13, 2021 June 8, 2021 June 17, 2021 0.060 (A) April 13, 2021 June 18, 2021 June 30, 2021 0.070 July 13, 2021 July 23, 2021 July 30, 2021 0.070 July 13, 2021 August 23, 2021 August 31, 2021 0.070 July 13, 2021 September 3, 2021 September 15, 2021 0.030 (A) July 13, 2021 September 22, 2021 September 30, 2021 0.070 October 12, 2021 October 22, 2021 October 29, 2021 0.075 October 12, 2021 November 19, 2021 November 30, 2021 0.075 October 12, 2021 December 7, 2021 December 15, 2021 0.090 (A) October 12, 2021 December 23, 2021 December 31, 2021 0.075 January 11, 2022 January 21, 2022 January 31, 2022 0.075 January 11, 2022 February 4, 2022 February 14, 2022 0.120 (A) January 11, 2022 February 18, 2022 February 28, 2022 0.075 January 11, 2022 March 23, 2022 March 31, 2022 0.075 Year ended March 31, 2022: $ 1.170 For the Year Ended March 31, 2021 : Declaration Date Record Date Payment Date Distribution April 14, 2020 April 24, 2020 April 30, 2020 $ 0.070 April 14, 2020 May 19, 2020 May 29, 2020 0.070 April 14, 2020 June 8, 2020 June 17, 2020 0.090 (A) April 14, 2020 June 19, 2020 June 30, 2020 0.070 July 14, 2020 July 24, 2020 July 31, 2020 0.070 July 14, 2020 August 24, 2020 August 31, 2020 0.070 July 14, 2020 September 23, 2020 September 30, 2020 0.070 October 13, 2020 October 23, 2020 October 30, 2020 0.070 October 13, 2020 November 20, 2020 November 30, 2020 0.070 October 13, 2020 December 23, 2020 December 31, 2020 0.070 January 12, 2021 January 22, 2021 January 29, 2021 0.070 January 12, 2021 February 17, 2021 February 26, 2021 0.070 January 12, 2021 March 18, 2021 March 31, 2021 0.070 Year ended March 31, 2021: $ 0.930 (A) Represents a supplemental distribution to common stockholders. Aggregate cash distributions to our common stockholders declared and paid for the years ended March 31, 2023, 2022 and 2021 were $47.0 million, $38.9 million, and $30.9 million, respectively. For the fiscal years ended March 31, 2023, 2022, and 2021, Investment Company Taxable Income exceeded distributions declared and paid, and, in accordance with Section 855(a) of the Code, we elected to treat $21.4 million, $13.9 million, and $16.1 million, respectively, of the first distributions paid subsequent to fiscal year-end, as having been paid in the prior year. In addition, for the fiscal years ended March 31, 2023, 2022, and 2021, net capital gains exceeded distributions declared and paid, and, in accordance with Section 855(a) of the Code, we elected to treat $10.6 million, $15.7 million, and $8.5 million, respectively, of the first distributions paid subsequent to fiscal year-end as having been paid in the prior year. We may distribute our net long-term capital gains, if any, in cash or elect to retain some or all of such gains, pay taxes at the U.S. federal corporate-level income tax rate on the amount retained, and designate the retained amount as a “deemed distribution.” If we elect to retain net long-term capital gains and deem them distributed, each U.S. common stockholder will be treated as if they received a distribution of their pro-rata share of the retained net long-term capital gain and the U.S. federal income tax paid. As a result, each U.S. common stockholder will (i) be required to report their pro-rata share of the retained gain on their tax return as long-term capital gain, (ii) receive a refundable tax credit for their pro-rata share of federal income tax paid by us on the retained gain, and (iii) increase the tax basis of their shares of common stock by an amount equal to the deemed distribution less the tax credit. To use the deemed distribution approach, we must provide written notice to our common stockholders prior to the expiration of 60 days after the close of the relevant taxable year. For the years ended March 31, 2023, 2022, and 2021 we did not elect to retain long-term capital gains and to treat them as deemed distributions to common stockholders. The components of our net assets on a tax basis were as follows: Year Ended March 31, 2023 2022 Common stock $ 34 $ 33 Capital in excess of par value 401,798 397,948 Cumulative unrealized appreciation of investments 31,129 43,760 Cumulative unrealized depreciation of other 29 — Undistributed ordinary income 21,380 13,862 Undistributed capital gain 10,552 15,731 Other temporary differences (25,180) (25,504) Net Assets $ 439,742 $ 445,830 For the years ended March 31, 2023 and 2022, we recorded the following adjustments for estimated permanent book-tax differences to reflect tax character. Results of operations, total net assets, and cash flows were not affected by these adjustments. Tax Year Ended March 31, 2023 2022 Underdistributed (overdistributed) net investment income $ 1,301 $ (333) Accumulated net realized gain in excess of distributions $ 263 $ 3,181 Capital in excess of par value $ (1,564) $ (2,848) |
FEDERAL AND STATE INCOME TAXES
FEDERAL AND STATE INCOME TAXES | 12 Months Ended |
Mar. 31, 2023 | |
Schedule of Investments [Abstract] | |
FEDERAL AND STATE INCOME TAXES | FEDERAL AND STATE INCOME TAXES We intend to continue to maintain our qualifications as a RIC for federal income tax purposes. As a RIC, we generally are not subject to federal income tax on the portion of our taxable income and gains that we distribute to stockholders. To maintain our qualification as a RIC, we must maintain our status as a BDC and meet certain source-of-income and asset diversification requirements. In addition, to qualify to be taxed as a RIC, we must distribute to stockholders at least 90% of our Investment Company Taxable Income. Our policy generally is to make distributions to our stockholders in an amount up to 100% of our Investment Company Taxable Income. We may retain some or all of our net long-term capital gains, if any, and designate them as deemed distributions, or distribute such gains to stockholders in cash. Because we have distributed or intend to distribute 100% of our Investment Company Taxable Income and net long-term capital gains, no income tax provisions have been recorded for the years ended March 31, 2023, 2022, and 2021. In an effort to limit federal excise taxes, we have to distribute to stockholders, during each calendar year, an amount close to the sum of (1) 98% of our ordinary income for the calendar year, (2) 98.2% of our net capital gains (both long-term and short-term), if any, for the one-year period ending on October 31 of the calendar year and (3) any income realized, but not distributed, in the preceding period (to the extent that income tax was not imposed on such amounts), less certain reductions, as applicable . We incurred an excise tax of $1.3 million, $0.7 million, and $0.5 million for the calendar years ended December 31, 2022, 2021 and 2020, respectively, which are included in Other general and administrative expenses on the accompanying Consolidated Statement of Operations . |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal Proceedings We are party to certain legal proceedings incidental to the normal course of our business. We are required to establish reserves for litigation matters where those matters present loss contingencies that are both probable and estimable. When loss contingencies are not both probable and estimable, we do not establish reserves. Based on current knowledge, we do not believe that loss contingencies, if any, arising from pending investigations, litigation, or regulatory matters will have a material adverse effect on our financial condition, results of operation, or cash flows. Additionally, based on our current knowledge, we do not believe such loss contingencies are both probable and estimable and, therefore, as of March 31, 2023 and 2022, 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 $0.1 million and $0.2 million as of March 31, 2023 and 2022, respectively. Financial Commitments and Obligations We may have line of credit and delayed draw term debt commitments to certain of our portfolio companies that have not been fully drawn. Since these line of credit and delayed draw term debt commitments have expiration dates, and we expect many will never be fully drawn, the total line of credit and delayed draw term debt commitment amounts do not necessarily represent future cash requirements. We estimate the fair value of the combined unused line of credit commitments as of March 31, 2023 and 2022 to be insignificant. We may also extend guaranties on behalf of our portfolio companies. As of March 31, 2023, there were no guaranties outstanding. As of March 31, 2022, the following guaranties were outstanding on behalf of two of our portfolio companies: • A $1.0 million continuing guaranty of a wholesale financing facility agreement (the “Floor Plan Facility”) between DLL Finance LLC (f/k/a Agricredit Acceptance, LLC) and CCE. The Floor Plan Facility provided CCE with financing to bridge the time and cash flow gap between the order and delivery of golf carts to customers. In conjunction with the term loan repayment by CCE in November 2022, the guaranty was released and terminated. • A $9.3 million guaranty that we extended in February 2022, on behalf of J.R. Hobbs, whereby we had guaranteed 50% of their obligations with another lender, with a maximum amount of $9.3 million. In June 2022, the guaranty was released and terminated. As of March 31, 2023 and 2022, we have not been required to make any payments on these guaranties, or any guaranties that existed in previous periods, and we consider the credit risk to be remote and the fair value of the guaranty as of March 31, 2023 and 2022 to be not significant. The following table summarizes the principal balances of unused line of credit and delayed draw term debt commitments and guaranties as of March 31, 2023 and 2022, which are not reflected as liabilities in the accompanying Consolidated Statements of Assets and Liabilities : As of March 31, 2023 2022 Unused line of credit and delayed draw term debt commitments $ 2,150 $ 4,250 Guaranties — 10,250 Total $ 2,150 $ 14,500 |
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS | 12 Months Ended |
Mar. 31, 2023 | |
Investment Company [Abstract] | |
FINANCIAL HIGHLIGHTS | FINANCIAL HIGHLIGHTS As of and for the Year Ended March 31, 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Per Common Share Data: Net asset value at beginning of year (A) $ 13.43 $ 11.52 $ 11.17 $ 12.40 $ 10.85 $ 9.95 $ 9.22 $ 9.18 8.34 9.10 Income from investment operations (B) Net investment income 1.11 0.45 0.54 1.11 0.23 0.68 0.74 0.68 0.75 0.73 Net realized gain (loss) on investments and other 0.32 0.37 0.32 1.36 2.04 0.04 0.51 (0.15) — 0.31 Taxes on deemed distributions of long-term capital gains — — — (0.31) (0.41) — — — — — Net unrealized appreciation (depreciation) of investments and other (0.36) 2.26 0.42 (2.38) 0.63 1.16 0.23 0.29 1.13 (1.09) Total from investment operations 1.07 3.08 1.28 (0.22) 2.49 1.88 1.48 0.82 1.88 (0.05) Effect of equity capital activity (B) Cash distributions to common stockholders from net investment income (C) (0.92) (0.91) (0.83) (0.75) (0.69) (0.84) (0.75) (0.64) (0.77) (0.71) Cash distributions to common stockholders from realized gains (C) (0.49) (0.26) (0.10) (0.28) (0.24) (0.05) — (0.11) — — Discounts, commissions, and offering costs (0.01) — — — — (0.03) — (0.01) (0.03) — Net accretive (dilutive) effect of equity offering (D) 0.01 — — 0.01 — (0.04) — (0.03) (0.22) — Total from equity capital activity (1.41) (1.17) (0.93) (1.02) (0.93) (0.96) (0.75) (0.79) (1.02) (0.71) Other, net (E) — — — 0.01 (0.01) (0.02) — 0.01 (0.02) — Net asset value at end of year (A) $ 13.09 $ 13.43 $ 11.52 $ 11.17 $ 12.40 10.85 9.95 9.22 9.18 8.34 Per common share market value at beginning of year $ 16.13 $ 12.23 $ 7.85 $ 11.60 $ 10.10 9.07 $ 7.02 7.40 8.27 7.31 Per common share market value at end of year $ 13.25 $ 16.13 $ 12.23 $ 7.85 $ 11.60 $ 10.10 $ 9.07 $ 7.02 $ 7.40 $ 8.27 Total investment return (F) (8.90 %) 42.40 % 70.65 % (26.23 %) 24.95 % 21.82 % 41.58 % 4.82 % 11.96 % 24.26 % Common stock outstanding at end of year (A) 33,591,505 33,205,023 33,205,023 33,049,463 32,822,459 32,653,635 30,270,958 30,270,958 29,775,958 26,475,958 Consolidated Statement of Assets and Liabilities Data: Net assets at end of year $ 439,742 $ 445,830 $ 382,364 $ 369,031 $ 407,110 $ 354,200 $ 301,082 $ 279,022 $ 273,429 $ 220,837 Average net assets (G) $ 446,899 $ 425,985 $ 365,568 $ 404,336 $ 391,786 $ 328,533 $ 294,030 $ 276,293 $ 229,350 $ 231,356 Senior Securities Data: Total borrowings, at cost $ 297,688 $ 267,584 $ 155,434 $ 54,296 $ 58,096 $ 112,096 $ 74,796 $ 100,096 $ 123,896 $ 66,250 Mandatorily redeemable preferred stock (H) $ — $ — $ 94,371 $ 132,250 $ 132,250 $ 139,150 $ 139,150 $ 121,650 $ 81,400 $ 40,000 Ratios/Supplemental Data: Ratio of net expenses to average net assets (I) 9.97 % 13.51 % 10.58 % 6.32 % 13.30 % 11.08 % 10.02 % 10.94 % 9.48 % 7.33 % Ratio of net investment income to average net assets (J) 8.28 % 3.52 % 4.91 % 8.99 % 1.92 % 6.68 % 7.63 % 7.50 % 8.68 % 8.35 % (A) Based on actual shares of common stock outstanding at the beginning or end of the corresponding year, as appropriate. (B) Based on weighted-average basic common share data for the corresponding year. (C) The tax character of distributions is determined based on taxable income calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP. For further information on the estimated character of our distributions to common stockholders, including changes in estimates, as applicable, refer to Note 9 — Distributions to Common Stockholders . (D) During the year ended March 31, 2020, the accretive effect is the result of issuing common shares at a price above the then current NAV per share. During the year ended March 31, 2018, 2016, and 2015, the net dilutive effect is the result of issuing common shares at a price below the then current NAV per share. (E) Represents the impact of the different share amounts (weighted-average basic common shares outstanding for the corresponding year and actual common shares outstanding at the end of the year) in the Per Common Share Data calculations and rounding impacts. (F) Total investment return equals the change in the market value of our common stock from the beginning of the year, taking into account dividends reinvested in accordance with the terms of our dividend reinvestment plan. Total return does not take into account distributions that may be characterized as a return of capital. For further information on the estimated character of our distributions to common stockholders, including changes in estimates, as applicable, refer to Note 9 — Distributions to Common Stockholders . (G) Calculated using the average balance of net assets at the end of each month of the reporting year. (H) Represents the aggregate liquidation preference of our mandatorily redeemable preferred stock. (I) Ratio of net expenses to average net assets is computed using total expenses, net of any non-contractual, unconditional, and irrevocable credits of fees from the Adviser. Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of expenses to average net assets would have been 12.58%, 16.72%, 13.33%, 9.12%, 16.45%, 14.11%, 13.46%, 14.50%, 12.90%, and 10.20% for the fiscal years ended March 31, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, and 2014 respectively. Had we included Virginia state taxes incurred on the deemed distributions of retained capital gains for the fiscal year ended March 31, 2020 and 2019, the ratio of net expenses to average net assets would have been 6.89% and 14.07%, respectively. (J) Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of net investment income (loss) to average net assets would have been 5.66%,0.31%, 2.16%, 6.20%, (1.22%), 3.66%, 4.19%, 3.94%, 5.26%, and 5.48% for the fiscal years ended March 31, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, and 2014 respectively. |
UNCONSOLIDATED SIGNIFICANT SUBS
UNCONSOLIDATED SIGNIFICANT SUBSIDIARIES | 12 Months Ended |
Mar. 31, 2023 | |
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)(2) of the SEC’s Regulation S-X as of or during at least one of the years ended March 31, 2023, 2022 and 2021. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Distributions and Dividends In April 2023, our Board of Directors declared the following monthly and supplemental cash distributions to common stockholders: Record Date Payment Date Distribution per Common Share April 21, 2023 April 28, 2023 $ 0.08 May 23, 2023 May 31, 2023 0.08 June 5, 2023 June 15, 2023 0.12 (A) June 21, 2023 June 30, 2023 0.08 Total for the Quarter: $ 0.36 (A) Represents a supplemental distribution to common stockholders. Revolving Line of Credit On April 10, 2023, we, through Business Investment, entered into Amendment No. 7 to the Credit Facility to update the reference rate from LIBOR to Term SOFR plus an 11 basis point credit spread adjustment. Director Activity Terry Lee Brubaker resigned from our Board of Directors, effective April 14, 2023. Mr. Brubaker's resignation was not a result of any disagreement with the Company on any matters relating to the Company's operations, policies, or practices. |
N-2
N-2 - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Cover [Abstract] | ||||||||||||||||||
Entity Central Index Key | 0001321741 | |||||||||||||||||
Amendment Flag | false | |||||||||||||||||
Securities Act File Number | 814-00704 | |||||||||||||||||
Document Type | 10-K | |||||||||||||||||
Entity Registrant Name | GLADSTONE INVESTMENT CORPORATION\DE | |||||||||||||||||
Entity Address, Address Line One | 1521 WESTBRANCH DRIVE | |||||||||||||||||
Entity Address, Address Line Two | SUITE 100 | |||||||||||||||||
Entity Address, City or Town | MCLEAN | |||||||||||||||||
Entity Address, State or Province | VA | |||||||||||||||||
Entity Address, Postal Zip Code | 22102 | |||||||||||||||||
City Area Code | 703 | |||||||||||||||||
Local Phone Number | 287-5800 | |||||||||||||||||
Entity Well-known Seasoned Issuer | No | |||||||||||||||||
Entity Emerging Growth Company | false | |||||||||||||||||
Fee Table [Abstract] | ||||||||||||||||||
Sales Load [Percent] | 0% | |||||||||||||||||
Other Transaction Expenses [Abstract] | ||||||||||||||||||
Other Transaction Expense 1 [Percent] | 0% | |||||||||||||||||
Annual Expenses [Table Text Block] | Stockholder Transaction Expenses: Sales load or other commission (as a percentage of offering price) (1) — % Offering expenses (as a percentage of offering price) (1) — % Dividend reinvestment plan expenses (per sales transaction fee) (2) Up to $25 Transaction fee Total stockholder transaction expenses (as a percentage of offering price) (1) —% Annual expenses (as a percentage of net assets attributable to common stock) (3): Base management fee (4) 3.43 % Loan servicing fee (5) 1.90 % Incentive fees (20% of realized capital gains and 20% of pre-incentive fee net investment income) (6) 1.04 % Interest payments on borrowed funds (7) 4.12 % Other expenses (8) 1.16 % Total annual expenses (9) 11.65 % (1) The amounts set forth in the table above do not reflect the impact of any sales load or other commission or offering expenses borne by the Company and its common stockholders. If applicable, the prospectus or prospectus supplement relating to an offering of our common stock will disclose the offering price and the estimated offering expenses and total stockholder transaction expenses borne by the Company and its common stockholders as a percentage of the offering price. In the event that shares of our common stock are sold to or through underwriters, the applicable prospectus or prospectus supplement will also disclose the applicable sales load or other commission. (2) The expenses of the dividend reinvestment plan, if any, are included in stock record expenses, a component of “Other expenses.” If a participant elects by written notice to the plan agent prior to termination of his or her account to have the plan agent sell part or all of the shares held by the plan agent in the participant’s account and remit the proceeds to the participant, the plan agent is authorized to deduct a transaction fee, plus per share brokerage commissions, from the proceeds. The participants in the dividend reinvestment plan will also bear a transaction fee, plus per share brokerage commissions incurred with respect to open market purchases, if any. See “ Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Distributions and Dividends to Stockholders—Dividend Reinvestment Plan ” for information on the dividend reinvestment plan. (3) The percentages presented in this table are gross of credits to any fees. (4) The base management fee is payable quarterly to the Adviser pursuant to our Advisory Agreement and is assessed at an annual rate of 2% computed on the basis of the value of our average gross assets at the end of the two most recently completed quarters (inclusive of the current quarter), which are total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings, valued at the end of the applicable quarters within the respective period and adjusted appropriately for any share issuances or repurchases during the period. In accordance with the requirements of the SEC, the table above shows our base management fee as a percentage of average net assets attributable to common stockholders. For purposes of the table, the annualized base management fee has been converted to 3.43% of the average net assets for the quarter ended March 31, 2023 by dividing the total annualized amount of the base management fee by our average net assets for the quarter ended March 31, 2023. The base management fee for the quarter ended March 31, 2023 before application of any credits was $3.8 million. Pursuant to the requirements of the 1940 Act, the Adviser makes available significant managerial assistance to our portfolio companies. The Adviser may also provide other services to our portfolio companies under certain agreements and may receive fees for services other than managerial assistance. Such services may include: (i) assistance obtaining, sourcing or structuring credit facilities, long term loans or additional equity from unaffiliated third parties; (ii) negotiating important contractual financial relationships; (iii) consulting services regarding restructuring of the portfolio company and financial modeling as it relates to raising additional debt and equity capital from unaffiliated third parties; and (iv) primary role in interviewing, vetting, and negotiating employment contracts with candidates in connection with adding and retaining key portfolio company management team members. The Adviser non-contractually, unconditionally, and irrevocably credits 100% of any fees received for such services against the base management fee that we would otherwise be required to pay to the Adviser; however, pursuant to the terms of the Advisory Agreement, a small percentage of certain of such fees is retained by the Adviser in the form of reimbursement, at cost, for tasks completed by personnel of the Adviser and primarily related to the valuation of portfolio companies. For the quarter ended March 31, 2023, $0.7 million of these fees were non-contractually, unconditionally and irrevocably credited against the base management fee. See “Item 1. Business — Transactions with Related Parties — Investment Advisory and Management Agreement ” for additional information. (5) The Adviser services the loans held by Business Investment in return for which the Adviser receives a 2.0% annual loan servicing fee based on the monthly aggregate balance of loans pledged under the Credit Facility. Since Business Investment is a consolidated subsidiary of ours, coupled with the fact that the total base management fee paid to the Adviser pursuant to the Advisory Agreement cannot exceed 2.0% of total assets (less any uninvested cash or cash equivalents resulting from borrowings) during any given calendar year, we treat payment of the loan servicing fee pursuant to the Credit Facility as a pre-payment of the base management fee under the Advisory Agreement. Accordingly, these loan servicing fees are 100% non-contractually, unconditionally and irrevocably credited back to us by the Adviser. The loan servicing fee for the three months ended March 31, 2023 was $2.1 million. See “ Item 1. Business—Transactions with Related Parties—Loan Servicing Fee Pursuant to Credit Facility ” and footnote 4 above for additional information. (6) The incentive fee payable to the Adviser under the Advisory Agreement consists of two parts: an income-based fee and a capital gains-based fee. The income-based incentive fee is payable quarterly in arrears, and equals 20% of the excess, if any, of our pre-incentive fee net investment income that exceeds a 1.75% quarterly hurdle rate of our net assets, which we define as total assets less indebtedness and before taking into account any incentive fees payable or contractually due but not payable during the period, at the end of the immediately preceding calendar quarter, adjusted appropriately for any share issuances or repurchases during the period, subject to a “catch-up” provision measured as of the end of each calendar quarter. The “catch-up” provision requires us to pay 100% of our pre-incentive fee net investment income with respect to that portion of such income, if any, that exceeds the hurdle rate but is less than 125% of the quarterly hurdle rate (or 2.1875%) in any calendar quarter. The catch-up provision is meant to provide our Adviser with 20% of our pre-incentive fee net investment income as if a hurdle rate did not apply when our pre-incentive fee net investment income exceeds 125% of the quarterly hurdle rate in any calendar quarter. For the three months ended March 31, 2023, the income-based incentive fee was $2.2 million. The capital gains-based incentive fee equals 20% of our net realized capital gains in excess of unrealized depreciation since our inception, if any, computed as all realized capital gains net of all realized capital losses and unrealized depreciation since our inception, less any prior payments, measured at the end of each calendar year and payable at the end of each fiscal year. During the three months ended March 31, 2023, we recorded a reversal of capital gains-based incentive fees of $1.0 million in accordance with GAAP, which were not contractually due under the terms of the Advisory Agreement. Excluding this reversal, our incentive fees as a percentage of average net assets would be 1.93%. No credits were applied to incentive fees for the three months ended March 31, 2023; however, the Adviser may credit such fees in the future. Examples of how the incentive fee would be calculated are as follows: • Assuming pre-incentive fee net investment income of 0.55%, there would be no income-based incentive fee because such income would not exceed the hurdle rate of 1.75%. • Assuming pre-incentive fee net investment income of 2.00%, the income-based incentive fee would be as follows: = 100.0% × (2.00% - 1.75%) = 0.25% • Assuming pre-incentive fee net investment income of 2.30%, the income-based incentive fee would be as follows: = (100.0% × (“catch-up”: 2.1875% - 1.75%)) + (20.0% × (2.30% - 2.1875%)) = (100.0% × 0.4375%) + (20.0% × 0.1125%) = 0.4375% + 0.0225% = 0.46% • Assuming net realized capital gains of 6% and realized capital losses and unrealized capital depreciation of 1%, the capital gains-based incentive fee would be as follows: = 20.0% × (6.0% - 1.0%) = 20.0% × 5.0% = 1.0% For a more detailed discussion of the calculation of the two-part incentive fee, including the capital gains-based incentive fee calculation under GAAP, see “ Item 1. Business — Transactions with Related Parties — Investment Advisory and Management Agreement. ” (7) Includes amortization of deferred financing costs. As of March 31, 2023, we had $35.2 million of borrowings outstanding under our Credit Facility, $127.9 million of 2026 Notes, at cost, and $134.6 million of 2028 Notes, at cost. See “ Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Revolving Line of Credit ” and “ Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Notes Payable ” for additional information regarding the Credit Facility, the 2026 Notes and the 2028 Notes. (8) Includes our overhead expenses, including payments under the Administration Agreement based on our projected allocable portion of overhead and other expenses estimated to be incurred by our Administrator for the current fiscal year in performing its obligations under the Administration Agreement. See “ Item 1. Business—Transactions with Related Parties—Administration Agreement” for additional information. | |||||||||||||||||
Management Fees [Percent] | 3.43% | |||||||||||||||||
Interest Expenses on Borrowings [Percent] | 4.12% | |||||||||||||||||
Incentive Fees [Percent] | 1.04% | |||||||||||||||||
Loan Servicing Fees [Percent] | 1.90% | |||||||||||||||||
Other Annual Expenses [Abstract] | ||||||||||||||||||
Other Annual Expenses [Percent] | 1.16% | |||||||||||||||||
Expense Example [Table Text Block] | The following example demonstrates the projected dollar amount of total cumulative expenses that would be incurred over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed that our annual operating expenses would remain at the levels set forth in the table above. The example below and the expenses in the table above should not be considered a representation of our future expenses, and actual expenses may be greater or less than those shown. While the example assumes, as required by the SEC, a 5.0% annual return, our performance will vary and may result in a return greater or less than 5.0%. Dollar amounts in the table below are not in thousands. 1 Year 3 Years 5 Years 10 Years Common stockholders would pay the following expenses on a $1,000 investment: assuming a 5% annual return consisting entirely of ordinary income(1)(2) $ 111 $ 314 $ 493 $ 851 assuming a 5% annual return consisting entirely of capital gains(2)(3) $ 120 $ 336 $ 523 $ 886 (1) For purposes of this example, we have assumed that the entire amount of the assumed 5.0% annual return would constitute ordinary income. Because the assumed 5.0% annual return is significantly below the hurdle rate of 7.0% (annualized) that we must achieve under the Advisory Agreement to trigger the payment of an income-based incentive fee, we have assumed, for purposes of this example, that no income-based incentive fee would be payable if we realized a 5.0% annual return. (2) While the example assumes reinvestment of all distributions at NAV per share, participants in the dividend reinvestment plan will receive a number of shares of our common stock determined by dividing the total dollar amount of the distribution payable to a participant by the market price per share of our common stock at the close of trading on the valuation date for the distribution, and this price per share may differ from NAV per share. See “ Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Distributions and Dividends to Stockholders—Dividend Reinvestment Plan ” for additional information regarding our dividend reinvestment plan. (3) For purposes of this example, we have assumed that the entire amount of the assumed 5.0% annual return would constitute capital gains and that no accumulated capital losses or unrealized depreciation would have to be overcome first before a capital gains-based incentive fee is payable. | |||||||||||||||||
Expense Example, Year 01 | $ 111 | |||||||||||||||||
Expense Example, Years 1 to 3 | 314 | |||||||||||||||||
Expense Example, Years 1 to 5 | 493 | |||||||||||||||||
Expense Example, Years 1 to 10 | $ 851 | |||||||||||||||||
Purpose of Fee Table , Note [Text Block] | The following table is intended to assist stockholders in understanding the costs and expenses that common stockholders will bear directly or indirectly. The percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever this Annual Report contains a reference to fees or expenses paid by “us” or the “Company,” or that “we” will pay fees or expenses, common stockholders will indirectly bear such fees or expenses as investors in the Company. The following annualized percentages were calculated based on actual expenses, except with respect to capital gains-based incentive fees as discussed below, incurred in the quarter ended March 31, 2023 and average net assets for the quarter ended March 31, 2023. The table and examples below include all fees and expenses of our consolidated subsidiaries. | |||||||||||||||||
Other Transaction Fees, Note [Text Block] | The amounts set forth in the table above do not reflect the impact of any sales load or other commission or offering expenses borne by the Company and its common stockholders. If applicable, the prospectus or prospectus supplement relating to an offering of our common stock will disclose the offering price and the estimated offering expenses and total stockholder transaction expenses borne by the Company and its common stockholders as a percentage of the offering price. In the event that shares of our common stock are sold to or through underwriters, the applicable prospectus or prospectus supplement will also disclose the applicable sales load or other commission. (2) The expenses of the dividend reinvestment plan, if any, are included in stock record expenses, a component of “Other expenses.” If a participant elects by written notice to the plan agent prior to termination of his or her account to have the plan agent sell part or all of the shares held by the plan agent in the participant’s account and remit the proceeds to the participant, the plan agent is authorized to deduct a transaction fee, plus per share brokerage commissions, from the proceeds. The participants in the dividend reinvestment plan will also bear a transaction fee, plus per share brokerage commissions incurred with respect to open market purchases, if any. See “ Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Distributions and Dividends to Stockholders—Dividend Reinvestment Plan | |||||||||||||||||
Other Expenses, Note [Text Block] | Includes our overhead expenses, including payments under the Administration Agreement based on our projected allocable portion of overhead and other expenses estimated to be incurred by our Administrator for the current fiscal year in performing its obligations under the Administration Agreement. See “ Item 1. Business—Transactions with Related Parties—Administration Agreement” | |||||||||||||||||
Management Fee not based on Net Assets, Note [Text Block] | The base management fee is payable quarterly to the Adviser pursuant to our Advisory Agreement and is assessed at an annual rate of 2% computed on the basis of the value of our average gross assets at the end of the two most recently completed quarters (inclusive of the current quarter), which are total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings, valued at the end of the applicable quarters within the respective period and adjusted appropriately for any share issuances or repurchases during the period. In accordance with the requirements of the SEC, the table above shows our base management fee as a percentage of average net assets attributable to common stockholders. For purposes of the table, the annualized base management fee has been converted to 3.43% of the average net assets for the quarter ended March 31, 2023 by dividing the total annualized amount of the base management fee by our average net assets for the quarter ended March 31, 2023. The base management fee for the quarter ended March 31, 2023 before application of any credits was $3.8 million. Pursuant to the requirements of the 1940 Act, the Adviser makes available significant managerial assistance to our portfolio companies. The Adviser may also provide other services to our portfolio companies under certain agreements and may receive fees for services other than managerial assistance. Such services may include: (i) assistance obtaining, sourcing or structuring credit facilities, long term loans or additional equity from unaffiliated third parties; (ii) negotiating important contractual financial relationships; (iii) consulting services regarding restructuring of the portfolio company and financial modeling as it relates to raising additional debt and equity capital from unaffiliated third parties; and (iv) primary role in interviewing, vetting, and negotiating employment contracts with candidates in connection with adding and retaining key portfolio company management team members. The Adviser non-contractually, unconditionally, and irrevocably credits 100% of any fees received for such services against the base management fee that we would otherwise be required to pay to the Adviser; however, pursuant to the terms of the Advisory Agreement, a small percentage of certain of such fees is retained by the Adviser in the form of reimbursement, at cost, for tasks completed by personnel of the Adviser and primarily related to the valuation of portfolio companies. For the quarter ended March 31, 2023, $0.7 million of these fees were non-contractually, unconditionally and irrevocably credited against the base management fee. See “Item 1. Business — Transactions with Related Parties — Investment Advisory and Management Agreement | |||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||
Senior Securities [Table Text Block] | Class and Year Total Amount Asset Coverage Per Unit (2) Involuntary Average Market Value 7.125% Series A Cumulative Term Preferred Stock (5) March 31, 2023 — N/A — N/A March 31, 2022 — N/A — N/A March 31, 2021 — N/A — N/A March 31, 2020 — N/A — N/A March 31, 2019 — N/A — N/A March 31, 2018 — N/A — N/A March 31, 2017 — N/A — N/A March 31, 2016 $ 40,000,000 $ 2,214 $ 25.00 $ 25.60 March 31, 2015 $ 40,000,000 $ 2,301 $ 25.00 $ 25.78 March 31, 2014 $ 40,000,000 $ 2,978 $ 25.00 $ 26.53 6.75% Series B Cumulative Term Preferred Stock (6) March 31, 2023 — N/A — N/A March 31, 2022 — N/A — N/A March 31, 2021 — N/A — N/A March 31, 2020 — N/A — N/A March 31, 2019 — N/A — N/A March 31, 2018 $ 41,400,000 $ 2,373 $ 25.00 $ 25.20 March 31, 2017 $ 41,400,000 $ 2,356 $ 25.00 $ 26.00 March 31, 2016 $ 41,400,000 $ 2,214 $ 25.00 $ 24.43 March 31, 2015 $ 41,400,000 $ 2,301 $ 25.00 $ 25.38 6.50% Series C Cumulative Term Preferred Stock due 2022 (7) March 31, 2023 — N/A — N/A March 31, 2022 — N/A — N/A March 31, 2021 — N/A — N/A March 31, 2020 — N/A — N/A March 31, 2019 — N/A — N/A March 31, 2018 $ 40,250,000 $ 2,373 $ 25.00 $ 25.33 March 31, 2017 $ 40,250,000 $ 2,356 $ 25.00 $ 25.64 March 31, 2016 $ 40,250,000 $ 2,214 $ 25.00 $ 23.92 Class and Year Total Amount Asset Coverage Per Unit (2) Involuntary Average Market Value 6.25% Series D Cumulative Term Preferred Stock due 2023 (8) March 31, 2023 — N/A — N/A March 31, 2022 — N/A — N/A March 31, 2021 — N/A — N/A March 31, 2020 $ 57,500,000 $ 2,938 $ 25.00 $ 20.46 March 31, 2019 $ 57,500,000 $ 3,091 $ 25.00 $ 25.38 March 31, 2018 $ 57,500,000 $ 2,373 $ 25.00 $ 25.22 March 31, 2017 $ 57,500,000 $ 2,356 $ 25.00 $ 25.43 6.375% Series E Cumulative Term Preferred Stock due 2025 (9) March 31, 2023 — — — N/A March 31, 2022 — — — N/A March 31, 2021 $ 94,371,325 $ 2,486 $ 25.00 $ 25.44 March 31, 2020 $ 74,750,000 $ 2,938 $ 25.00 $ 19.52 March 31, 2019 $ 74,750,000 $ 3,091 $ 25.00 $ 25.55 Revolving credit facilities March 31, 2023 $ 35,200,000 $ 2,447 — N/A March 31, 2022 $ — $ 2,529 — N/A March 31, 2021 $ 22,400,000 $ 3,980 — N/A March 31, 2020 $ 49,200,000 $ 9,935 — N/A March 31, 2019 $ 53,000,000 $ 9,976 — N/A March 31, 2018 $ 107,000,000 $ 5,257 — N/A March 31, 2017 $ 69,700,000 $ 6,613 — N/A March 31, 2016 $ 95,000,000 $ 4,838 — N/A March 31, 2015 $ 118,800,000 $ 2,301 — N/A March 31, 2014 $ 61,250,000 $ 2,978 — N/A 2026 Notes (10) March 31, 2023 $ 127,937,500 $ 2,447 $ 25.00 $ 23.47 March 31, 2022 $ 127,937,500 $ 2,529 $ 25.00 $ 25.13 March 31, 2021 $ 127,937,500 $ 3,980 $ 25.00 $ 25.85 2028 Notes (11) March 31, 2023 $ 134,550,000 $ 2,447 $ 25.00 $ 23.00 March 31, 2022 $ 134,550,000 $ 2,529 $ 25.00 $ 25.07 Secured borrowings (12) March 31, 2023 — N/A $ — N/A March 31, 2022 $ 5,095,785 $ 2,529 — N/A March 31, 2021 $ 5,095,785 $ 3,980 — N/A March 31, 2020 $ 5,095,785 $ 9,935 — N/A March 31, 2019 $ 5,095,785 $ 9,976 — N/A March 31, 2018 $ 5,095,785 $ 5,257 — N/A March 31, 2017 $ 5,095,785 $ 6,613 — N/A March 31, 2016 $ 5,095,785 $ 4,838 — N/A March 31, 2015 $ 5,095,785 $ 2,301 — N/A March 31, 2014 $ 5,000,000 $ 2,978 — N/A (1) Total amount of each class of senior securities outstanding as of the dates presented. (2) Asset coverage is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness (including interest payable and guaranties). Asset coverage per unit is the asset coverage ratio expressed in terms of dollar amounts per one thousand dollars of indebtedness. (3) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. (4) Only applicable to our Term Preferred Stock, our 2026 Notes, and our 2028 Notes because the other senior securities are not registered for public trading. Average market value per unit is the average of the closing price of the shares on Nasdaq during the last 10 trading days of the period. (5) Our Series A Term Preferred Stock was issued in March 2012 and redeemed in September 2016. (6) Our Series B Term Preferred Stock was issued in November 2014 and redeemed in August 2018. (7) Our Series C Term Preferred Stock was issued in May 2015 and redeemed in August 2018. (8) Our Series D Term Preferred Stock was issued in September 2016 and redeemed in March 2021. (9) Our Series E Term Preferred Stock was issued in August 2018 and redeemed in August 2021. (10) Our 2026 Notes were issued in March 2021. (11) Our 2028 Notes were issued in August 2021. (12) In August 2012, we entered into a participation agreement with a third-party related to $5.0 million of our secured second lien term debt investment in Ginsey Home Solutions, Inc. (“Ginsey”). In May 2014, we amended the agreement with the third-party to include an additional $0.1 million. Accounting Standards Codification Topic 860, “ Transfers and Servicing ” requires us to treat the participation as a financing-type transaction. Specifically, the third-party has a senior claim to our remaining investment in the event of default by Ginsey which, in part, resulted in the loan participation bearing a rate of interest lower than the contractual rate established at origination. Therefore, our accompanying Consolidated Statements of Assets and Liabilities as of March 31, 2022 reflect the entire secured second lien term debt investment in Ginsey and a corresponding $5.1 million secured borrowing liability. In conjunction with the August 2022 refinancing at Ginsey, the $5.1 million secured borrowing liability was extinguished. | |||||||||||||||||
Senior Securities, Note [Text Block] | Senior Securities Information about our senior securities is shown in the following table as of the end of each of our last ten fiscal years. The annual information has been derived from our audited financial statements for each respective period, which have been audited by PricewaterhouseCoopers LLP, our independent registered public accounting firm. The report of our independent registered public accounting firm, PricewaterhouseCoopers LLP, on the senior securities table as of March 31, 2023 is included elsewhere in this Annual Report. Class and Year Total Amount Asset Coverage Per Unit (2) Involuntary Average Market Value 7.125% Series A Cumulative Term Preferred Stock (5) March 31, 2023 — N/A — N/A March 31, 2022 — N/A — N/A March 31, 2021 — N/A — N/A March 31, 2020 — N/A — N/A March 31, 2019 — N/A — N/A March 31, 2018 — N/A — N/A March 31, 2017 — N/A — N/A March 31, 2016 $ 40,000,000 $ 2,214 $ 25.00 $ 25.60 March 31, 2015 $ 40,000,000 $ 2,301 $ 25.00 $ 25.78 March 31, 2014 $ 40,000,000 $ 2,978 $ 25.00 $ 26.53 6.75% Series B Cumulative Term Preferred Stock (6) March 31, 2023 — N/A — N/A March 31, 2022 — N/A — N/A March 31, 2021 — N/A — N/A March 31, 2020 — N/A — N/A March 31, 2019 — N/A — N/A March 31, 2018 $ 41,400,000 $ 2,373 $ 25.00 $ 25.20 March 31, 2017 $ 41,400,000 $ 2,356 $ 25.00 $ 26.00 March 31, 2016 $ 41,400,000 $ 2,214 $ 25.00 $ 24.43 March 31, 2015 $ 41,400,000 $ 2,301 $ 25.00 $ 25.38 6.50% Series C Cumulative Term Preferred Stock due 2022 (7) March 31, 2023 — N/A — N/A March 31, 2022 — N/A — N/A March 31, 2021 — N/A — N/A March 31, 2020 — N/A — N/A March 31, 2019 — N/A — N/A March 31, 2018 $ 40,250,000 $ 2,373 $ 25.00 $ 25.33 March 31, 2017 $ 40,250,000 $ 2,356 $ 25.00 $ 25.64 March 31, 2016 $ 40,250,000 $ 2,214 $ 25.00 $ 23.92 Class and Year Total Amount Asset Coverage Per Unit (2) Involuntary Average Market Value 6.25% Series D Cumulative Term Preferred Stock due 2023 (8) March 31, 2023 — N/A — N/A March 31, 2022 — N/A — N/A March 31, 2021 — N/A — N/A March 31, 2020 $ 57,500,000 $ 2,938 $ 25.00 $ 20.46 March 31, 2019 $ 57,500,000 $ 3,091 $ 25.00 $ 25.38 March 31, 2018 $ 57,500,000 $ 2,373 $ 25.00 $ 25.22 March 31, 2017 $ 57,500,000 $ 2,356 $ 25.00 $ 25.43 6.375% Series E Cumulative Term Preferred Stock due 2025 (9) March 31, 2023 — — — N/A March 31, 2022 — — — N/A March 31, 2021 $ 94,371,325 $ 2,486 $ 25.00 $ 25.44 March 31, 2020 $ 74,750,000 $ 2,938 $ 25.00 $ 19.52 March 31, 2019 $ 74,750,000 $ 3,091 $ 25.00 $ 25.55 Revolving credit facilities March 31, 2023 $ 35,200,000 $ 2,447 — N/A March 31, 2022 $ — $ 2,529 — N/A March 31, 2021 $ 22,400,000 $ 3,980 — N/A March 31, 2020 $ 49,200,000 $ 9,935 — N/A March 31, 2019 $ 53,000,000 $ 9,976 — N/A March 31, 2018 $ 107,000,000 $ 5,257 — N/A March 31, 2017 $ 69,700,000 $ 6,613 — N/A March 31, 2016 $ 95,000,000 $ 4,838 — N/A March 31, 2015 $ 118,800,000 $ 2,301 — N/A March 31, 2014 $ 61,250,000 $ 2,978 — N/A 2026 Notes (10) March 31, 2023 $ 127,937,500 $ 2,447 $ 25.00 $ 23.47 March 31, 2022 $ 127,937,500 $ 2,529 $ 25.00 $ 25.13 March 31, 2021 $ 127,937,500 $ 3,980 $ 25.00 $ 25.85 2028 Notes (11) March 31, 2023 $ 134,550,000 $ 2,447 $ 25.00 $ 23.00 March 31, 2022 $ 134,550,000 $ 2,529 $ 25.00 $ 25.07 Secured borrowings (12) March 31, 2023 — N/A $ — N/A March 31, 2022 $ 5,095,785 $ 2,529 — N/A March 31, 2021 $ 5,095,785 $ 3,980 — N/A March 31, 2020 $ 5,095,785 $ 9,935 — N/A March 31, 2019 $ 5,095,785 $ 9,976 — N/A March 31, 2018 $ 5,095,785 $ 5,257 — N/A March 31, 2017 $ 5,095,785 $ 6,613 — N/A March 31, 2016 $ 5,095,785 $ 4,838 — N/A March 31, 2015 $ 5,095,785 $ 2,301 — N/A March 31, 2014 $ 5,000,000 $ 2,978 — N/A (1) Total amount of each class of senior securities outstanding as of the dates presented. (2) Asset coverage is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness (including interest payable and guaranties). Asset coverage per unit is the asset coverage ratio expressed in terms of dollar amounts per one thousand dollars of indebtedness. (3) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. (4) Only applicable to our Term Preferred Stock, our 2026 Notes, and our 2028 Notes because the other senior securities are not registered for public trading. Average market value per unit is the average of the closing price of the shares on Nasdaq during the last 10 trading days of the period. (5) Our Series A Term Preferred Stock was issued in March 2012 and redeemed in September 2016. (6) Our Series B Term Preferred Stock was issued in November 2014 and redeemed in August 2018. (7) Our Series C Term Preferred Stock was issued in May 2015 and redeemed in August 2018. (8) Our Series D Term Preferred Stock was issued in September 2016 and redeemed in March 2021. (9) Our Series E Term Preferred Stock was issued in August 2018 and redeemed in August 2021. (10) Our 2026 Notes were issued in March 2021. (11) Our 2028 Notes were issued in August 2021. (12) In August 2012, we entered into a participation agreement with a third-party related to $5.0 million of our secured second lien term debt investment in Ginsey Home Solutions, Inc. (“Ginsey”). In May 2014, we amended the agreement with the third-party to include an additional $0.1 million. Accounting Standards Codification Topic 860, “ Transfers and Servicing ” requires us to treat the participation as a financing-type transaction. Specifically, the third-party has a senior claim to our remaining investment in the event of default by Ginsey which, in part, resulted in the loan participation bearing a rate of interest lower than the contractual rate established at origination. Therefore, our accompanying Consolidated Statements of Assets and Liabilities as of March 31, 2022 reflect the entire secured second lien term debt investment in Ginsey and a corresponding $5.1 million secured borrowing liability. In conjunction with the August 2022 refinancing at Ginsey, the $5.1 million secured borrowing liability was extinguished. | |||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||
Investment Objectives and Practices [Text Block] | Investment Objectives and Strategy We were established for the purpose of investing in debt and equity securities of established private businesses operating in the U.S. Our investment objectives are to: (i) achieve and grow current income by investing in debt securities of established businesses that we believe will provide stable earnings and cash flow to pay expenses, make principal and interest payments on our outstanding indebtedness and make distributions to stockholders that grow over time; and (ii) provide our stockholders with long-term capital appreciation in the value of our assets by investing in equity securities of established businesses, generally in combination with the aforementioned debt securities, that we believe can grow over time to permit us to sell our equity investments for capital gains. To achieve our investment objectives, our investment strategy is to invest in several categories of debt and equity securities, with individual investments in a particular portfolio company generally totaling up to $75 million, although investment size may vary, depending upon our total assets or available capital at the time of investment. We expect that our investment portfolio over time will consist of approximately 75% in debt securities and 25% in equity securities, at cost. As of March 31, 2023, our investment portfolio was comprised of 77.1% in debt securities and 22.9% in equity securities, at cost. We focus on investing in lower middle market private businesses (which we generally define as private companies with annual earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $4 million to $15 million) (“Lower Middle Market”) in the U.S. that meet certain criteria, including, the following: the sustainability of the business’ free cash flow and its ability to grow it over time, adequate assets for loan collateral, experienced management teams with a significant ownership interest in the portfolio company, reasonable capitalization of the portfolio company, including an ample equity contribution or cushion based on prevailing enterprise valuation multiples, and the potential to realize appreciation and gain liquidity in our equity position, if any. We anticipate that liquidity in our equity position will be achieved through a merger, acquisition, or recapitalization of the portfolio company, a public offering of the portfolio company’s stock or, to a lesser extent, by exercising our right to require the portfolio company to repurchase our warrants, as applicable, though there can be no assurance that we will always have these rights. We invest in portfolio companies that seek funds for management buyouts and/or growth capital to finance acquisitions, recapitalize or, to a lesser extent, refinance their existing debt facilities. We seek to avoid investing in high-risk, early-stage enterprises. We invest by ourselves or jointly with other funds and/or management of the portfolio company, depending on the opportunity. In July 2012, the SEC granted us an exemptive order (the “Co-Investment Order”) that expanded our ability to co-invest, under certain circumstances, with certain of our affiliates, including Gladstone Capital and any future BDC or closed-end management investment company that is advised (or sub-advised if it controls the fund) by the Adviser, or any combination of the foregoing, subject to the conditions in the Co-Investment Order. We believe the Co-Investment Order has enhanced and will continue to enhance our ability to further our investment objectives and strategies. If we are participating in an investment with one or more co-investors, whether or not an affiliate of ours, our investment is likely to be smaller than if we were investing alone. In general, our investments in debt securities have a term of five years, accrue interest at variable rates (based on the one-month London Interbank Offered Rate (“LIBOR”)) and, to a lesser extent, at fixed rates. As of March 31, 2023, our loan portfolio consisted of 100.0% variable rate loans with floors, based on the total principal balance of all outstanding debt investments. Most U.S. dollar LIBOR are currently anticipated to be phased out in June 2023. We have amended all outstanding loan agreements with our portfolio companies to include fallback language providing a mechanism for the parties to negotiate a new reference interest rate in the event that LIBOR ceases to exist. Assuming that the Secured Overnight Financing Rate ("SOFR") replaces LIBOR and is appropriately adjusted to equate to one-month LIBOR, we expect that there should be minimal impact on our operations. Subsequent to March 31, 2023, certain of our existing investments have been transitioned from LIBOR to SOFR. We seek debt instruments that pay interest monthly or, at a minimum, quarterly, and which may include a yield enhancement such as a success fee or, to a lesser extent, deferred interest provision and are primarily interest only, with all principal and any accrued but unpaid interest due at maturity. Generally, success fees accrue at a set rate and are contractually due upon a change of control of the portfolio company. Some debt securities may have deferred interest whereby some portion of the interest payment is added to the principal balance so that the interest is paid, together with the principal, at maturity. This form of deferred interest is often called “paid-in-kind” (“PIK”) interest. As of March 31, 2023, we did not have any securities with a PIK feature. Typically, our investments in equity securities take the form of common stock, preferred stock, limited liability company interests, or warrants or options to purchase any of the foregoing. Often, these equity investments occur in connection with our original investment, buyouts and recapitalizations of a business, or refinancing existing debt. From our initial public offering in 2005 through March 31, 2023, we invested in 56 companies, excluding investments in syndicated loans. We expect that our investment portfolio will continue to primarily include the following three categories of investments in private companies in the U.S.: • Secured First Lien Debt Securities: We seek to invest a portion of our assets in secured first lien debt securities also known as senior loans, senior term loans, lines of credit and senior notes. Using its assets as collateral, the borrower typically uses secured first lien debt to cover a substantial portion of the funding needs of the business. These debt securities usually take the form of first priority liens on all, or substantially all, of the assets of the business. • Secured Second Lien Debt Securities: We seek to invest a portion of our assets in secured second lien debt securities, which may also be referred to as subordinated loans, subordinated notes and mezzanine loans. These secured second lien debt securities rank junior to the borrower’s secured first lien debt securities and may be secured by second priority liens on all or a portion of the assets of the business. Additionally, we may receive other yield enhancements in addition to or in lieu of success fees, such as warrants to buy common and preferred stock or limited liability interests, in connection with these secured second lien debt securities. • Preferred and Common Equity/Equivalents: We seek to invest a portion of our assets in equity securities, which consist of preferred and common equity, limited liability company interests, warrants or options to acquire such securities, and are generally in combination with our debt investment in a business. Additionally, we may receive equity investments derived from restructurings on some of our existing debt investments. In many cases, we will own a significant portion of the equity of the businesses in which we invest. | |||||||||||||||||
Risk [Text Block] | RISK FACTORS You should carefully consider these risk factors, together with all of the other information included in this Annual Report and the other reports and documents filed by us with the SEC. The risks set out below are not the only risks we face. Additional risks and uncertainties not presently known to us, or not presently deemed material by us, may also impair our operations and performance. If any of the following events occur, our business, financial condition, results of operations and cash flows could be materially and adversely affected. If that happens, the trading price of our securities and the NAV of our common stock could decline, and you may lose all or part of your investment. The risk factors described below are the principal risk factors associated with an investment in our securities as well as those factors generally associated with an investment company with investment objectives, investment policies, capital structure or trading markets similar to ours. Risks Related to the Economy Global economic and political conditions could negatively impact our business, results of operations, financial condition, and cash flows. The market in which we operate is affected by a number of factors that are largely beyond our control but can nonetheless have a potentially significant, negative impact on us. These factors include, among other things: • changes in interest rates and credit spreads and the effects of inflation on us and our portfolio companies; • the availability of credit, including the price, terms and conditions under which it can be obtained; • the quality, pricing, and availability of suitable investments and losses with respect to our investments; • the ability to obtain accurate market-based valuations; • investment values relative to the value of the underlying assets; • default rates on the loans underlying our investments and the amount of related losses; • prepayment rates, delinquency rates and legislative / regulatory changes with respect to our investments; • competition; • the impact of public health emergencies, generally and on the economy, the capital markets and our portfolio companies, including the measures taken by governmental authorities to address it; • the actual and perceived state of the economy and capital markets generally; • amendments or repeals of legislation, or changes in regulations or regulatory interpretations thereof, and transitions of government, including uncertainty regarding any of the foregoing; • the national and global political environment, including foreign relations and trading policies; • the impact of potential changes to the Code; and • the attractiveness of other types of investments relative to investments in Lower Middle Market companies generally. Changes in these factors are difficult to predict, and a change in one factor could affect other factors, which could result in adverse effects to our business, results of operations, financial condition, and cash flows. Volatility in the capital markets could make it more difficult to raise capital and has, and could in the future, adversely affect the valuations of our investments. Given the volatility and dislocation that the capital markets are experiencing and have experienced from time to time, many BDCs have faced, and may in the future face, a challenging environment in which to raise capital. We could in the future have difficulty accessing debt and equity capital, and a severe disruption in U.S. or global financial markets or deterioration in credit and financing conditions, including as a result of rising inflation, could have a material adverse effect on our business, financial condition, results of operations, and cash flows. In addition, significant changes in the capital markets have had, and may in the future have, a negative effect on the valuations of our investments and on the potential for liquidity events involving our investments. An inability to raise capital, and any required sale of our investments for liquidity purposes, could have a material adverse impact on our business, financial condition, results of operations, or cash flows. We may experience fluctuations in our quarterly and annual results based on the impact of inflation in the U.S. Certain of our portfolio companies are in industries that have been and, in the future, may be impacted by inflation, such as consumer goods and services and manufacturing. Our portfolio companies may not be able to pass on to customers increases in their costs of operations which could greatly affect their operating results, impacting their ability to repay our loans. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future unrealized losses and therefore reduce our net assets resulting from operations. Public health threats may adversely impact the businesses in which we invest and affect our business, operating results, and financial condition. Public health threats, such as COVID-19 or any other pandemic, may disrupt the operations of the businesses in which we invest. Such threats can create economic and political uncertainties and can contribute to global economic instability. In the event of a future public health threat, our portfolio companies may face limitations on their business activities for an unknown period of time, including shutdowns that may be requested or mandated by governmental authorities, or that they may experience disruptions in their supply chains or decreased consumer demand. Certain of our portfolio companies have experienced increases in health and safety expenses, payroll costs and other operating expenses and future increases are possible. These adverse economic impacts may decrease the value of our investments. These negative impacts on our portfolio companies and their performance may increase realized and unrealized losses related to our investments, which may, in turn, adversely impact our business, financial condition or results of operations. Risks Related to Interest Rates Market interest rates may have an effect on the value of our securities. One of the factors that influences the price of our securities is the distribution yield on our securities (as a percentage of the price of our securities) relative to market interest rates. An increase in market interest rates, which have risen recently, may lead prospective purchasers of our securities to expect a higher distribution yield. In addition, higher interest rates have increased our borrowing costs. As a result, higher market interest rates tend to cause the value of our securities to decrease. Changes in interest rates may negatively impact our investments and have an adverse effect on our business, financial condition, results of operations, and cash flows. Generally, interest rate fluctuations and changes in credit spreads on floating rate loans may have a negative impact on our investments and investment opportunities and, accordingly, may have a material adverse effect on our rate of return on invested capital, our net investment income, our NAV and the market price of our securities. As interest rates increase, generally, the cost of borrowing under our Credit Facility increases, which may affect our ability to make new investments on favorable terms or at all. A substantial portion of our debt investments have variable interest rates that reset periodically and are generally based on LIBOR or SOFR. As interest rates have increased, the operating performance of certain of our portfolio companies has been affected by increasing debt service obligations and, therefore, may affect our results of operations. In addition, to the extent that further increases in interest rates make it difficult or impossible to make payments on outstanding indebtedness to us or other financial sponsors or refinance debt that is maturing in the near term, some of our portfolio companies may be unable to repay such debt at maturity and may be forced to sell assets, undergo a recapitalization or seek bankruptcy protection. Rising interest rates could also cause borrowers to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. Additionally, as interest rates increase and the corresponding risk of a default by borrowers increases, the liquidity of higher interest rate loans may decrease as fewer investors may be willing to purchase such loans in the secondary market in light of the increased risk of a default by the borrower and the heightened risk of a loss of an investment in such loans. Decreases in credit spreads on debt that pays a floating rate of return would have an impact on the income generation of our floating rate assets. Trading prices for debt that pays a fixed rate of return tend to fall as interest rates rise. Trading prices tend to fluctuate more for fixed rate securities that have longer maturities. There can be no guarantee the Federal Reserve Board will raise rates at a gradual pace, or at all, nor can there be any assurance that markets will not adversely react to rate increases. Recent and future increases in interest rates could have a negative effect on our investments, which could negatively impact our operating results, financial condition, and cash flows. All of our debt investments have variable interest rates that reset periodically and are generally based on LIBOR or SOFR. Accordingly, reduced interest rates will result in a decrease in our total investment income unless offset by interest rate floors or an increase in the spread of our debt investments with variable interest rates. Any increase in interest rates, that is not in excess of our interest rate floors, could result in an increase in the interest expense that we pay on our borrowings with no corresponding increase in interest income and thus, lower overall net investment income. In addition, our net investment income could decrease if there is no reduction or credit to the base management or incentive fees that we pay to the Adviser. In addition, when interest rates decline, borrowers may refinance their loans at lower interest rates, which could shorten the average life of the loans and reduce the associated returns on the investment, as well as require the Adviser and its investment professionals to incur management time and expense to re-deploy such proceeds, including on terms that may not be as favorable as our existing loans. Changes in interest rates may adversely affect our profitability and hedging arrangements may expose us to additional risks. We anticipate using a combination of equity and long-term and short-term borrowings to finance our investment activities. As a result, a portion of our income will depend upon the spread between the rate at which we borrow funds and the rate at which we loan these funds. An increase or decrease in interest rates could reduce the spread between the rate at which we invest and the rate at which we borrow, and thus, adversely affect our profitability if we have not appropriately hedged against such event. Alternatively, interest rate hedging arrangements may limit our ability to participate in the benefits of lower interest rates with respect to the hedged portfolio. Ultimately, we expect approximately 90% of the loans in our portfolio to be at variable rates determined on the basis of the LIBOR or SOFR, following the upcoming transition to SOFR, and approximately up to 10% to be at fixed rates. As of March 31, 2023, based on the total principal balance of debt investments outstanding, our portfolio consisted of 100.0% of loans at variable rates with floors. As of March 31, 2023, we did not have any hedging arrangements, such as interest rate hedges, in place. While hedging arrangements may insulate us against adverse fluctuations in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to the hedged portfolio. Adverse developments resulting from changes in interest rates or any future hedging transactions could have a material adverse effect on our business, financial condition, results of operations, and cash flows. Our ability to receive payments pursuant to a hedging arrangement is linked to the ability of the counter-party to that hedging arrangement to make the required payments. To the extent that the counter-party to the hedging arrangement is unable to pay pursuant to the terms of the agreement, we may lose the hedging protection of the arrangement. Also, the fair value of certain of our debt investments is based, in part, on the current market yields or interest rates of similar securities. A change in interest rates could have a significant impact on our determination of the fair value of these debt investments. In addition, a change in interest rates could also have an impact on the fair value of any hedging arrangements then in effect that could result in the recording of unrealized appreciation or depreciation in future periods. Therefore, adverse developments resulting from changes in interest rates could have a material adverse effect on our business, financial condition, results of operations, and cash flows. Refer to “Quantitative and Qualitative Disclosures About Market Risk ” for additional information on interest rate fluctuations. The interest rates of some of our term loans to our portfolio companies are priced using a spread over LIBOR, which is expected to be phased out. LIBOR is the basic rate of interest used in lending between banks on the London interbank market and historically has been widely used as a reference for setting the interest rate on loans globally. In general, our investments in debt securities have a term of five years, accrue interest at variable rates based on LIBOR and, to a lesser extent, at fixed rates. As of March 31, 2023, based on the total principal balance of debt investments outstanding, our portfolio consisted of 100.0% of loans at variable rates with floors. As a result of concerns about the accuracy of the calculation of LIBOR, a number of British Bankers’ Association (the “BBA”) member banks entered into settlements with certain regulators and law enforcement agencies with respect to the alleged manipulation of LIBOR. On July 27, 2017, the U.K Financial Conduct Authority (“FCA”) announced that it would phase out LIBOR as a benchmark by the end of 2021. As of December 31, 2021, all non-U.S. dollar LIBOR publications have been phased out. The phase out of a majority of the U.S. dollar publications is expected to occur by June 30, 2023. The Alternative Reference Rates Committee (“ARRC”) of the Federal Reserve Bank of New York previously confirmed that this constitutes a “benchmark transition event” and established “benchmark replacement dates” in ARRC standard LIBOR transition provisions that exist in many U.S. law contracts using LIBOR. There is currently no definitive information regarding the future utilization of LIBOR. The ARRC has identified SOFR as its preferred alternative rate for LIBOR. SOFR is a measure of the cost of borrowing cash overnight, collateralized by the U.S. Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions. Other jurisdictions have also proposed their own alternative to LIBOR, including the Sterling Overnight Index Average for Sterling markets, the Euro Short Term Rate for Euros and Tokyo Overnight Average Rate for Japanese Yens. The effect of any such changes, any establishment of alternative reference rates or any other reforms to LIBOR or other reference rates that may be enacted in the United States, United Kingdom or elsewhere cannot be predicted at this time, and it is not possible to predict whether LIBOR will continue to be viewed as an acceptable market benchmark, what rate or rates may become accepted alternatives to LIBOR, or what the effect of any such changes in views or alternatives may have on the financial markets for financial instruments based on LIBOR. Factors such as the pace of the transition to replacement or reformed rates, the specific terms and parameters for and market acceptance of any alternative reference rate, prices of and the liquidity of trading markets for products based on alternative reference rates, and our ability to transition and develop appropriate systems and analytics for one or more alternative reference rates could also have a material adverse effect on our business, financial condition and results of operations. In addition, any further changes or reforms to the determination or supervision of LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR, which could have a material adverse effect on our business, financial condition, tax position and results of operations. Risks Related to Our Investments We operate in a highly competitive market for investment opportunities. A large number of entities compete with us to make the types of investments we seek to make in Lower Middle Market companies. We generally compete with public and private buyout funds, commercial and investment banks, commercial financing companies, and, to the extent that they provide an alternative form of financing, hedge funds, mutual funds, and private equity. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, some competitors may have a lower cost of funds and access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which would allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC. The competitive pressures we face could have a material adverse effect on our business, financial condition and results of operations. Also, as a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time and we can offer no assurance that we will be able to identify and make investments that are consistent with our investment objectives. We do not seek to compete based on the interest rates we offer, and we believe that some of our competitors may make loans with interest rates that will be comparable to or lower than the rates we offer. We may lose investment opportunities if we do not match our competitors’ pricing, terms, and structure. However, if we match our competitors’ pricing, terms, and structure, we may experience decreased net interest income and increased risk of credit loss. Our investments in Lower Middle Market portfolio companies are extremely risky and could cause you to lose all or a part of your investment. Investments in Lower Middle Market portfolio companies are subject to a number of significant risks including the following: • Lower Middle Market businesses are likely to be more significantly impacted in economic downturns than larger businesses . Our portfolio companies may have fewer resources than larger businesses, and any economic downturns or recessions are more likely to have a material adverse effect on them. When the economy contracts, the financial results of Lower Middle Market businesses, like those in which we invest, could experience deterioration or limited growth from current levels, which could ultimately lead to difficulty in meeting their debt service requirements and an increase in defaults. Consequently, for any portfolio company that is adversely impacted by an economic downturn or recession, its ability to repay our loan(s) or engage in a liquidity event, such as a sale, recapitalization or initial public offering would be diminished. • Lower Middle Market businesses may have limited financial resources and may not be able to repay the loans we make to them. Our strategy includes providing financing to portfolio companies that typically do not have readily available access to financing. While we believe that this provides an attractive opportunity for us to generate profits, this may make it difficult for the portfolio companies to repay their loans to us upon maturity. A borrower’s ability to repay its loan(s) may be adversely affected by numerous factors, including the failure to meet its business plan, a downturn in its industry or negative economic conditions. Deterioration in a borrower’s financial condition and prospects usually will be accompanied by deterioration in the value of any collateral and a reduction in the likelihood of realizing on any guaranties we may have obtained from the borrower’s management. As of March 31, 2023, loans to three portfolio companies were on non-accrual status with an aggregate debt cost basis of $66.9 million, or 12.0% of the cost basis of all debt investments in our portfolio. We cannot assure you that our efforts to improve profitability and cash flows of these companies will prove successful. Although we will generally seek to be a secured first lien lender to a borrower, in some of our loans we expect to be subordinated to a senior lender and our security interest in any collateral would, accordingly, likely be second lien and subordinate to another lender’s security interest. • Lower Middle Market businesses typically have narrower product lines and smaller market shares than large businesses. Our target portfolio companies tend to be more vulnerable to competitors’ actions and market conditions, as well as general economic downturns. In addition, our portfolio companies may face intense competition, including competition from companies with greater financial resources, more extensive development, manufacturing, marketing and other capabilities and a larger number of qualified managerial and technical personnel. • There is generally little or no publicly available information about these businesses. Because we seek to invest in privately owned businesses, there is generally little or no publicly available operating and financial information about our potential portfolio companies. As a result, we rely on our officers, the Adviser and its employees, Gladstone Securities and consultants to perform due diligence investigations of these portfolio companies, their operations, and their prospects. We may not learn all of the material information we need to know regarding these businesses through our investigations to make a well-informed investment decision. • Lower Middle Market businesses generally have less predictable operating results. We expect that our portfolio companies may have significant variations in their operating results, may from time to time be exposed to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, may require substantial additional capital to support their operations, to finance expansion or to maintain their competitive position, may otherwise have a weak financial position or may be adversely affected by changes in the business cycle. Our portfolio companies may not meet net income, cash flow and other coverage tests typically imposed by their senior lenders. A borrower’s failure to satisfy financial or operating covenants imposed by senior lenders could lead to defaults and, potentially, foreclosure on its senior credit facility, which could additionally trigger cross-defaults in other agreements. If this were to occur, it is possible that the borrower’s ability to repay our loan(s) would be jeopardized. • Lower Middle Market businesses are more likely to be dependent on one or two persons. Typically, the success of a Lower Middle Market business also depends on the management talents and efforts of one or two persons or a small group of persons. The death, disability or resignation of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us. • Lower Middle Market businesses may have limited operating histories. While we intend to continue to target stable companies with proven track records, we may invest in new companies that meet our other investment criteria. Portfolio companies with limited operating histories will be exposed to all of the operating risks that new businesses face and may be particularly susceptible to, among other risks, market downturns, competitive pressures and the departure of key executive officers. • Debt securities of Lower Middle Market companies typically are not rated by a credit rating agency . Typically, a Lower Middle Market business cannot or will not expend the resources to have their debt securities rated by a credit rating agency. We expect that most, if not all, of the debt securities we acquire will be unrated. Investors should assume that these loans would be at rates below what is considered “investment grade” quality. Investments rated below investment grade are often referred to as high yield securities or junk bonds and may be considered high risk as compared to investment grade debt instruments. • Lower Middle Market companies may be highly leveraged. Some of our portfolio companies are highly leveraged, which could have adverse consequences to these companies and to us as an investor. These companies may be subject to restrictive financial and operating covenants and the leverage could impair these companies’ ability to finance their future operations and capital needs. As a result, these companies’ flexibility to respond to changing business and economic conditions (including those currently presented by the COVID-19 pandemic) and to take advantage of business opportunities may be limited. Further, a leveraged company’s income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used. Because the loans we make and equity securities we invest in are not publicly traded, there is uncertainty regarding the value of our privately-held securities that could adversely affect our determination of our NAV. Substantially all of our portfolio investments are, and we expect will continue to be, in the form of securities that are not publicly traded. The fair value of securities and other investments that are not publicly traded may not be readily determinable. In valuing our investment portfolio, several techniques are used, including, a total enterprise value approach, a yield analysis, and market quotes. Currently, ICE Data Pricing and Reference Data, LLC provides estimates of fair value on generally all of our debt investments that are not valued using total enterprise value (“TEV”) and we use another independent valuation firm to provide valuation inputs for our significant equity investments, which are generally valued using TEV, including earnings multiple ranges, as well as other information. In addition to these techniques, inputs and information, other factors are considered when determining fair value of our investments, including: the nature and realizable value of the collateral, including external parties’ guaranties; any relevant offers or letters of intent to acquire the portfolio company; timing of expected loan repayments; and the markets in which the portfolio company operates. Refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Policy — Investment Valuation” for additional information on our valuation policies, procedures, and processes. Fair value measurements of our investments may involve subjective judgments and estimates and, due to the uncertainty inherent in valuing these securities, the determination of fair value may fluctuate from period to period and may differ materially from the values that could be obtained if a ready market for these securities existed. Additionally, changes in the market environment and other events that may occur over the life of the investment may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned. Our NAV would be adversely affected if the fair value of our investments are higher than the values that we ultimately realize upon the disposal of such securities. The valuation process for certain of our portfolio holdings creates a conflict of interest. A substantial portion of our portfolio investments are securities for which market quotations are not readily available. In connection with the determination of the fair value of these securities, our Valuation Team prepares portfolio company valuations based upon the most recent portfolio company financial statements available and projected financial results of each portfolio company. The participation of our Adviser’s investment professionals in our valuation process and Mr. Gladstone’s pecuniary interest in our Adviser may result in a conflict of interest, as the management fees that we pay our Adviser are based on our average gross assets, less uninvested cash or cash equivalents from borrowings, and adjusted appropriately for any share issuances or repurchases during the period. The lack of liquidity of our privately-held investments may adversely affect our business. We will generally make investments in private companies whose securities are not traded in any public market. Substantially all of the investments we presently hold and the investments we expect to acquire in the future are, and will be, subject to legal and other restrictions on resale and will otherwise be less liquid than publicly-traded securities. The illiquidity of our investments may make it difficult for us to quickly obtain cash equal to the value at which we record our investments if the need arises. This could cause us to miss important investment opportunities. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may record substantial realized losses upon liquidation. We may also face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we, the Adviser, the Administrator, or our respective officers, or affiliates have material non-public information regarding such portfolio company. Due to the uncertainty inherent in valuing these securities, the Adviser’s determinations of fair value may differ materially from the values that could be obtained if a ready market for these securities existed. Our NAV could be materially affected if the Adviser’s determinations regarding the fair value of our investments are materially different from the values that we ultimately realize upon our disposal of such securities. Additional discussion regarding risks associated with determinations made by the Adviser is found in the risk factor “ The valuation process for certain of our portfolio holdings creates a conflict of interest.” Our financial results could be negatively affected if a significant portfolio investment fails to perform as expected. Our total investment in one or more companies may be significant individually or in the aggregate. As a result, if a significant investment in one or more companies fails to perform as expected, our financial results could be more negatively affected and the magnitude of the loss could be more significant than if we had made smaller investments in more companies. Our five largest investments represented more than 35% of the fair value of our total portfolio as of March 31, 2023 and 2022. Any disposition of a significant investment in one or more portfolio companies may negatively impact our net investment income and limit our ability to pay distributions. We typically invest in transactions involving acquisitions, buyouts and recapitalizations of companies, which will subject us to the risks associated with change in control transactions. Our strategy, in part, includes making debt and equity investments in companies in connection with acquisitions, buyouts and recapitalizations, which subjects us to the risks associated with change in control transactions. Change in control transactions often present a number of uncertainties. Companies undergoing change in control transactions often face challenges retaining key employees and maintaining relationships with customers and suppliers. While we hope to avoid many of these difficulties by participating in transactions where the management team is retained and by conducting thorough due diligence in a | |||||||||||||||||
Effects of Leverage [Text Block] | We financed certain of our investments with borrowed money and capital from the issuance of senior securities, which will magnify the potential for gain or loss on amounts invested and may increase the risk of investing in us. | |||||||||||||||||
Annual Interest Rate [Percent] | 5.30% | |||||||||||||||||
Annual Coverage Return Rate [Percent] | 2.10% | |||||||||||||||||
Effects of Leverage [Table Text Block] | The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns on our portfolio, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing in the table below. Assumed Return on Our Portfolio (Net of Expenses) (10)% (5)% 0% 5% 10% Corresponding return to common stockholder (A) (20.98)% (12.28)% (3.57)% 5.13% 13.84% | |||||||||||||||||
Return at Minus Ten [Percent] | (20.98%) | |||||||||||||||||
Return at Minus Five [Percent] | (12.28%) | |||||||||||||||||
Return at Zero [Percent] | (3.57%) | |||||||||||||||||
Return at Plus Five [Percent] | 5.13% | |||||||||||||||||
Return at Plus Ten [Percent] | 13.84% | |||||||||||||||||
Effects of Leverage, Purpose [Text Block] | The use of leverage, including through the issuance of senior securities that are debt or stock, magnifies the potential for gain or loss on amounts invested. We have incurred leverage in the past and currently incur leverage through the Credit Facility, the 2026 Notes and the 2028 Notes and, from time to time, may incur additional leverage to the extent permitted under the 1940 Act. The use of leverage is generally considered a speculative investment technique and increases the risks associated with investing in our securities. In the future, we may borrow from, and issue senior securities to, banks and other lenders. Holders of these senior securities will have fixed dollar claims on our assets that are superior to the claims of our common stockholders, and we would expect such holders to seek recovery against our assets in the event of a default. | |||||||||||||||||
Share Price [Table Text Block] | Our common stock is traded on Nasdaq under the symbol “GAIN.” The following table reflects, by quarter, the high and low intraday sales prices per share of our common stock on Nasdaq, the intraday sales prices as a percentage of NAV per share and quarterly distributions declared per common share for each fiscal quarter during the last two completed fiscal years and the current fiscal year through May 9, 2023. Quarter Ended/Ending NAV (A) Sales Prices Premium / (Discount) of High to NAV (B) Premium (Discount) of Low to NAV (B) Declared Common Stock Distributions High Low Fiscal Year ended March 31, 2022: 6/30/2021 $ 12.66 $ 14.91 $ 12.27 18 % (3) % $ 0.2700 (C) 9/30/2021 13.27 15.26 13.69 15 % 3 % 0.2400 (C) 12/31/2021 13.27 17.15 13.91 29 % 5 % 0.3150 (C) 3/31/2022 13.43 17.12 13.86 27 % 3 % 0.3450 (C) Fiscal Year ended March 31, 2023: 6/30/2022 $ 13.44 $ 16.85 $ 12.27 25 % (9) % $ 0.3450 (D) 9/30/2022 13.31 15.86 11.77 19 % (12) % 0.2250 12/31/2022 13.43 14.64 11.40 9 % (15) % 0.3600 (D) 3/31/2023 13.09 14.55 12.11 11 % (7) % 0.4800 (D) Fiscal Year ending March 31, 2024: 6/30/2023 (through May 9, 2023) * $ 13.91 $ 12.87 * * 0.3600 (E) (A) NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low intraday sales prices. The NAVs per share shown are based on outstanding shares at the end of each period. (B) The premiums (discounts) set forth in these columns represent the high or low, as applicable, intraday sale prices per share for the relevant quarter minus the NAV per share as of the end of such quarter, and therefore may not reflect the premium (discount) to NAV per share on the date of the high and low intraday sales prices. (C) Includes $0.06, $0.03, $0.09 and $0.12 per common share supplemental distributions paid in June 2021, September 2021, December 2021 and February 2022, respectively. (D) Includes $0.12, $0.12 and $0.24 per common share supplemental distributions paid in June 2022, December 2022 and March 2023, respectively. (E) Includes a $0.12 per common share supplemental distribution to be paid in June 2023. * Not yet available, as the NAV per share as of the end of this quarter has not yet been finalized. | |||||||||||||||||
Lowest Price or Bid | $ 12.11 | $ 11.40 | $ 11.77 | $ 12.27 | $ 13.86 | $ 13.91 | $ 13.69 | $ 12.27 | ||||||||||
Highest Price or Bid | $ 14.55 | $ 14.64 | $ 15.86 | $ 16.85 | $ 17.12 | $ 17.15 | $ 15.26 | $ 14.91 | ||||||||||
Highest Price or Bid, Premium (Discount) to NAV [Percent] | 11% | 9% | 19% | 25% | 27% | 29% | 15% | 18% | ||||||||||
Lowest Price or Bid, Premium (Discount) to NAV [Percent] | (7.00%) | (15.00%) | (12.00%) | (9.00%) | 3% | 5% | 3% | (3.00%) | ||||||||||
Latest Share Price | $ 13.25 | |||||||||||||||||
Latest Premium (Discount) to NAV [Percent] | 1.20% | |||||||||||||||||
Latest NAV | $ 13.09 | |||||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||||||||||||||
Capital Stock [Table Text Block] | In August 2018, we completed a public offering of 2,990,000 shares of our Series E Term Preferred Stock at a public offering price of $25.00 per share. Gross proceeds totaled $74.8 million and net proceeds, after deducting underwriting discounts and offering costs borne by us, were $72.1 million. Total underwriting discounts and offering costs related to this offering were $2.7 million, which have been recorded as discounts to the liquidation value on our accompanying Consolidated Statements of Assets and Liabilities and were amortized over the period ending August 31, 2025, the mandatory redemption date, prior to redemption in August 2021. Prior to actual redemption in August 2021, the Series E Term Preferred Stock provided for a fixed dividend equal to 6.375% per year, payable monthly. | |||||||||||||||||
7.125% Series A Cumulative Term Preferred Stock [Member] | ||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||
Senior Securities Amount | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 40,000,000 | $ 40,000,000 | $ 40,000,000 | ||||||||
Senior Securities Coverage per Unit | $ 2,214 | $ 2,301 | $ 2,978 | |||||||||||||||
Senior Securities Involuntary Liquidating Preference per Unit | 25 | 25 | 25 | |||||||||||||||
Senior Securities Average Market Value per Unit | $ 25.60 | $ 25.78 | $ 26.53 | |||||||||||||||
6.75% Series B Cumulative Term Preferred Stock [Member] | ||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||
Senior Securities Amount | 0 | 0 | 0 | 0 | 0 | $ 41,400,000 | $ 41,400,000 | $ 41,400,000 | $ 41,400,000 | |||||||||
Senior Securities Coverage per Unit | $ 2,373 | $ 2,356 | $ 2,214 | $ 2,301 | ||||||||||||||
Senior Securities Involuntary Liquidating Preference per Unit | 25 | 25 | 25 | 25 | ||||||||||||||
Senior Securities Average Market Value per Unit | $ 25.20 | $ 26 | $ 24.43 | $ 25.38 | ||||||||||||||
6.50% Series C Cumulative Term Preferred Stock due 2022 [Member] | ||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||
Senior Securities Amount | 0 | 0 | 0 | 0 | 0 | $ 40,250,000 | $ 40,250,000 | $ 40,250,000 | ||||||||||
Senior Securities Coverage per Unit | $ 2,373 | $ 2,356 | $ 2,214 | |||||||||||||||
Senior Securities Involuntary Liquidating Preference per Unit | 25 | 25 | 25 | |||||||||||||||
Senior Securities Average Market Value per Unit | $ 25.33 | $ 25.64 | $ 23.92 | |||||||||||||||
6.25% Series D Cumulative Term Preferred Stock due 2023 [Member] | ||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||
Senior Securities Amount | 0 | 0 | 0 | $ 57,500,000 | $ 57,500,000 | $ 57,500,000 | $ 57,500,000 | |||||||||||
Senior Securities Coverage per Unit | $ 2,938 | $ 3,091 | $ 2,373 | $ 2,356 | ||||||||||||||
Senior Securities Involuntary Liquidating Preference per Unit | 25 | 25 | 25 | 25 | ||||||||||||||
Senior Securities Average Market Value per Unit | $ 20.46 | $ 25.38 | $ 25.22 | $ 25.43 | ||||||||||||||
6.375% Series E Cumulative Term Preferred Stock due 2025 [Member] | ||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||
Senior Securities Amount | $ 0 | $ 0 | $ 94,371,325 | $ 74,750,000 | $ 74,750,000 | |||||||||||||
Senior Securities Coverage per Unit | $ 0 | $ 0 | $ 2,486 | $ 2,938 | $ 3,091 | |||||||||||||
Senior Securities Involuntary Liquidating Preference per Unit | 25 | 25 | 25 | |||||||||||||||
Senior Securities Average Market Value per Unit | $ 25.44 | $ 19.52 | $ 25.55 | |||||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||
Senior Securities Amount | $ 35,200,000 | $ 0 | $ 22,400,000 | $ 49,200,000 | $ 53,000,000 | $ 107,000,000 | $ 69,700,000 | $ 95,000,000 | $ 118,800,000 | $ 61,250,000 | ||||||||
Senior Securities Coverage per Unit | $ 2,447 | $ 2,529 | $ 3,980 | $ 9,935 | $ 9,976 | $ 5,257 | $ 6,613 | $ 4,838 | $ 2,301 | $ 2,978 | ||||||||
2026 Notes [Member] | ||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||
Senior Securities Amount | $ 127,937,500 | $ 127,937,500 | $ 127,937,500 | |||||||||||||||
Senior Securities Coverage per Unit | $ 2,447 | $ 2,529 | $ 3,980 | |||||||||||||||
Senior Securities Involuntary Liquidating Preference per Unit | 25 | 25 | 25 | |||||||||||||||
Senior Securities Average Market Value per Unit | $ 23.47 | $ 25.13 | $ 25.85 | |||||||||||||||
2028 Notes [Member] | ||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||
Senior Securities Amount | $ 134,550,000 | $ 134,550,000 | ||||||||||||||||
Senior Securities Coverage per Unit | $ 2,447 | $ 2,529 | ||||||||||||||||
Senior Securities Involuntary Liquidating Preference per Unit | 25 | 25 | ||||||||||||||||
Senior Securities Average Market Value per Unit | $ 23 | $ 25.07 | ||||||||||||||||
Secured Debt [Member] | ||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||
Senior Securities Amount | $ 0 | $ 5,095,785 | $ 5,095,785 | $ 5,095,785 | $ 5,095,785 | $ 5,095,785 | $ 5,095,785 | $ 5,095,785 | $ 5,095,785 | $ 5,000,000 | ||||||||
Senior Securities Coverage per Unit | $ 2,529 | $ 3,980 | $ 9,935 | $ 9,976 | $ 5,257 | $ 6,613 | $ 4,838 | $ 2,301 | $ 2,978 | |||||||||
Notes 2026 Five Point Zero [Member] | ||||||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||||||||||||||
Long Term Debt, Title [Text Block] | 5.00% Notes due 2026 | |||||||||||||||||
Long Term Debt, Structuring [Text Block] | In March 2021, we completed a public offering of the 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 2026 Notes are traded under the ticker symbol “GAINN” on Nasdaq. The 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 on or after May 1, 2023. The 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 2026 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Exchange Act, we will provide the holders of the 2026 Notes, as applicable, and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. | |||||||||||||||||
Notes 2028 Four Point Eight Seven Five [Member] | ||||||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||||||||||||||
Long Term Debt, Title [Text Block] | 4.875% Notes due 2028 | |||||||||||||||||
Long Term Debt, Structuring [Text Block] | In August 2021, we completed a public offering of the 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 2028 Notes are traded under the ticker symbol “GAINZ” on Nasdaq. The 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 on or after November 1, 2023. The 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 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 2028 Notes, as applicable, 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) | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Consolidated Financial Statements and these accompanying notes are prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and conform to the applicable requirements of Regulation S-X. Management believes it has made all necessary adjustments so that our accompanying Consolidated Financial Statements are presented fairly and that all such adjustments are of a normal recurring nature. Our accompanying Consolidated Financial Statements include our accounts and the accounts of our wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. |
Consolidation | Consolidation In accordance with Article 6 of Regulation S-X, we do not consolidate portfolio company investments. Under the investment company rules and regulations pursuant to the American Institute of Certified Public Accountants (“AICPA”) Audit and Accounting Guide for Investment Companies, codified in ASC 946, we are precluded from consolidating any entity other than another investment company, except that ASC 946 provides for the consolidation of a controlled operating company that provides substantially all of its services to the investment company or its consolidated subsidiaries. |
Use of Estimates | Use of Estimates Preparing financial statements requires management to make estimates and assumptions that affect the amounts reported in our accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements . Actual results may differ from those estimates. |
Classification of Investments and Investment Valuation Policy | Classification of Investments In accordance with the provisions of the 1940 Act applicable to BDCs, we classify portfolio investments on our accompanying Consolidated Statements of Assets and Liabilities , Consolidated Statements of Operations , and Consolidated Schedules of Investments into the following categories: • Non-Control/Non-Affiliate Investments — Non-Control/Non-Affiliate investments are those that are neither control nor affiliate investments and in which we typically own less than 5.0% of the issued and outstanding voting securities; • Affiliate Investments — Affiliate investments are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities; and • Control Investments — Control investments are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities. Investment Valuation Policy Accounting Recognition We record our investments at fair value in accordance with the FASB ASC Topic 820, “ Fair Value Measurements and Disclosures” (“ASC 820”) and the 1940 Act. Investment transactions are recorded on the trade date. Realized gains or losses are generally measured by the difference between the net proceeds from the repayment or sale and the cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, and include investments charged off during the period, net of recoveries. Unrealized appreciation or depreciation primarily reflects the change in investment fair values, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. Board Responsibility Our board of directors (the “Board of Directors”) has approved investment valuation policies and procedures pursuant to Rule 2a-5 (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. ICE Data Pricing and Reference Data, LLC (“ICE”), a valuation specialist, generally provides estimates of fair value on our debt investments. The Valuation Team generally assigns ICE’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 ICE’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 ICE’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 Team’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 makes a determination to our Valuation Committee as to the fair value. Our Valuation Committee reviews the determined fair value and whether it is reasonable in light of the Policy and other relevant facts and circumstances. Valuation Techniques In accordance with ASC 820, the Valuation Team uses the following techniques when valuing our investment portfolio: • Total Enterprise Value — In determining the fair value using a TEV, the Valuation Team first calculates the TEV of the portfolio company by incorporating some or all of the following factors: the portfolio company’s ability to make payments and other specific portfolio company attributes; the earnings of the portfolio company (the trailing or projected twelve month revenue or earnings before interest, taxes, depreciation and amortization (“EBITDA”)); EBITDA multiples obtained from our indexing methodology whereby the original transaction EBITDA multiple at the time of our closing is indexed to a general subset of comparable disclosed transactions and EBITDA multiples from recent sales to third parties of similar securities in similar industries; a comparison to publicly traded securities in similar industries; and other pertinent factors. The Valuation Team generally reviews industry statistics and may use outside experts when gathering this information. Once the TEV is determined for a portfolio company, the Valuation Team generally allocates the TEV to the portfolio company’s securities based on the facts and circumstances of the securities, which typically results in the allocation of fair value to securities based on the order of their relative priority in the capital structure. Generally, the Valuation Team uses TEV to value our equity investments and, in the circumstances where we have the ability to effectuate a sale of a portfolio company, our debt investments. TEV is primarily calculated using EBITDA and EBITDA multiples; however, TEV may also be calculated using revenue and revenue multiples or a discounted cash flow (“DCF”) analysis whereby future expected cash flows of the portfolio company are discounted to determine a net present value using estimated risk-adjusted discount rates, which incorporate adjustments for nonperformance and liquidity risks. • Yield Analysis — The Valuation Team generally determines the fair value of our debt investments for which we do not have the ability to effectuate a sale of the applicable portfolio company using the yield analysis, which includes a DCF calculation and assumptions that the Valuation Team believes market participants would use, including: estimated remaining life, current market yield, current leverage, and interest rate spreads. This technique develops a modified discount rate that incorporates risk premiums including, among other things, increased probability of default, increased loss upon default, and increased liquidity risk. Generally, the Valuation Team uses the yield analysis to corroborate both estimates of value provided by ICE 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. • Investments in Funds — For equity investments in other funds for which we cannot effectuate a sale of the fund, the Valuation Team generally determines the fair value of our invested capital at the net asset value (“NAV”) provided by the fund. Any invested capital that is not yet reflected in the NAV provided by the fund is valued at par value. The Valuation Team may also determine fair value of our investments in other investment funds based on the capital accounts of the underlying entity. In addition to the valuation techniques listed above, the Valuation Team may also consider other factors when determining the fair value of our investments, including: the nature and realizable value of the collateral, including external parties’ guaranties, any relevant offers or letters of intent to acquire the portfolio company, timing of expected loan repayments, and the markets in which the portfolio company operates. Fair value measurements of our investments may involve subjective judgments and estimates and, due to the uncertainty inherent in valuing these securities, the determinations of fair value may fluctuate from period to period and may differ materially from the values that could be obtained if a ready market for these securities existed. Our NAV could be materially affected if the determinations regarding the fair value of our investments are materially different from the values that we ultimately realize upon our disposal of such securities. Additionally, changes in the market environment and other events that may occur over the life of the investment may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which it is recorded. Refer to Note 3 — Investments for additional information regarding fair value measurements and our application of ASC 820. Realized Gain or Loss and Unrealized Appreciation or Depreciation of Portfolio Investments Gains or losses on the sale of investments are calculated by using the specific identification method. A realized gain or loss is recognized on the trade date, typically when an investment is disposed of, and is computed as the difference between the cost basis of the investment on the disposition date and the net proceeds received from such disposition. Unrealized appreciation or depreciation reflects the difference between the fair value of the investment and the cost basis of such investment. We determine the fair value of each individual investment each reporting period and record changes in fair value as unrealized appreciation or depreciation in our accompanying Consolidated Statement of Operations . |
Revenue Recognition | Revenue Recognition Interest Income Recognition Interest income, adjusted for amortization of premiums, amendment fees, and acquisition costs and the accretion of discounts, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when a loan becomes 90 days or more past due, or if our qualitative assessment indicates that the debtor is unable to service its debt or other obligations, we will place the loan on non-accrual status and cease recognizing interest income on that loan until the borrower has demonstrated the ability and intent to pay contractual amounts due. However, we remain contractually entitled to this interest. Interest payments received on non-accrual loans may be recognized as income or applied to the cost basis, depending upon management’s judgment. Generally, non-accrual loans are restored to accrual status when past-due principal and interest are paid, and, in management’s judgment, are likely to remain current, or, due to a restructuring, the interest income is deemed to be collectible. As of March 31, 2023, our loans to Edge Adhesives Holdings, Inc., J.R. Hobbs Co. – Atlanta, LLC (“J.R. Hobbs”) and The Mountain Corporation (“The Mountain”) were on non-accrual status, with an aggregate debt cost basis of $66.9 million, or 12.0% of the cost basis of all debt investments in our portfolio, and an aggregate fair value of $31.7 million, or 6.2% of the fair value of all debt investments in our portfolio. As of March 31, 2022, our loans to J.R. Hobbs, The Mountain, and SFEG Holdings, Inc. were on non-accrual status, with an aggregate debt cost basis of $77.2 million, or 15.1% of the cost basis of all debt investments in our portfolio, and an aggregate fair value of $60.0 million, or 12.2% of the fair value of all debt investments in our portfolio. Paid-in-kind (“PIK”) interest, computed at the contractual rate specified in the loan agreement, is added to the principal balance of the loan and recorded as interest income. Thus, the actual collection of PIK income may be deferred until the time of debt principal repayment. As of March 31, 2023 and 2022, 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 |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents | Cash and Cash Equivalents We consider all short-term, highly-liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value. We place our cash with financial institutions, and at times, cash held in checking accounts may exceed the Federal Deposit Insurance Corporation insured limit. We seek to mitigate this concentration of credit risk by depositing funds with major financial institutions. Restricted Cash and Cash Equivalents Restricted cash and cash equivalents are generally cash and cash equivalents held in escrow received as part of an investment exit. Restricted cash and cash equivalents are carried at cost, which approximates fair value. |
Deferred Financing and Offering Costs | Deferred Financing and Offering CostsDeferred financing and offering costs consist of costs incurred to obtain financing, including lender fees, underwriting discounts and commissions, and legal fees. Certain costs associated with our revolving line of credit are deferred and amortized using the straight-line method, which approximates the effective interest method, over the term of the revolving line of credit. Costs associated with the issuance of our notes payable and mandatorily redeemable preferred stock are presented as discounts to the liquidation value of the notes payable and mandatorily redeemable preferred stock and are amortized using the straight-line method, which approximates the effective interest method, over the term of the notes payable and respective series of preferred stock. |
Related Party Fees | Related Party Fees We are party to the Advisory Agreement with the Adviser, which is owned and controlled by our chairman and chief executive officer. In accordance with the Advisory Agreement, we pay the Adviser fees as compensation for its services, consisting of a base management fee and an incentive fee. Additionally, we pay the Adviser a loan servicing fee as compensation for its services as servicer under the terms of the Fifth Amended and Restated Credit Agreement dated April 30, 2013, as amended from time to time (the "Credit Facility"). |
Federal Income Taxes | Federal Income Taxes We intend to continue to maintain our qualification as a RIC under subchapter M of the Code for federal income tax purposes. As a RIC, we generally are not subject to federal income tax on the portion of our taxable income and gains distributed to our stockholders. To maintain our qualification as a RIC, we must maintain our status as a BDC and meet certain source-of-income and asset diversification requirements. In addition, to qualify to be taxed as a RIC, we must generally distribute to stockholders, for each taxable year, at least 90% of our taxable ordinary income plus the excess of our net short-term capital gains over net long-term capital losses (“Investment Company Taxable Income”). Our policy generally is to make distributions to our stockholders in an amount up to 100% of our Investment Company Taxable Income. We intend to continue to make sufficient distributions to qualify as a RIC and to generally limit taxable income, although we may retain some or all of our net long-term capital gains and pay income taxes on such gains. Refer to Note 10 — Federal and State Income Taxes for additional information regarding our RIC requirements. FASB ASC 740, Income Taxes (“ASC 740”), requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authorities. Tax positions not deemed to satisfy the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current fiscal year. We have evaluated the implications of ASC 740 for all open tax years and in all major tax jurisdictions and determined that there is no material impact on our accompanying Consolidated Financial Statements . Our federal income tax returns for fiscal years 2022, 2021, and 2020 remain subject to examination by the Internal Revenue Service (“IRS”). We are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized benefits will change materially in the next twelve months. |
Distributions | Distributions Distributions to stockholders are recorded on the ex-dividend date. We are required to distribute at least 90% of our Investment Company Taxable Income for each taxable year as a distribution to our stockholders to maintain our ability to be taxed as a RIC under Subchapter M of the Code. It is our policy to generally pay out as a distribution up to 100% of those amounts. The amount to be paid is determined by our Board of Directors and is based upon management’s estimate of Investment Company Taxable Income, net long-term capital gains, as well as amounts to be distributed in accordance with Section 855(a) of the Code. Based on that estimate, our Board of Directors declares monthly distributions, and supplemental distributions, as applicable, each quarter. At fiscal year-end, we may elect to treat a portion of the first distributions paid after year-end as having been paid in the prior year in accordance with Section 855(a) of the Code. We may retain some or all of our net long-term capital gains, if any, and designate them as deemed distributions, or distribute these capital gains to stockholders in cash. If we elect to retain net long-term capital gains and deem them distributed, each U.S. common stockholder will be treated as if they received a distribution of their pro-rata share of the retained net long-term capital gain and the U.S. federal income tax paid. As a result, each common stockholder will (i) be required to report their pro-rata share of the retained gain on their tax return as long-term capital gain, (ii) receive a refundable tax credit for their pro-rata share of federal income tax paid by us on the retained gain, and (iii) increase the tax basis of their shares of common stock by an amount equal to the deemed distribution less the tax credit. Refer to Note 9 — Distributions to Common Stockholders for further information. Our common stockholders who hold their shares through our transfer agent, Computershare, Inc. (“Computershare”), have the option to participate in a dividend reinvestment plan offered by Computershare, as the plan agent. This is an “opt in” dividend reinvestment plan, meaning that common stockholders may elect to have their cash distributions automatically reinvested in additional shares of our common stock. Common stockholders who do not so elect will receive their distributions in cash. Any distributions reinvested under the plan will be taxable to a common stockholder to the same extent, and with the same character, as if the common stockholder had received the distribution in cash. The common stockholder will have an adjusted basis in the additional common shares purchased through the plan equal to the dollar amount that would have been received if the U.S. stockholder had received the dividend or distribution in cash. The additional common shares will have a new holding period commencing on the day following the date on which the shares are credited to the common stockholder’s account. Computershare purchases shares in the open market in connection with the obligations under the plan. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2022, the FASB issued Accounting Standards Update 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”), which clarifies the measurement and presentation of fair value for equity securities subject to contractual restrictions that prohibit the sale of the equity security. ASU 2022-03 is effective for annual reporting periods beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. Our early adoption of ASU 2022-03 did not have a material impact on our financial position, results of operations or cash flows. In August 2021, the FASB issued Accounting Standards Update 2021-06, “Presentation of Financial Statements (Topic 205): Financial Services – Depository and Lending (Topic 924), and Financial Services – Investment Companies (Topic 946)” (“ASU 2021-06”), which modifies the disclosure requirements for acquired and disposed businesses. ASU 2021-06 was effective upon issuance. Our adoption of ASU 2021-06 did not have a material impact on our financial position, results of operations or cash flows. |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | As of March 31, 2023 and 2022, our investments, by security type, at fair value were categorized as follows within the ASC 820 fair value hierarchy: Fair Value Measurements Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of March 31, 2023: Secured first lien debt $ 437,517 $ — $ — $ 437,517 Secured second lien debt 75,734 — — 75,734 Preferred equity 222,585 — — 222,585 Common equity/equivalents 17,707 — 27 (A) 17,680 Total Investments at March 31, 2023 $ 753,543 $ — $ 27 $ 753,516 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, 2022: Secured first lien debt $ 425,087 $ — $ — $ 425,087 Secured second lien debt 67,958 — — 67,958 Preferred equity 217,599 — — 217,599 Common equity/equivalents 3,752 — 74 (A) 3,678 Total Investments at March 31, 2022 $ 714,396 $ — $ 74 $ 714,322 (A) Fair value was determined based on the closing market price of shares of Funko, Inc. (our units in Funko can be converted into common shares of Funko, Inc.) at the reporting date less a discount for lack of marketability, as our investment was subject to certain restrictions. The following table presents our investments, valued using Level 3 inputs within the ASC 820 fair value hierarchy, and carried at fair value as of March 31, 2023 and 2022, by caption on our accompanying Consolidated Statements of Assets and Liabilities, and by security type: Total Recurring Fair Value Measurements Reported in Consolidated Statements of Assets and Liabilities Valued Using Level 3 Inputs March 31, 2023 2022 Non-Control/Non-Affiliate Investments Secured first lien debt $ 279,748 $ 233,673 Secured second lien debt 50,842 66,917 Preferred equity 164,534 139,927 Common equity/equivalents (A) 1,724 1,533 Total Non-Control/Non-Affiliate Investments 496,848 442,050 Affiliate Investments Secured first lien debt 157,769 191,414 Secured second lien debt 24,892 1,041 Preferred equity 58,051 77,672 Common equity/equivalents 15,243 1,432 Total Affiliate Investments 255,955 271,559 Control Investments Secured first lien debt — — Secured second lien debt — — Preferred equity — — Common equity/equivalents 713 713 Total Control Investments 713 713 Total investments at fair value using Level 3 inputs $ 753,516 $ 714,322 (A) Excludes our investment in Funko with a fair value of $27 thousand and $74 thousand as of March 31, 2023 and 2022, respectively, which was valued using Level 2 inputs. |
Fair Value Measurement Inputs and Valuation Techniques | The weighted-average calculations in the table below are based on the principal balances for all debt-related calculations and on the cost basis for all equity-related calculations for the particular input. Quantitative Information about Level 3 Fair Value Measurements Fair Value as of Valuation Technique/ Methodology Unobservable Range / Weighted-Average as of March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 Secured first lien debt $ 432,126 $ 411,023 TEV EBITDA multiple 4.4x – 7.7x / 6.4x 3.4x – 9.3x / 7.0x EBITDA $4,251 – $19,083 / $10,764 $3,990 – $13,707 / $8,221 Revenue multiple 0.3x – 0.6x / 0.3x 0.7x – 0.7x / 0.7x Revenue $15,483 – $109,615 / $94,957 $14,072 – $14,072 / $14,072 5,391 14,064 Yield Analysis Discount Rate 19.4% – 19.9% / 19.7% 11.3% – 15.2% / 14.6% Secured second lien debt 62,750 39,637 TEV EBITDA multiple 5.4x – 6.6x / 6.2x 5.6x – 6.8x / 6.0x EBITDA $4,112 – $6,379 / $5,501 $3,953 – $5,488 / $4,959 Revenue multiple N/A 0.7x – 0.7x / 0.7x Revenue N/A $14,072 – $14,072 / $14,072 12,984 28,321 Yield Analysis Discount Rate 14.0% – 14.0% / 14.0% 10.0% – 12.2% / 11.6% Preferred equity 222,585 217,599 TEV EBITDA multiple 4.4x – 7.7x / 5.9x 3.4x – 9.3x / 6.8x EBITDA $4,251 – $19,083 / $9,486 $1,210 – $13,707 / $6,926 Revenue multiple 0.3x – 0.6x / 0.4x 0.7x – 0.7x / 0.7x Revenue $15,483 – $109,615 / $69,247 $14,072 – $14,072 / $14,072 Common equity/equivalents (A) 17,680 3,678 TEV EBITDA multiple 4.7x – 7.2x / 6.4x 4.8x – 8.4x / 5.8x EBITDA $1,105 – $30,833 / $6,273 $829 – $13,707 / $5,709 Revenue multiple N/A 0.7x – 0.7x / 0.7x Revenue N/A $14,072 – $14,072 / $14,072 Total $ 753,516 $ 714,322 (A) Fair value as of both March 31, 2023 and 2022 excludes our investment in Funko with a fair value of $27 thousand and $74 thousand, respectively, which was valued using Level 2 inputs. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables provide our portfolio’s changes in fair value, broken out by security type, during the years ended March 31, 2023 and 2022 for all investments for which the Adviser determines fair value using unobservable (Level 3) inputs. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Secured Secured Preferred Common Total Year ended March 31, 2023: Fair value as of March 31, 2022 $ 425,087 $ 67,958 $ 217,599 $ 3,678 $ 714,322 Total gain (loss): Net realized gain (loss) (A) — (10,000) 20,778 — 10,778 Net unrealized appreciation (depreciation) (B) (29,552) (5,235) 11,216 13,622 (9,949) Reversal of previously recorded (appreciation) depreciation upon realization (B) — 10,001 (12,250) — (2,249) New investments, repayments and settlements (C) : Issuances / originations 107,200 5,188 21,000 380 133,768 Settlements / repayments (50,800) (6,596) — — (57,396) Sales (D) — — (35,758) — (35,758) Transfers (E) (14,418) 14,418 — — — Fair value as of March 31, 2023 $ 437,517 $ 75,734 $ 222,585 $ 17,680 $ 753,516 Secured Secured Preferred Common Total Year ended March 31, 2022: Fair value as of March 31, 2021 $ 368,688 $ 102,897 $ 159,478 $ 2,671 $ 633,734 Total gain (loss): Net realized gain (loss) (A) (10,000) — 23,725 — 13,725 Net unrealized appreciation (depreciation) (B) 756 2,956 111,405 (15,027) 100,090 Reversal of previously recorded (appreciation) depreciation upon realization (B) 860 — (26,053) — (25,193) New investments, repayments and settlements (C) : Issuances / originations 68,638 9,648 14,472 — 92,758 Settlements / repayments (48,898) (2,500) — — (51,398) Sales — — (49,394) — (49,394) Transfers (E) 45,043 (45,043) (16,034) 16,034 — Fair value as of March 31, 2022 $ 425,087 $ 67,958 $ 217,599 $ 3,678 $ 714,322 (A) Included in net realized gain (loss) on investments on our accompanying Consolidated Statements of Operations for the respective years ended March 31, 2023 and 2022. (B) Included in net unrealized appreciation (depreciation) of investments on our accompanying Consolidated Statements of Operations for the respective years ended March 31, 2023 and 2022. (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) Includes $13.4 million of proceeds from the recapitalization of Old World Christmas, Inc. ("Old World") and $12.3 million of proceeds from the recapitalization of Horizon Facilities Services, Inc ("Horizon"). (E) 2023 : Transfers include (1) secured second lien debt of Ginsey with a total cost basis and fair value of $12.2 million, which was converted into secured first lien debt in August 2022 and (2) secured first lien debt of PSI Molded Plastics, Inc. with a total cost basis and fair value of $26.6 million, which was converted into secured second lien debt in September 2022. 2022 : Transfers represent (1) secured second lien debt of J.R. Hobbs with a total cost basis and fair value of $52.5 million and $$52.4 million, respectively, which was converted into secured first lien debt in June 2021, (2) secured first lien debt of D.P.M.S., Inc. ("Danco") with a total cost basis and fair value of $12.3 million and $7.3 million, respectively, which was converted into secured second lien debt of Galaxy Technologies Holdings, Inc. (“Galaxy Technologies Holdings”) in September 2021, (3) preferred equity of Galaxy Technologies, Inc. ("Galaxy") with a total cost basis and fair value of $11.5 million and $16.0 million, respectively, which was converted into common equity of Galaxy Technologies Holdings in September 2021 and (4) preferred equity of SOG Specialty Knives & Tools, LLC with a total cost and fair value of $0.6 million and $0.0 million, respectively, which was converted into common equity of Gladstone SOG Investments, Inc. in December 2021. |
Summary Investment Holdings | The following table summarizes our investments by security type as of March 31, 2023 and 2022: March 31, 2023 March 31, 2022 Cost Fair Value Cost Fair Value Secured first lien debt $ 471,439 65.4 % $ 437,517 58.1 % $ 429,457 64.2 % $ 425,087 59.5 % Secured second lien debt 84,158 11.7 % 75,734 10.1 % 81,147 12.1 % 67,958 9.5 % Total debt 555,597 77.1 % 513,251 68.2 % 510,604 76.3 % 493,045 69.0 % Preferred equity 149,099 20.7 % 222,585 29.5 % 143,079 21.4 % 217,599 30.5 % Common equity/equivalents 15,934 2.2 % 17,707 2.3 % 15,565 2.3 % 3,752 0.5 % Total equity/equivalents 165,033 22.9 % 240,292 31.8 % 158,644 23.7 % 221,351 31.0 % Total investments $ 720,630 100.0 % $ 753,543 100.0 % $ 669,248 100.0 % $ 714,396 100.0 % Investments at fair value consisted of the following industry classifications as of March 31, 2023 and 2022: March 31, 2023 March 31, 2022 Fair Value Percentage of Total Investments Fair Value Percentage of Diversified/Conglomerate Services $ 268,954 35.7 % $ 307,403 43.0 % Home and Office Furnishings, Housewares, and Durable Consumer Products 143,685 19.1 % 125,440 17.6 % Buildings and Real Estate 60,571 8.0 % — — % Hotels, Motels, Inns, and Gaming 58,713 7.8 % 37,923 5.3 % Leisure, Amusement, Motion Pictures, and Entertainment 47,616 6.3 % 46,514 6.5 % Healthcare, Education, and Childcare 37,445 5.0 % 39,252 5.5 % Mining, Steel, Iron and Non-Precious Metals 25,998 3.5 % 24,250 3.4 % Chemicals, Plastics, and Rubber 24,891 3.3 % 26,618 3.7 % Aerospace and Defense 22,215 2.8 % 25,296 3.5 % Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) 20,088 2.7 % 13,823 1.9 % Telecommunications 18,987 2.5 % 32,467 4.6 % Cargo Transport 14,707 2.0 % 14,533 2.0 % Diversified/Conglomerate Manufacturing 9,646 1.3 % 14,064 2.0 % Other < 2.0% 27 0.0 % 6,813 1.0 % Total investments $ 753,543 100.0 % $ 714,396 100.0 % Investments at fair value were included in the following geographic regions of the U.S. as of March 31, 2023 and 2022: March 31, 2023 March 31, 2022 Location Fair Value Percentage of Total Investments Fair Value Percentage of Total Investments Northeast $ 266,612 35.4 % $ 194,100 27.2 % West 197,989 26.3 % 158,607 22.2 % South 171,056 22.7 % 188,978 26.4 % Midwest 117,886 15.6 % 172,711 24.2 % Total investments $ 753,543 100.0 % $ 714,396 100 % The geographic region indicates the location of the headquarters for our portfolio companies. A portfolio company may have additional business locations in other geographic regions. |
Investments Classified by Contractual Maturity Date | The following table summarizes the contractual principal repayment and maturity of our investment portfolio for the next five fiscal years and thereafter, assuming no voluntary prepayments, as of March 31, 2023: Amount For the fiscal years ending March 31: 2024 $ 81,218 2025 89,614 2026 202,419 2027 144,096 2028 38,250 Thereafter — Total contractual repayments $ 555,597 Investments in equity securities 165,033 Total cost basis of investments held as of March 31, 2023: $ 720,630 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table summarizes the base management fees, loan servicing fees, incentive fees, and associated non-contractual, unconditional, and irrevocable credits reflected in our accompanying Consolidated Statements of Operations : Year Ended March 31, 2023 2022 2021 Average total assets subject to base management fee (A) $ 739,900 $ 705,650 $ 605,750 Multiplied by annual base management fee of 2.0% 2.0 % 2.0 % 2.0 % Base management fee (B) 14,798 14,113 12,115 Credits to fees from Adviser - other (B) (3,811) (6,497) (2,949) Net base management fee $ 10,987 $ 7,616 $ 9,166 Loan servicing fee (B) $ 7,880 $ 7,178 $ 7,082 Credits to base management fee - loan servicing fee (B) (7,880) (7,178) (7,082) Net loan servicing fee $ — $ — $ — Incentive fee – income-based $ 9,176 $ 8,074 $ 3,746 Incentive fee – capital gains-based (C) (296) 18,286 5,032 Total incentive fee (B) 8,880 26,360 8,778 Credits to fees from Adviser - other (B) — — — Net total incentive fee $ 8,880 $ 26,360 $ 8,778 (A) Average total assets subject to the base management fee is defined in the Advisory Agreement as total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings, valued at the end of the applicable quarters within the respective periods and adjusted appropriately for any share issuances or repurchases during the periods. (B) Reflected as a line item on our accompanying Consolidated Statements of Operations . (C) The capital gains-based incentive fees are recorded in accordance with GAAP and do not necessarily reflect amounts contractually due under the terms of the Advisory Agreement. Amounts due to related parties on our accompanying Consolidated Statements of Assets and Liabilities were as follows: As of March 31, 2023 2022 Base management and loan servicing fee due to Adviser, net of credits $ 1,574 $ 1,648 Incentive fee due to Adviser (A) 27,259 27,577 Other due to Adviser 86 63 Total fees due to Adviser $ 28,919 $ 29,288 Fee due to Administrator 716 627 Total related party fees due $ 29,635 $ 29,915 (A) Includes a capital gains-based incentive fee of $25.1 million and $25.4 million as of March 31, 2023 and 2022, respectively, recorded in accordance with GAAP requirements and which was not contractually due under the terms of the Advisory Agreement. Refer to Note 4 — Related Party Transactions — Transactions with the Adviser — Incentive Fee for additional information, including capital gains-based incentive fee payments made. |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | The following tables summarize noteworthy information related to the Credit Facility: As of March 31, 2023 2022 Commitment amount $ 180,000 $ 180,000 Borrowings outstanding at cost $ 35,200 $ — Availability (A) $ 144,800 $ 180,000 For the Years Ended March 31 2023 2022 2021 Weighted-average borrowings outstanding $ 16,186 $ 18,051 $ 82,632 Effective interest rate (B) 17.3 % 12.5 % 4.3 % Commitment (unused) fees incurred $ 1,655 $ 1,641 $ 819 (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 $144.8 million and $180.0 million as of March 31, 2023 and 2022, respectively. (B) Excludes the impact of deferred financing costs and includes unused commitment fees. |
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables provide relevant information and disclosures about the Credit Facility as of and for the years ended March 31, 2023 and 2022, as required by ASC 820: Level 3 – Borrowings Recurring Fair Value Measurements Reported in Consolidated Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3) As of March 31, 2023 2022 Credit Facility $ 35,171 $ — Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3) Reported in Consolidated Statements of Assets and Liabilities Credit Facility Year ended March 31, 2023: Fair value at March 31, 2022 $ — Borrowings 102,500 Repayments (67,300) Unrealized depreciation (29) Fair value at March 31, 2023 $ 35,171 Year ended March 31, 2022: Fair value at March 31, 2021 $ 22,400 Borrowings 111,700 Repayments (134,100) Fair value at March 31, 2022 $ — |
Schedule of Debt | The following tables summarizes our 2026 Notes and 2028 Notes as of March 31, 2023 and 2022: As of March 31, 2023: Description Ticker Date Issued Maturity Date (A) Interest Notes Principal Aggregate 2026 Notes GAINN March 2, 2021 May 1, 2026 5.00% 5,117,500 $ 25.00 $ 127,938 2028 Notes GAINZ August 18, 2021 November 1, 2028 4.875% 5,382,000 $ 25.00 134,550 Notes payable, gross (B) 10,499,500 262,488 Less: Unamortized Discounts (5,052) Notes payable, net (C) $ 257,436 As of March 31, 2022: Description Ticker Date Issued Maturity Date (A) Interest Notes Principal Aggregate 2026 Notes GAINN March 2, 2021 May 1, 2026 5.00% 5,117,500 $ 25.00 $ 127,938 2028 Notes GAINZ August 18, 2021 November 1, 2028 4.875% 5,382,000 $ 25.00 134,550 Notes payable, gross (B) 10,499,500 262,488 Less: Unamortized Discounts (6,236) Notes payable, net (C) $ 256,252 (A) The 2026 Notes can be redeemed at our option at any time on or after May 1, 2023. The 2028 Notes can be redeemed at our option at any time on or after November 1, 2023. (B) As of March 31, 2023 and 2022, asset coverage on our senior securities representing indebtedness, calculated pursuant to Sections 18 and 61 of the 1940 Act, was 244.7% and 252.9%, respectively. (C) Reflected as a line item on our accompanying Consolidated Statements of Assets and Liabilities . |
MANDATORILY REDEEMABLE PREFER_2
MANDATORILY REDEEMABLE PREFERRED STOCK (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Dividends Declared | The following tables summarize dividends declared by our Board of Directors and paid by us on each of our Series D Term Preferred Stock and Series E Term Preferred Stock during the years ended March 31, 2022 and 2021: For the Year Ended March 31, 2022 : Declaration Date Record Payment Date Dividend per Share of Series E Term Preferred Stock (A) April 13, 2021 April 23, 2021 April 30, 2021 $ 0.13281250 April 13, 2021 May 19, 2021 May 28, 2021 0.13281250 April 13, 2021 June 18, 2021 June 30, 2021 0.13281250 July 13, 2021 July 23, 2021 July 30, 2021 0.13281250 July 13, 2021 August 23, 2021 August 31, 2021 0.07968750 (B) Total $ 0.61093750 For the Year Ended March 31, 2021 : Declaration Date Record Date Payment Date Dividend per Share of Series D Term Preferred Stock (C) Dividend per Share of Series E Term Preferred Stock (A) April 14, 2020 April 24, 2020 April 30, 2020 $ 0.13020833 $ 0.13281250 April 14, 2020 May 19, 2020 May 29, 2020 0.13020833 0.13281250 April 14, 2020 June 19, 2020 June 30, 2020 0.13020833 0.13281250 July 14, 2020 July 24, 2020 July 31, 2020 0.13020833 0.13281250 July 14, 2020 August 24, 2020 August 31, 2020 0.13020833 0.13281250 July 14, 2020 September 23, 2020 September 30, 2020 0.13020833 0.13281250 October 13, 2020 October 23, 2020 October 30, 2020 0.13020833 0.13281250 October 13, 2020 November 20, 2020 November 30, 2020 0.13020833 0.13281250 October 13, 2020 December 23, 2020 December 31, 2020 0.13020833 0.13281250 January 12, 2021 January 22, 2021 January 29, 2021 0.13020833 0.13281250 January 12, 2021 February 17, 2021 February 26, 2021 0.13020833 0.13281250 January 12, 2021 March 18, 2021 March 31, 2021 0.00868056 (D) 0.13281250 Total $ 1.44097219 $ 1.59375000 (A) We voluntarily redeemed all outstanding shares of our Series E Term Preferred Stock on August 19, 2021 (B) Represents accrued and unpaid dividends up to, but excluding, the redemption date of August 19, 2021. (C) We voluntarily redeemed all outstanding shares of our Series D Term Preferred Stock on March 3, 2021. (D) Represents accrued and unpaid dividends up to, but excluding, the redemption date of March 3, 2021. |
NET INCREASE (DECREASE) IN NE_2
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER WEIGHTED-AVERAGE COMMON SHARE (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted Net increase in net assets resulting from operations per weighted-average common share for the years ended March 31, 2023, 2022, and 2021: Year Ended March 31, 2023 2022 2021 Numerator: net increase (decrease) in net assets resulting from operations $ 35,547 $ 102,316 $ 42,454 Denominator: basic and diluted weighted-average common shares 33,311,785 33,205,023 33,176,760 Basic and diluted net increase (decrease) in net assets resulting from operations per weighted-average common share $ 1.07 $ 3.08 $ 1.28 |
DISTRIBUTIONS TO COMMON STOCK_2
DISTRIBUTIONS TO COMMON STOCKHOLDERS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Investment Company, Cash Distributions Paid To Common Stockholders | We paid the following cash distributions to our common stockholders for the years ended March 31, 2023, 2022 and 2021. For the Year Ended March 31, 2023 : Declaration Date Record Date Payment Date Distribution April 12, 2022 April 22, 2022 April 29, 2022 $ 0.075 April 12, 2022 May 20, 2022 May 31, 2022 0.075 April 12, 2022 June 6, 2022 June 15, 2022 0.120 (A) April 12, 2022 June 22, 2022 June 30, 2022 0.075 July 12, 2022 July 22, 2022 July 29, 2022 0.075 July 12, 2022 August 23, 2022 August 31, 2022 0.075 July 12, 2022 September 22, 2022 September 30, 2022 0.075 October 11, 2022 October 21, 2022 October 31, 2022 0.080 October 11, 2022 November 18, 2022 November 30, 2022 0.080 October 11, 2022 December 6, 2022 December 15, 2022 0.120 (A) October 11, 2022 December 20, 2022 December 30, 2022 0.080 January 10, 2023 January 20, 2023 January 31, 2023 0.080 January 10, 2023 February 17, 2023 February 28, 2023 0.080 January 10, 2023 March 3, 2023 March 15, 2023 0.240 (A) January 10, 2023 March 17, 2023 March 31, 2023 0.080 Year ended March 31, 2023 $ 1.410 For the Year Ended March 31, 2022 : Declaration Date Record Date Payment Date Distribution April 13, 2021 April 23, 2021 April 30, 2021 $ 0.070 April 13, 2021 May 19, 2021 May 28, 2021 0.070 April 13, 2021 June 8, 2021 June 17, 2021 0.060 (A) April 13, 2021 June 18, 2021 June 30, 2021 0.070 July 13, 2021 July 23, 2021 July 30, 2021 0.070 July 13, 2021 August 23, 2021 August 31, 2021 0.070 July 13, 2021 September 3, 2021 September 15, 2021 0.030 (A) July 13, 2021 September 22, 2021 September 30, 2021 0.070 October 12, 2021 October 22, 2021 October 29, 2021 0.075 October 12, 2021 November 19, 2021 November 30, 2021 0.075 October 12, 2021 December 7, 2021 December 15, 2021 0.090 (A) October 12, 2021 December 23, 2021 December 31, 2021 0.075 January 11, 2022 January 21, 2022 January 31, 2022 0.075 January 11, 2022 February 4, 2022 February 14, 2022 0.120 (A) January 11, 2022 February 18, 2022 February 28, 2022 0.075 January 11, 2022 March 23, 2022 March 31, 2022 0.075 Year ended March 31, 2022: $ 1.170 For the Year Ended March 31, 2021 : Declaration Date Record Date Payment Date Distribution April 14, 2020 April 24, 2020 April 30, 2020 $ 0.070 April 14, 2020 May 19, 2020 May 29, 2020 0.070 April 14, 2020 June 8, 2020 June 17, 2020 0.090 (A) April 14, 2020 June 19, 2020 June 30, 2020 0.070 July 14, 2020 July 24, 2020 July 31, 2020 0.070 July 14, 2020 August 24, 2020 August 31, 2020 0.070 July 14, 2020 September 23, 2020 September 30, 2020 0.070 October 13, 2020 October 23, 2020 October 30, 2020 0.070 October 13, 2020 November 20, 2020 November 30, 2020 0.070 October 13, 2020 December 23, 2020 December 31, 2020 0.070 January 12, 2021 January 22, 2021 January 29, 2021 0.070 January 12, 2021 February 17, 2021 February 26, 2021 0.070 January 12, 2021 March 18, 2021 March 31, 2021 0.070 Year ended March 31, 2021: $ 0.930 (A) Represents a supplemental distribution to common stockholders. |
Schedule of Stockholders Equity | The components of our net assets on a tax basis were as follows: Year Ended March 31, 2023 2022 Common stock $ 34 $ 33 Capital in excess of par value 401,798 397,948 Cumulative unrealized appreciation of investments 31,129 43,760 Cumulative unrealized depreciation of other 29 — Undistributed ordinary income 21,380 13,862 Undistributed capital gain 10,552 15,731 Other temporary differences (25,180) (25,504) Net Assets $ 439,742 $ 445,830 |
Schedule of Investment Company, Changes in Net Assets | For the years ended March 31, 2023 and 2022, we recorded the following adjustments for estimated permanent book-tax differences to reflect tax character. Results of operations, total net assets, and cash flows were not affected by these adjustments. Tax Year Ended March 31, 2023 2022 Underdistributed (overdistributed) net investment income $ 1,301 $ (333) Accumulated net realized gain in excess of distributions $ 263 $ 3,181 Capital in excess of par value $ (1,564) $ (2,848) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Principal Balances of Unused Line of Credit and Delayed Draw Term Debt Commitments and Guaranties | The following table summarizes the principal balances of unused line of credit and delayed draw term debt commitments and guaranties as of March 31, 2023 and 2022, which are not reflected as liabilities in the accompanying Consolidated Statements of Assets and Liabilities : As of March 31, 2023 2022 Unused line of credit and delayed draw term debt commitments $ 2,150 $ 4,250 Guaranties — 10,250 Total $ 2,150 $ 14,500 |
FINANCIAL HIGHLIGHTS (Tables)
FINANCIAL HIGHLIGHTS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Investment Company [Abstract] | |
Investment Company, Financial Highlights | As of and for the Year Ended March 31, 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Per Common Share Data: Net asset value at beginning of year (A) $ 13.43 $ 11.52 $ 11.17 $ 12.40 $ 10.85 $ 9.95 $ 9.22 $ 9.18 8.34 9.10 Income from investment operations (B) Net investment income 1.11 0.45 0.54 1.11 0.23 0.68 0.74 0.68 0.75 0.73 Net realized gain (loss) on investments and other 0.32 0.37 0.32 1.36 2.04 0.04 0.51 (0.15) — 0.31 Taxes on deemed distributions of long-term capital gains — — — (0.31) (0.41) — — — — — Net unrealized appreciation (depreciation) of investments and other (0.36) 2.26 0.42 (2.38) 0.63 1.16 0.23 0.29 1.13 (1.09) Total from investment operations 1.07 3.08 1.28 (0.22) 2.49 1.88 1.48 0.82 1.88 (0.05) Effect of equity capital activity (B) Cash distributions to common stockholders from net investment income (C) (0.92) (0.91) (0.83) (0.75) (0.69) (0.84) (0.75) (0.64) (0.77) (0.71) Cash distributions to common stockholders from realized gains (C) (0.49) (0.26) (0.10) (0.28) (0.24) (0.05) — (0.11) — — Discounts, commissions, and offering costs (0.01) — — — — (0.03) — (0.01) (0.03) — Net accretive (dilutive) effect of equity offering (D) 0.01 — — 0.01 — (0.04) — (0.03) (0.22) — Total from equity capital activity (1.41) (1.17) (0.93) (1.02) (0.93) (0.96) (0.75) (0.79) (1.02) (0.71) Other, net (E) — — — 0.01 (0.01) (0.02) — 0.01 (0.02) — Net asset value at end of year (A) $ 13.09 $ 13.43 $ 11.52 $ 11.17 $ 12.40 10.85 9.95 9.22 9.18 8.34 Per common share market value at beginning of year $ 16.13 $ 12.23 $ 7.85 $ 11.60 $ 10.10 9.07 $ 7.02 7.40 8.27 7.31 Per common share market value at end of year $ 13.25 $ 16.13 $ 12.23 $ 7.85 $ 11.60 $ 10.10 $ 9.07 $ 7.02 $ 7.40 $ 8.27 Total investment return (F) (8.90 %) 42.40 % 70.65 % (26.23 %) 24.95 % 21.82 % 41.58 % 4.82 % 11.96 % 24.26 % Common stock outstanding at end of year (A) 33,591,505 33,205,023 33,205,023 33,049,463 32,822,459 32,653,635 30,270,958 30,270,958 29,775,958 26,475,958 Consolidated Statement of Assets and Liabilities Data: Net assets at end of year $ 439,742 $ 445,830 $ 382,364 $ 369,031 $ 407,110 $ 354,200 $ 301,082 $ 279,022 $ 273,429 $ 220,837 Average net assets (G) $ 446,899 $ 425,985 $ 365,568 $ 404,336 $ 391,786 $ 328,533 $ 294,030 $ 276,293 $ 229,350 $ 231,356 Senior Securities Data: Total borrowings, at cost $ 297,688 $ 267,584 $ 155,434 $ 54,296 $ 58,096 $ 112,096 $ 74,796 $ 100,096 $ 123,896 $ 66,250 Mandatorily redeemable preferred stock (H) $ — $ — $ 94,371 $ 132,250 $ 132,250 $ 139,150 $ 139,150 $ 121,650 $ 81,400 $ 40,000 Ratios/Supplemental Data: Ratio of net expenses to average net assets (I) 9.97 % 13.51 % 10.58 % 6.32 % 13.30 % 11.08 % 10.02 % 10.94 % 9.48 % 7.33 % Ratio of net investment income to average net assets (J) 8.28 % 3.52 % 4.91 % 8.99 % 1.92 % 6.68 % 7.63 % 7.50 % 8.68 % 8.35 % (A) Based on actual shares of common stock outstanding at the beginning or end of the corresponding year, as appropriate. (B) Based on weighted-average basic common share data for the corresponding year. (C) The tax character of distributions is determined based on taxable income calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP. For further information on the estimated character of our distributions to common stockholders, including changes in estimates, as applicable, refer to Note 9 — Distributions to Common Stockholders . (D) During the year ended March 31, 2020, the accretive effect is the result of issuing common shares at a price above the then current NAV per share. During the year ended March 31, 2018, 2016, and 2015, the net dilutive effect is the result of issuing common shares at a price below the then current NAV per share. (E) Represents the impact of the different share amounts (weighted-average basic common shares outstanding for the corresponding year and actual common shares outstanding at the end of the year) in the Per Common Share Data calculations and rounding impacts. (F) Total investment return equals the change in the market value of our common stock from the beginning of the year, taking into account dividends reinvested in accordance with the terms of our dividend reinvestment plan. Total return does not take into account distributions that may be characterized as a return of capital. For further information on the estimated character of our distributions to common stockholders, including changes in estimates, as applicable, refer to Note 9 — Distributions to Common Stockholders . (G) Calculated using the average balance of net assets at the end of each month of the reporting year. (H) Represents the aggregate liquidation preference of our mandatorily redeemable preferred stock. (I) Ratio of net expenses to average net assets is computed using total expenses, net of any non-contractual, unconditional, and irrevocable credits of fees from the Adviser. Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of expenses to average net assets would have been 12.58%, 16.72%, 13.33%, 9.12%, 16.45%, 14.11%, 13.46%, 14.50%, 12.90%, and 10.20% for the fiscal years ended March 31, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, and 2014 respectively. Had we included Virginia state taxes incurred on the deemed distributions of retained capital gains for the fiscal year ended March 31, 2020 and 2019, the ratio of net expenses to average net assets would have been 6.89% and 14.07%, respectively. (J) Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of net investment income (loss) to average net assets would have been 5.66%,0.31%, 2.16%, 6.20%, (1.22%), 3.66%, 4.19%, 3.94%, 5.26%, and 5.48% for the fiscal years ended March 31, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, and 2014 respectively. |
SUBSEQUENT EVENTS (Tables)
SUBSEQUENT EVENTS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Schedule of Subsequent Events | In April 2023, our Board of Directors declared the following monthly and supplemental cash distributions to common stockholders: Record Date Payment Date Distribution per Common Share April 21, 2023 April 28, 2023 $ 0.08 May 23, 2023 May 31, 2023 0.08 June 5, 2023 June 15, 2023 0.12 (A) June 21, 2023 June 30, 2023 0.08 Total for the Quarter: $ 0.36 (A) Represents a supplemental distribution to common stockholders. |
ORGANIZATION (Details)
ORGANIZATION (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | [1] | Mar. 31, 2020 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||
Investment portfolio, debt investments, intended percent | 75% | ||||||
Investment portfolio, equity investments, intended percent | 25% | ||||||
Investment portfolio, debt investments, actual percent | 77.10% | ||||||
Investment portfolio, equity investments, actual percent | 22.90% | ||||||
Common stock, $0.001 par value per share, 100,000,000 shares authorized; 33,591,505 and 33,205,023 shares issued and outstanding, respectively | $ 34 | $ 33 | |||||
Capital in excess of par value | 401,798 | 397,948 | |||||
Cumulative net unrealized appreciation of investments | 32,913 | 45,148 | |||||
Cumulative net unrealized depreciation of other | (29) | 0 | |||||
Overdistributed net investment income | (5,527) | (12,995) | |||||
Accumulated net realized gain in excess of distributions | 10,495 | 15,696 | |||||
Other temporary differences | 25,180 | 25,504 | |||||
Stockholders' Equity Attributable to Parent | $ 439,742 | [1] | $ 445,830 | [1] | $ 382,364 | $ 369,031 | |
[1] Refer to Note 9 — Distributions to Common Stockholders in the accompanying Notes to Consolidated Financial Statements for additional information. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | ||
Summary of Investment Holdings [Line Items] | ||||
Cost | $ 720,630 | [1] | $ 669,248 | [2] |
Fair value | 753,543 | [1] | 714,396 | [2] |
J.R. Hobbs Co. and The Mountain Corporation | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | $ 66,900 | |||
Cost percentage | 12% | |||
Fair value | $ 31,700 | |||
Fair value percentage | 6.20% | |||
J.R. Hobbs, The Mountain, and SFEG Holdings, Inc. | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | $ 77,200 | |||
Cost percentage | 15.10% | |||
Fair value | $ 60,000 | |||
Fair value percentage | 12.20% | |||
Non-Control/Non-Affiliate investments | ||||
Summary of Investment Holdings [Line Items] | ||||
Investment owned, percent of voting securities | 5% | |||
Cost | $ 429,305 | [3] | $ 388,773 | [4] |
Fair value | 496,875 | [3] | 442,124 | [4] |
Affiliate investments | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | 276,055 | [5] | 279,855 | [6] |
Fair value | 255,955 | [5] | $ 271,559 | [6] |
Affiliate investments | Minimum | ||||
Summary of Investment Holdings [Line Items] | ||||
Investment owned, percent of voting securities | 5% | |||
Affiliate investments | Maximum | ||||
Summary of Investment Holdings [Line Items] | ||||
Investment owned, percent of voting securities | 25% | |||
Control investments | ||||
Summary of Investment Holdings [Line Items] | ||||
Investment owned, percent of voting securities | 25% | |||
Cost | 15,270 | [7] | $ 620 | [8] |
Fair value | $ 713 | [7] | $ 713 | [8] |
[1]Cumulative gross unrealized appreciation for federal income tax purposes is $150.4 million; cumulative gross unrealized depreciation for federal income tax purposes is $119.3 million. Cumulative net unrealized appreciation is $31.1 million, based on a tax cost of $722.4 million.[2]Cumulative gross unrealized appreciation for federal income tax purposes is $140.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $97.1 million. Cumulative net unrealized appreciation is $43.8 million, based on a tax cost of $670.6 million.[3]Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities.[4]Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities.[5]Affiliate investments, as defined by the 1940 Act, are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities.[6]Affiliate investments, as defined by the 1940 Act, are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities.[7]Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities.[8]Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities. |
INVESTMENTS - Fair Value, Asset
INVESTMENTS - Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | $ 753,543 | $ 714,396 |
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 | 27 | 74 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 753,516 | 714,322 |
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 | 753,516 | 714,322 |
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 | 496,848 | 442,050 |
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 | 255,955 | 271,559 |
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 | 713 | 713 |
Secured First Lien Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 437,517 | 425,087 |
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 | 437,517 | 425,087 |
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 | 279,748 | 233,673 |
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 | 157,769 | 191,414 |
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 | 0 | 0 |
Secured second lien debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 75,734 | 67,958 |
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 | 75,734 | 67,958 |
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 | 50,842 | 66,917 |
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 | 24,892 | 1,041 |
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 | 222,585 | 217,599 |
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 | 222,585 | 217,599 |
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 | 164,534 | 139,927 |
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 | 58,051 | 77,672 |
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 | 17,707 | 3,752 |
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 | 27 | 74 |
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 | 27 | 74 |
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 | 17,680 | 3,678 |
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 | 1,724 | 1,533 |
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 | 15,243 | 1,432 |
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 | $ 713 | $ 713 |
INVESTMENTS - Fair Value Measur
INVESTMENTS - Fair Value Measurement Inputs and Valuation Techniques (Details) $ in Thousands | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | $ 753,543 | [1] | $ 714,396 | [2] |
Investments at fair value | 753,543 | 714,396 | ||
Secured First Lien Debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | 437,517 | 425,087 | ||
Secured Second Lien Debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | 75,734 | 67,958 | ||
Preferred Equity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | 222,585 | 217,599 | ||
Common Equity/ Equivalents | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | 17,707 | 3,752 | ||
Significant Unobservable Inputs (Level 3) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 753,516 | 714,322 | ||
Investments at fair value | 753,516 | 714,322 | ||
Significant Unobservable Inputs (Level 3) | Secured First Lien Debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | 437,517 | 425,087 | ||
Significant Unobservable Inputs (Level 3) | Secured Second Lien Debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | 75,734 | 67,958 | ||
Significant Unobservable Inputs (Level 3) | Preferred Equity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | 222,585 | 217,599 | ||
Significant Unobservable Inputs (Level 3) | Common Equity/ Equivalents | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | 17,680 | 3,678 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Secured First Lien Debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 432,126 | 411,023 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Secured Second Lien Debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 62,750 | 39,637 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Preferred Equity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 222,585 | 217,599 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Common Equity/ Equivalents | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | $ 17,680 | $ 3,678 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Secured First Lien Debt | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 4.4 | 3.4 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Secured First Lien Debt | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 7.7 | 9.3 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Secured First Lien Debt | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 6.4 | 7 | ||
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 | 5.4 | 5.6 | ||
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 | 6.6 | 6.8 | ||
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 | 6.2 | 6 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Preferred Equity | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 4.4 | 3.4 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Preferred Equity | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 7.7 | 9.3 | ||
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 | 5.9 | 6.8 | ||
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 | 4.7 | 4.8 | ||
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 | 7.2 | 8.4 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Common Equity/ Equivalents | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 6.4 | 5.8 | ||
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 | $ 4,251 | $ 3,990 | ||
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 | 19,083 | 13,707 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Secured First Lien Debt | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 10,764 | 8,221 | ||
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 | 4,112 | 3,953 | ||
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 | 6,379 | 5,488 | ||
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 | 5,501 | 4,959 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Preferred Equity | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 4,251 | 1,210 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Preferred Equity | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 19,083 | 13,707 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Preferred Equity | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 9,486 | 6,926 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Common Equity/ Equivalents | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 1,105 | 829 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Common Equity/ Equivalents | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 30,833 | 13,707 | ||
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 | $ 6,273 | $ 5,709 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Secured First Lien Debt | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 0.3 | 0.7 | ||
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 | 0.7 | ||
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 | 0.3 | 0.7 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Secured Second Lien Debt | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 0.7 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Secured Second Lien Debt | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 0.7 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Secured Second Lien Debt | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 0.7 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Preferred Equity | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 0.3 | 0.7 | ||
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 | 0.7 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Preferred Equity | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 0.4 | 0.7 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Common Equity/ Equivalents | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 0.7 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Common Equity/ Equivalents | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 0.7 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Common Equity/ Equivalents | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 0.7 | |||
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 | $ 15,483 | $ 14,072 | ||
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 | 109,615 | 14,072 | ||
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 | 94,957 | 14,072 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Secured Second Lien Debt | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 14,072 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Secured Second Lien Debt | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 14,072 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Secured Second Lien Debt | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 14,072 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Preferred Equity | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 15,483 | 14,072 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Preferred Equity | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 109,615 | 14,072 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Preferred Equity | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 69,247 | 14,072 | ||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Common Equity/ Equivalents | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 14,072 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Common Equity/ Equivalents | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 14,072 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Common Equity/ Equivalents | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 14,072 | |||
Significant Unobservable Inputs (Level 3) | Yield Analysis | Secured First Lien Debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | 5,391 | 14,064 | ||
Significant Unobservable Inputs (Level 3) | Yield Analysis | Secured Second Lien Debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value | $ 12,984 | $ 28,321 | ||
Significant Unobservable Inputs (Level 3) | Yield Analysis | Discount Rate | Secured First Lien Debt | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 0.194 | 0.113 | ||
Significant Unobservable Inputs (Level 3) | Yield Analysis | Discount Rate | Secured First Lien Debt | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 0.199 | 0.152 | ||
Significant Unobservable Inputs (Level 3) | Yield Analysis | Discount Rate | Secured First Lien Debt | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value, measurement input | 0.197 | 0.146 | ||
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 | 0.140 | 0.100 | ||
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 | 0.140 | 0.122 | ||
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 | 0.140 | 0.116 | ||
Significant Other Observable Inputs (Level 2) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 27 | $ 74 | ||
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 | 27 | 74 | ||
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 | $ 27 | $ 74 | ||
[1]Cumulative gross unrealized appreciation for federal income tax purposes is $150.4 million; cumulative gross unrealized depreciation for federal income tax purposes is $119.3 million. Cumulative net unrealized appreciation is $31.1 million, based on a tax cost of $722.4 million.[2]Cumulative gross unrealized appreciation for federal income tax purposes is $140.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $97.1 million. Cumulative net unrealized appreciation is $43.8 million, based on a tax cost of $670.6 million. |
INVESTMENTS - Fair Value, Ass_2
INVESTMENTS - Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2022 | Jul. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Aug. 31, 2012 | |||
New investments, repayments and settlements: | ||||||||
Cost | $ 720,630 | [1] | $ 669,248 | [2] | ||||
Fair value | 753,543 | [1] | 714,396 | [2] | ||||
Old World Christmas, Inc. | ||||||||
New investments, repayments and settlements: | ||||||||
Realized gain on preferred equity | $ 13,400 | |||||||
Proceeds from equity | $ 17,900 | |||||||
Horizon Facilities Services, Inc. | ||||||||
New investments, repayments and settlements: | ||||||||
Cost | $ 10,100 | |||||||
Realized gain on preferred equity | 2,200 | |||||||
Proceeds from equity | $ 12,300 | |||||||
Ginsey Home Solutions, Inc. | ||||||||
New investments, repayments and settlements: | ||||||||
Cost | 12,200 | $ 5,000 | ||||||
Fair value | 12,200 | |||||||
PSI Molded Plastics, Inc | ||||||||
New investments, repayments and settlements: | ||||||||
Cost | 26,600 | |||||||
Fair value | 26,600 | |||||||
J.R. Hobbs Co. - Atlanta, LLC | ||||||||
New investments, repayments and settlements: | ||||||||
Cost | 52,500 | |||||||
Fair value | 52,400 | |||||||
D.P.M.S., Inc. ("Danco") | ||||||||
New investments, repayments and settlements: | ||||||||
Cost | 12,300 | |||||||
Fair value | 7,300 | |||||||
Galaxy Technologies, Inc. ("Galaxy") | ||||||||
New investments, repayments and settlements: | ||||||||
Cost | 11,500 | |||||||
Fair value | 16,000 | |||||||
SOG Specialty Knives & Tools, LLC | ||||||||
New investments, repayments and settlements: | ||||||||
Cost | 600 | |||||||
Fair value | 0 | |||||||
Total | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Beginning balance | 753,516 | 714,322 | $ 633,734 | |||||
New investments, repayments and settlements: | ||||||||
Issuances / originations | 133,768 | 92,758 | ||||||
Settlements / repayments | (57,396) | (51,398) | ||||||
Sales | (35,758) | (49,394) | ||||||
Transfers | 0 | 0 | ||||||
Ending balance | 753,516 | 714,322 | ||||||
Total | Debt and Equity Securities, Realized Gain (Loss) | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Total gain (loss) | 10,778 | 13,725 | ||||||
Total | Debt and Equity Securities, Unrealized Gain (Loss) | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Total gain (loss) | (9,949) | 100,090 | ||||||
Reversal of previously recorded (appreciation) depreciation upon realization | (2,249) | (25,193) | ||||||
Secured First Lien Debt | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Beginning balance | 437,517 | 425,087 | 368,688 | |||||
New investments, repayments and settlements: | ||||||||
Issuances / originations | 107,200 | 68,638 | ||||||
Settlements / repayments | (50,800) | (48,898) | ||||||
Sales | 0 | 0 | ||||||
Transfers | (14,418) | 45,043 | ||||||
Ending balance | 437,517 | 425,087 | ||||||
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 | (10,000) | ||||||
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) | (29,552) | 756 | ||||||
Reversal of previously recorded (appreciation) depreciation upon realization | 0 | 860 | ||||||
Secured Second Lien Debt | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Beginning balance | 75,734 | 67,958 | 102,897 | |||||
New investments, repayments and settlements: | ||||||||
Issuances / originations | 5,188 | 9,648 | ||||||
Settlements / repayments | (6,596) | (2,500) | ||||||
Sales | 0 | 0 | ||||||
Transfers | 14,418 | (45,043) | ||||||
Ending balance | 75,734 | 67,958 | ||||||
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) | (10,000) | 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) | (5,235) | 2,956 | ||||||
Reversal of previously recorded (appreciation) depreciation upon realization | 10,001 | 0 | ||||||
Preferred Equity | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Beginning balance | 222,585 | 217,599 | 159,478 | |||||
New investments, repayments and settlements: | ||||||||
Issuances / originations | 21,000 | 14,472 | ||||||
Settlements / repayments | 0 | 0 | ||||||
Sales | (35,758) | (49,394) | ||||||
Transfers | 0 | (16,034) | ||||||
Ending balance | 222,585 | 217,599 | ||||||
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) | 20,778 | 23,725 | ||||||
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) | 11,216 | 111,405 | ||||||
Reversal of previously recorded (appreciation) depreciation upon realization | (12,250) | (26,053) | ||||||
Common Equity/ Equivalents | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Beginning balance | 17,680 | 3,678 | $ 2,671 | |||||
New investments, repayments and settlements: | ||||||||
Issuances / originations | 380 | 0 | ||||||
Settlements / repayments | 0 | 0 | ||||||
Sales | 0 | 0 | ||||||
Transfers | 0 | 16,034 | ||||||
Ending balance | 17,680 | 3,678 | ||||||
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 | ||||||
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) | 13,622 | (15,027) | ||||||
Reversal of previously recorded (appreciation) depreciation upon realization | $ 0 | $ 0 | ||||||
[1]Cumulative gross unrealized appreciation for federal income tax purposes is $150.4 million; cumulative gross unrealized depreciation for federal income tax purposes is $119.3 million. Cumulative net unrealized appreciation is $31.1 million, based on a tax cost of $722.4 million.[2]Cumulative gross unrealized appreciation for federal income tax purposes is $140.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $97.1 million. Cumulative net unrealized appreciation is $43.8 million, based on a tax cost of $670.6 million. |
INVESTMENTS - Narrative (Detail
INVESTMENTS - Narrative (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||
Feb. 28, 2023 USD ($) | Dec. 31, 2022 USD ($) | Nov. 30, 2022 USD ($) | Oct. 31, 2022 USD ($) | Aug. 31, 2022 USD ($) | Jul. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | May 31, 2022 USD ($) | Mar. 31, 2023 USD ($) portfolioCompany state industry | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | Aug. 31, 2012 USD ($) | |||
Summary of Investment Holdings [Line Items] | ||||||||||||||
Purchase of investments | $ 133,756 | $ 92,738 | $ 95,272 | |||||||||||
Success fee income: | 10,402 | 10,308 | 2,388 | |||||||||||
Principal repayments of investments | 52,300 | 51,398 | 20,734 | |||||||||||
Cost | 720,630 | [1] | 669,248 | [2] | ||||||||||
Dividend income: | 10,865 | 2,595 | 7,075 | |||||||||||
Total | $ 2,150 | 14,500 | ||||||||||||
Number of investment portfolio company | portfolioCompany | 25 | |||||||||||||
Net realized loss | $ (10,753) | (12,444) | $ (10,592) | |||||||||||
Number of states which have invested in the company location | state | 19 | |||||||||||||
Number of industries that have made investments | industry | 14 | |||||||||||||
Investments owned, fair value | $ 753,543 | [1] | 714,396 | [2] | ||||||||||
Uncollectible receivables allowance, minimum required day for uncollectible adjustment | 90 days | |||||||||||||
Gross receivables from portfolio companies | $ 2,200 | 1,700 | ||||||||||||
Allowance for uncollectible receivables | 1,600 | 1,300 | ||||||||||||
Investment Portfolio Benchmark | Customer Concentration Risk | Five Largest Portfolio Investments | ||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||
Investments owned, fair value | $ 322,300 | |||||||||||||
Concentration risk, percentage | 42.80% | |||||||||||||
Nocturne Villa Rentals, Inc. | ||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||
Purchase of investments | $ 8,400 | $ 6,400 | ||||||||||||
Bassett Creek Services, Inc. | ||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||
Success fee income: | $ 3,000 | |||||||||||||
Realized gain on preferred equity | 4,700 | |||||||||||||
Net proceeds from the sale of investments | 57,600 | |||||||||||||
Principal repayments of investments | 48,000 | |||||||||||||
Dema/Mai Holdings, Inc. | ||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||
Purchase of investments | $ 39,100 | $ 21,000 | ||||||||||||
Horizon Facilities Services, Inc. | ||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||
Purchase of investments | 30,000 | |||||||||||||
Success fee income: | 1,700 | |||||||||||||
Realized gain on preferred equity | 2,200 | |||||||||||||
Proceeds from equity | 12,300 | |||||||||||||
Cost | 10,100 | |||||||||||||
Dividend income: | $ 3,100 | |||||||||||||
Ginsey Home Solutions, Inc. - Term Debt 1 | ||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||
Cost | $ 13,300 | |||||||||||||
Ginsey Home Solutions, Inc.- Term Debt 2 | ||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||
Cost | 12,200 | |||||||||||||
Ginsey Home Solutions, Inc. | ||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||
Purchase of investments | 4,000 | |||||||||||||
Cost | $ 12,200 | $ 5,000 | ||||||||||||
Payment to extinguish secured borrowing liability | $ 5,100 | |||||||||||||
Investments owned, fair value | $ 12,200 | |||||||||||||
Country Club Enterprises, LLC – Guaranty | ||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||
Success fee income: | $ 1,100 | |||||||||||||
Principal repayments of investments | 1,500 | |||||||||||||
Total | $ 1,000 | $ 1,000 | ||||||||||||
Old World Christmas, Inc. | ||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||
Purchase of investments | $ 15,500 | |||||||||||||
Realized gain on preferred equity | 13,400 | |||||||||||||
Proceeds from equity | 17,900 | |||||||||||||
Dividend income: | 4,500 | |||||||||||||
The Mountain Corporation | ||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||
Purchase of investments | $ 4,700 | 3,200 | ||||||||||||
Cost | $ 4,300 | 13,200 | ||||||||||||
Net realized loss | $ 10,000 | |||||||||||||
[1]Cumulative gross unrealized appreciation for federal income tax purposes is $150.4 million; cumulative gross unrealized depreciation for federal income tax purposes is $119.3 million. Cumulative net unrealized appreciation is $31.1 million, based on a tax cost of $722.4 million.[2]Cumulative gross unrealized appreciation for federal income tax purposes is $140.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $97.1 million. Cumulative net unrealized appreciation is $43.8 million, based on a tax cost of $670.6 million. |
INVESTMENTS - Summary Investmen
INVESTMENTS - Summary Investment Holdings (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | |||
Summary of Investment Holdings [Line Items] | ||||
Cost | $ 720,630 | [1] | $ 669,248 | [2] |
Fair value | $ 753,543 | [1] | $ 714,396 | [2] |
Investment Owned, At Cost | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 100% | 100% | ||
Investment Owned, At Fair Value | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 100% | 100% | ||
Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 100% | 100% | ||
Investment Owned, At Fair Value | Geographic Regions Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 100% | 100% | ||
Northeast | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 266,612 | $ 194,100 | ||
Northeast | Investment Owned, At Fair Value | Geographic Regions Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 35.40% | 27.20% | ||
West | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 197,989 | $ 158,607 | ||
West | Investment Owned, At Fair Value | Geographic Regions Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 26.30% | 22.20% | ||
South | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 171,056 | $ 188,978 | ||
South | Investment Owned, At Fair Value | Geographic Regions Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 22.70% | 26.40% | ||
Midwest | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 117,886 | $ 172,711 | ||
Midwest | Investment Owned, At Fair Value | Geographic Regions Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 15.60% | 24.20% | ||
Diversified/Conglomerate Services | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 268,954 | $ 307,403 | ||
Diversified/Conglomerate Services | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 35.70% | 43% | ||
Home and Office Furnishings, Housewares, and Durable Consumer Products | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 143,685 | $ 125,440 | ||
Home and Office Furnishings, Housewares, and Durable Consumer Products | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 19.10% | 17.60% | ||
Buildings and Real Estate | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 60,571 | $ 0 | ||
Buildings and Real Estate | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 8% | 0% | ||
Hotels, Motels, Inns, and Gaming | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 58,713 | $ 37,923 | ||
Hotels, Motels, Inns, and Gaming | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 7.80% | 5.30% | ||
Leisure, Amusement, Motion Pictures, and Entertainment | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 47,616 | $ 46,514 | ||
Leisure, Amusement, Motion Pictures, and Entertainment | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 6.30% | 6.50% | ||
Healthcare, Education, and Childcare | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 37,445 | $ 39,252 | ||
Healthcare, Education, and Childcare | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 5% | 5.50% | ||
Mining, Steel, Iron and Non-Precious Metals | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 25,998 | $ 24,250 | ||
Mining, Steel, Iron and Non-Precious Metals | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 3.50% | 3.40% | ||
Chemicals, Plastics, and Rubber | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 24,891 | $ 26,618 | ||
Chemicals, Plastics, and Rubber | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 3.30% | 3.70% | ||
Aerospace and Defense | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 22,215 | $ 25,296 | ||
Aerospace and Defense | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 2.80% | 3.50% | ||
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 20,088 | $ 13,823 | ||
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 2.70% | 1.90% | ||
Telecommunications | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 18,987 | $ 32,467 | ||
Telecommunications | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 2.50% | 4.60% | ||
Cargo Transport | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 14,707 | $ 14,533 | ||
Cargo Transport | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 2% | 2% | ||
Diversified/Conglomerate Manufacturing | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 9,646 | $ 14,064 | ||
Diversified/Conglomerate Manufacturing | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 1.30% | 2% | ||
Other less than 2.0% | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value | $ 27 | $ 6,813 | ||
Other less than 2.0% | Investment Owned, At Fair Value | Industry Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 0% | 1% | ||
Total debt | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | $ 555,597 | $ 510,604 | ||
Fair value | $ 513,251 | $ 493,045 | ||
Total debt | Investment Owned, At Cost | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 77.10% | 76.30% | ||
Total debt | Investment Owned, At Fair Value | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 68.20% | 69% | ||
Secured First Lien Debt | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | $ 471,439 | $ 429,457 | ||
Fair value | $ 437,517 | $ 425,087 | ||
Secured First Lien Debt | Investment Owned, At Cost | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 65.40% | 64.20% | ||
Secured First Lien Debt | Investment Owned, At Fair Value | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 58.10% | 59.50% | ||
Secured Second Lien Debt | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | $ 84,158 | $ 81,147 | ||
Fair value | $ 75,734 | $ 67,958 | ||
Secured Second Lien Debt | Investment Owned, At Cost | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 11.70% | 12.10% | ||
Secured Second Lien Debt | Investment Owned, At Fair Value | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 10.10% | 9.50% | ||
Total equity/equivalents | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | $ 165,033 | $ 158,644 | ||
Fair value | $ 240,292 | $ 221,351 | ||
Total equity/equivalents | Investment Owned, At Cost | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 22.90% | 23.70% | ||
Total equity/equivalents | Investment Owned, At Fair Value | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 31.80% | 31% | ||
Preferred Equity | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | $ 149,099 | $ 143,079 | ||
Fair value | $ 222,585 | $ 217,599 | ||
Preferred Equity | Investment Owned, At Cost | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 20.70% | 21.40% | ||
Preferred Equity | Investment Owned, At Fair Value | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 29.50% | 30.50% | ||
Common Equity/ Equivalents | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | $ 15,934 | $ 15,565 | ||
Fair value | $ 17,707 | $ 3,752 | ||
Common Equity/ Equivalents | Investment Owned, At Cost | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 2.20% | 2.30% | ||
Common Equity/ Equivalents | Investment Owned, At Fair Value | Investment Type Concentration Risk | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration risk, percentage | 2.30% | 0.50% | ||
[1]Cumulative gross unrealized appreciation for federal income tax purposes is $150.4 million; cumulative gross unrealized depreciation for federal income tax purposes is $119.3 million. Cumulative net unrealized appreciation is $31.1 million, based on a tax cost of $722.4 million.[2]Cumulative gross unrealized appreciation for federal income tax purposes is $140.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $97.1 million. Cumulative net unrealized appreciation is $43.8 million, based on a tax cost of $670.6 million. |
INVESTMENTS - Investments Class
INVESTMENTS - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | [2] | |
Investments, Debt and Equity Securities [Abstract] | ||||
2024 | $ 81,218 | |||
2025 | 89,614 | |||
2026 | 202,419 | |||
2027 | 144,096 | |||
2028 | 38,250 | |||
Thereafter | 0 | |||
Total contractual repayments | 555,597 | |||
Investments in equity securities | 165,033 | |||
Total cost basis of investments held as of March 31, 2023: | $ 720,630 | [1] | $ 669,248 | |
[1]Cumulative gross unrealized appreciation for federal income tax purposes is $150.4 million; cumulative gross unrealized depreciation for federal income tax purposes is $119.3 million. Cumulative net unrealized appreciation is $31.1 million, based on a tax cost of $722.4 million.[2]Cumulative gross unrealized appreciation for federal income tax purposes is $140.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $97.1 million. Cumulative net unrealized appreciation is $43.8 million, based on a tax cost of $670.6 million. |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) | 12 Months Ended | ||||||||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | ||
Related Party Transaction [Line Items] | |||||||||||
Base management fee | 2% | 2% | 2% | ||||||||
Base management fee, percent fee | 100% | ||||||||||
Investment company, excess expense reimbursable | $ 200,000 | $ 300,000 | $ 200,000 | ||||||||
Maximum base management fee paid cannot exceed a percentage of total assets | 2% | ||||||||||
Ratio of net investment income (loss) to average net assets – annualized | 5.66% | 0.31% | 2.16% | 6.20% | (1.22%) | 3.66% | 4.19% | 3.94% | 5.26% | 5.48% | |
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% | ||||||||||
Investment company, capital gains-based incentive fees | $ 0 | $ 5,300,000 | $ 0 | ||||||||
Investment company, capital gains-based incentive fees payable (reversal) | (300,000) | 18,300,000 | 5,000,000 | ||||||||
Administration fee | [1] | 1,811,000 | 1,806,000 | 1,619,000 | |||||||
Success fee income: | 10,402,000 | 10,308,000 | 2,388,000 | ||||||||
Due from related parties | $ 0 | 27,000 | |||||||||
Minimum | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Ratio of net investment income (loss) to average net assets – annualized | 1.75% | ||||||||||
Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Success fee income: | $ 1,600,000 | $ 3,200,000 | $ 600,000 | ||||||||
Adviser | David Gladstone | Chief Executive Officer | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Noncontrolling interest, ownership percentage by parent | 100% | ||||||||||
Administrator | David Gladstone | Chief Executive Officer | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Noncontrolling interest, ownership percentage by parent | 100% | ||||||||||
Gladstone Securities, LLC | David Gladstone | Chief Executive Officer | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Noncontrolling interest, ownership percentage by parent | 100% | ||||||||||
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information. |
RELATED PARTY TRANSACTIONS - Sc
RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Related Party Transactions [Abstract] | ||||
Average total assets subject to base management fee | $ 739,900 | $ 705,650 | $ 605,750 | |
Multiplied by annual base management fee of 2.0% | 2% | 2% | 2% | |
Base management fee | [1] | $ 14,798 | $ 14,113 | $ 12,115 |
Credits to fees from Adviser - other | (3,811) | (6,497) | (2,949) | |
Net base management fee | 10,987 | 7,616 | 9,166 | |
Loan servicing fee | [1] | 7,880 | 7,178 | 7,082 |
Credits to base management fee – loan servicing fee | (7,880) | (7,178) | (7,082) | |
Net loan servicing fee | 0 | 0 | 0 | |
Incentive fee – income-based | 9,176 | 8,074 | 3,746 | |
Incentive fee – capital gains-based | (296) | 18,286 | 5,032 | |
Total incentive fee | [1] | 8,880 | 26,360 | 8,778 |
Credits to fees from Adviser - other | 0 | 0 | 0 | |
Net total incentive fee | $ 8,880 | $ 26,360 | $ 8,778 | |
Base management fee | 2% | 2% | 2% | |
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information. |
RELATED PARTY TRANSACTIONS - _2
RELATED PARTY TRANSACTIONS - Schedule of Related Party Fees Due (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Related Party Transaction [Line Items] | ||
Base management and loan servicing fee due to Adviser, net of credits | $ 1,574 | $ 1,648 |
Incentive fee due to Adviser | 27,259 | 27,577 |
Other due to Adviser | 86 | 63 |
Fees due to Adviser and Administrator | 29,635 | 29,915 |
Capital gains-based incentive fee | 25,100 | 25,400 |
Adviser | ||
Related Party Transaction [Line Items] | ||
Fees due to Adviser and Administrator | 28,919 | 29,288 |
Administrator | ||
Related Party Transaction [Line Items] | ||
Fees due to Adviser and Administrator | $ 716 | $ 627 |
BORROWINGS - Revolving Line of
BORROWINGS - Revolving Line of Credit Narrative (Details) - USD ($) | 12 Months Ended | ||||
Mar. 08, 2021 | Aug. 10, 2020 | Mar. 31, 2023 | Mar. 31, 2022 | Aug. 09, 2020 | |
Debt Instrument [Line Items] | |||||
Indebtedness asset coverage on our senior securities | 244.70% | 252.90% | |||
Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, term | 2 years | ||||
Credit Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Unused fee percentage | 1% | 1% | |||
Credit Facility | Line of Credit | Revolving Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 180,000,000 | $ 180,000,000 | $ 180,000,000 | $ 200,000,000 | |
Accordion feature, increase limit | $ 300,000,000 | ||||
Covenant, required minimum net worth of mandatory redeemable term preferred stock | $ 210,000,000 | ||||
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 | $ 289,000,000 | ||||
Indebtedness asset coverage on our senior securities | 244.70% | ||||
Senior security, indebtedness, asset coverage amount | $ 696,700,000 | ||||
Credit Facility | Line of Credit | Revolving Line of Credit | Minimum | |||||
Debt Instrument [Line Items] | |||||
Indebtedness asset coverage on our senior securities | 150% | ||||
Credit Facility | Line of Credit | Revolving Line of Credit | Less than or Equal to 50% of Commitment | |||||
Debt Instrument [Line Items] | |||||
Unused fee percentage | 0.50% | ||||
Credit Facility | Line of Credit | Revolving Line of Credit | Greater than 50% but Less than or Equal to 65% of Commitment | |||||
Debt Instrument [Line Items] | |||||
Unused fee percentage | 0.75% | ||||
Credit Facility | Line of Credit | Revolving Line of Credit | Greater Than 65% Of Commitment | |||||
Debt Instrument [Line Items] | |||||
Unused fee percentage | 1% | ||||
Credit Facility | LIBOR | Line of Credit | Revolving Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, variable rate floor | 0.50% | 0.50% | 0.50% | ||
Debt instrument, basis spread on variable rate | 2.94% | 2.85% | |||
Credit Facility | LIBOR, Tranche One | Line of Credit | Revolving Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 2.85% | ||||
Credit Facility | LIBOR, Tranche Two | Line of Credit | Revolving Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 3.10% | ||||
Credit Facility | LIBOR, Thereafter | Line of Credit | Revolving Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 3.35% |
BORROWINGS - Schedule of Line o
BORROWINGS - Schedule of Line of Credit Facilities (Details) - USD ($) | 12 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Aug. 10, 2020 | Aug. 09, 2020 | |
Debt Instrument [Line Items] | |||||
Borrowings outstanding at cost | $ 35,200,000 | $ 0 | |||
Credit Facility | Revolving Line of Credit | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Commitment amount | 180,000,000 | 180,000,000 | $ 180,000,000 | $ 200,000,000 | |
Borrowings outstanding at cost | 35,200,000 | 0 | |||
Availability | 144,800,000 | 180,000,000 | |||
Weighted-average borrowings outstanding | $ 16,186,000 | $ 18,051,000 | $ 82,632,000 | ||
Effective interest rate | 17.30% | 12.50% | 4.30% | ||
Commitment (unused) fees incurred | $ 1,655,000 | $ 1,641,000 | $ 819,000 | ||
Adjusted availability | $ 144,800,000 | $ 180,000,000 |
BORROWINGS - Fair Value Narrati
BORROWINGS - Fair Value Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Aug. 10, 2020 | Mar. 31, 2023 | Mar. 31, 2022 | |||
Debt Instrument [Line Items] | |||||
Investments owned, fair value | $ 753,543 | [1] | $ 714,396 | [2] | |
Collateral Pledged | |||||
Debt Instrument [Line Items] | |||||
Investments owned, fair value | $ 639,500 | $ 537,500 | |||
Credit Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Unused fee percentage | 1% | 1% | |||
Credit Facility | Revolving Line of Credit | Line of Credit | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, variable rate floor | 0.50% | 0.50% | 0.50% | ||
Debt instrument, basis spread on variable rate | 2.94% | 2.85% | |||
[1]Cumulative gross unrealized appreciation for federal income tax purposes is $150.4 million; cumulative gross unrealized depreciation for federal income tax purposes is $119.3 million. Cumulative net unrealized appreciation is $31.1 million, based on a tax cost of $722.4 million.[2]Cumulative gross unrealized appreciation for federal income tax purposes is $140.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $97.1 million. Cumulative net unrealized appreciation is $43.8 million, based on a tax cost of $670.6 million. |
BORROWINGS - Fair Value, Liabil
BORROWINGS - Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Significant Unobservable Inputs (Level 3) - Fair Value, Recurring - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Instrument [Line Items] | ||
Credit Facility | $ 35,171 | $ 0 |
Long-Term Debt | ||
Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3) Reported in Consolidated Statements of Assets and Liabilities | ||
Beginning balance | 0 | 22,400 |
Borrowings | 102,500 | 111,700 |
Repayments | (67,300) | (134,100) |
Unrealized depreciation | (29) | |
Ending balance | $ 35,171 | $ 0 |
BORROWINGS - Notes Payable Narr
BORROWINGS - Notes Payable Narrative (Details) - USD ($) | 1 Months Ended | ||||||||||
Aug. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Debt Instrument [Line Items] | |||||||||||
Aggregate Principal Amount | $ 155,434,000 | $ 297,688,000 | $ 267,584,000 | $ 54,296,000 | $ 58,096,000 | $ 112,096,000 | $ 74,796,000 | $ 100,096,000 | $ 123,896,000 | $ 66,250,000 | |
Notes Payable | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate Principal Amount | $ 262,488,000 | $ 262,488,000 | |||||||||
Notes Payable | 2026 Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest Rate | 5% | 5% | 5% | ||||||||
Aggregate Principal Amount | $ 127,900,000 | $ 127,938,000 | $ 127,938,000 | ||||||||
Proceeds from issuance of long-term debt | 123,800,000 | ||||||||||
Borrowings outstanding at cost | $ 4,100,000 | ||||||||||
Notes payable, fair value disclosure | $ 121,500,000 | $ 128,300,000 | |||||||||
Notes Payable | 2028 Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest Rate | 4.875% | 4.875% | 4.875% | ||||||||
Aggregate Principal Amount | $ 134,600,000 | $ 134,550,000 | $ 134,550,000 | ||||||||
Proceeds from issuance of long-term debt | 131,300,000 | ||||||||||
Borrowings outstanding at cost | $ 3,300,000 | ||||||||||
Notes payable, fair value disclosure | $ 127,400,000 | $ 134,300,000 |
BORROWINGS - Schedule of Debt (
BORROWINGS - Schedule of Debt (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 | Aug. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Debt Instrument [Line Items] | |||||||||||
Aggregate Principal Amount | $ 297,688,000 | $ 267,584,000 | $ 155,434,000 | $ 54,296,000 | $ 58,096,000 | $ 112,096,000 | $ 74,796,000 | $ 100,096,000 | $ 123,896,000 | $ 66,250,000 | |
Total borrowings | $ 292,607,000 | $ 261,348,000 | |||||||||
Indebtedness asset coverage on our senior securities | 244.70% | 252.90% | |||||||||
Notes Payable | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes Outstanding | $ 10,499,500,000 | $ 10,499,500 | |||||||||
Aggregate Principal Amount | 262,488,000 | 262,488,000 | |||||||||
Less: Unamortized Discounts | (5,052,000) | (6,236,000) | |||||||||
Total borrowings | $ 257,436,000 | $ 256,252,000 | |||||||||
Notes Payable | 2026 Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest Rate | 5% | 5% | 5% | ||||||||
Notes Outstanding | $ 5,117,500 | $ 5,117,500 | |||||||||
Principal Amount per Note | 25,000 | 25,000 | |||||||||
Aggregate Principal Amount | $ 127,938,000 | $ 127,938,000 | $ 127,900,000 | ||||||||
Notes Payable | 2028 Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest Rate | 4.875% | 4.875% | 4.875% | ||||||||
Notes Outstanding | $ 5,382,000 | $ 5,382,000 | |||||||||
Principal Amount per Note | 25,000 | 25,000 | |||||||||
Aggregate Principal Amount | $ 134,550,000 | $ 134,550,000 | $ 134,600,000 |
BORROWINGS - Secured Borrowing
BORROWINGS - Secured Borrowing Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Aug. 31, 2022 | May 31, 2014 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Aug. 31, 2012 | |||
Debt Instrument [Line Items] | ||||||||
Cost | $ 720,630 | [1] | $ 669,248 | [2] | ||||
Purchase of investments | 133,756 | 92,738 | $ 95,272 | |||||
Secured borrowing | 0 | 5,096 | ||||||
Ginsey Home Solutions, Inc. | ||||||||
Debt Instrument [Line Items] | ||||||||
Cost | 12,200 | $ 5,000 | ||||||
Purchase of investments | $ 4,000 | |||||||
Secured Second Lien Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Cost | $ 84,158 | $ 81,147 | ||||||
Secured Second Lien Debt | Ginsey Home Solutions, Inc. | ||||||||
Debt Instrument [Line Items] | ||||||||
Purchase of investments | $ 100 | |||||||
[1]Cumulative gross unrealized appreciation for federal income tax purposes is $150.4 million; cumulative gross unrealized depreciation for federal income tax purposes is $119.3 million. Cumulative net unrealized appreciation is $31.1 million, based on a tax cost of $722.4 million.[2]Cumulative gross unrealized appreciation for federal income tax purposes is $140.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $97.1 million. Cumulative net unrealized appreciation is $43.8 million, based on a tax cost of $670.6 million. |
MANDATORILY REDEEMABLE PREFER_3
MANDATORILY REDEEMABLE PREFERRED STOCK - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | |||
Aug. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Dividends Payable [Line Items] | ||||
Investment company, cash distributions paid to common stockholders from ordinary income | 61.20% | 71.30% | ||
Investment company, cash distributions paid to common stockholders from capital gains | 38.80% | 28.70% | ||
Series E Term Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Preferred stock, dividend rate, percentage | 6.375% | |||
Preferred stock, liquidation preference (in USD per share) | $ 25 | |||
Loss on extinguishment of debt | $ 2 | |||
Series D Term Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Preferred stock, dividend rate, percentage | 6.25% | |||
Preferred stock, liquidation preference (in USD per share) | $ 25 | |||
Loss on extinguishment of debt | $ 0.8 |
MANDATORILY REDEEMABLE PREFER_4
MANDATORILY REDEEMABLE PREFERRED STOCK - Dividends Declared And Cash Paid (Details) - $ / shares | 12 Months Ended | ||||||||||||||||||
Aug. 31, 2021 | Jul. 30, 2021 | Jun. 30, 2021 | May 28, 2021 | Apr. 30, 2021 | Mar. 31, 2021 | Feb. 26, 2021 | Jan. 29, 2021 | Dec. 31, 2020 | Nov. 30, 2020 | Oct. 30, 2020 | Sep. 30, 2020 | Aug. 31, 2020 | Jul. 31, 2020 | Jun. 30, 2020 | May 29, 2020 | Apr. 30, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | |
Series E Term Preferred Stock | |||||||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||||||
Dividend paid per share of Series E term preferred stock (in USD per share) | $ 0.07968750 | $ 0.13281250 | $ 0.13281250 | $ 0.13281250 | $ 0.13281250 | $ 0.13281250 | $ 0.13281250 | $ 0.13281250 | $ 0.13281250 | $ 0.13281250 | $ 0.13281250 | $ 0.13281250 | $ 0.13281250 | $ 0.13281250 | $ 0.13281250 | $ 0.13281250 | $ 0.13281250 | $ 0.61093750 | $ 1.59375000 |
Series D Term Preferred Stock | |||||||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||||||
Dividend paid per share of Series E term preferred stock (in USD per share) | $ 0.00868056 | $ 0.13020833 | $ 0.13020833 | $ 0.13020833 | $ 0.13020833 | $ 0.13020833 | $ 0.13020833 | $ 0.13020833 | $ 0.13020833 | $ 0.13020833 | $ 0.13020833 | $ 0.13020833 | $ 1.44097219 |
REGISTRATION STATEMENT AND CO_2
REGISTRATION STATEMENT AND COMMON EQUITY OFFERINGS (Details) - USD ($) | 12 Months Ended | |||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Aug. 31, 2022 | Sep. 03, 2021 | Dec. 31, 2019 | |
Government Assistance [Line Items] | ||||||
Securities, aggregate value authorized | $ 300,000,000 | |||||
Securities, remaining capacity of aggregate value authorized | $ 294,500,000 | |||||
Proceeds from issuance of common stock | $ 5,492,000 | $ 0 | $ 1,772,000 | |||
Common Stock ATM Program | ||||||
Government Assistance [Line Items] | ||||||
Sale of stock, aggregate offering price authorized | $ 50,000,000 | $ 35,000,000 | ||||
Sale of stock, number of shares sold (in shares) | 386,482 | 0 | 155,560 | |||
Sale of stock, weighted-average gross price per share (in USD per share) | $ 14.21 | $ 11.39 | ||||
Sale of stock, consideration received | $ 5,500,000 | $ 1,800,000 | ||||
Sale of stock, weighted-average net price per share after deducting commissions and offering costs (in USD per share) | $ 14.01 | $ 11.17 | ||||
Proceeds from issuance of common stock | $ 5,400,000 | $ 1,700,000 |
NET INCREASE (DECREASE) IN NE_3
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER WEIGHTED-AVERAGE COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Numerator: net increase (decrease) in net assets resulting from operations | $ 35,547 | $ 102,316 | $ 42,454 |
Basic weighted-average common shares (in shares) | 33,311,785 | 33,205,023 | 33,176,760 |
Diluted weighted-average common shares (in shares) | 33,311,785 | 33,205,023 | 33,176,760 |
Net increase (decrease) in net assets resulting from operations, basic (in USD per share) | $ 1.07 | $ 3.08 | $ 1.28 |
Net increase (decrease) in net assets resulting from operations, diluted (in USD per share) | $ 1.07 | $ 3.08 | $ 1.28 |
DISTRIBUTIONS TO COMMON STOCK_3
DISTRIBUTIONS TO COMMON STOCKHOLDERS - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||||
Investment company, cash distributions paid to common stockholders from ordinary income | 61.20% | 71.30% | |||
Investment company, cash distributions paid to common stockholders from capital gains | 38.80% | 28.70% | |||
Cash distributions to common stockholders | $ 47,000 | $ 38,900 | $ 30,900 | ||
Distributions paid subsequent to fiscal year-end, classified in prior year, ordinary income | 21,380 | 13,862 | 16,100 | ||
Distribution paid subsequent to fiscal year-end, classified in prior year, capital gains | $ 10,552 | $ 15,731 | $ 8,500 | ||
Investment company, deemed distribution approach, notice period | 60 days |
DISTRIBUTIONS TO COMMON STOCK_4
DISTRIBUTIONS TO COMMON STOCKHOLDERS - Dividends Declared (Details) - $ / shares | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2023 | Mar. 15, 2023 | Feb. 28, 2023 | Jan. 31, 2023 | Dec. 30, 2022 | Dec. 15, 2022 | Nov. 30, 2022 | Oct. 31, 2022 | Sep. 30, 2022 | Aug. 31, 2022 | Jul. 29, 2022 | Jun. 30, 2022 | Jun. 15, 2022 | May 31, 2022 | Apr. 29, 2022 | Mar. 31, 2022 | Feb. 28, 2022 | Feb. 14, 2022 | Jan. 31, 2022 | Dec. 31, 2021 | Dec. 15, 2021 | Nov. 30, 2021 | Oct. 29, 2021 | Sep. 30, 2021 | Sep. 15, 2021 | Aug. 31, 2021 | Jun. 30, 2021 | Jun. 17, 2021 | May 28, 2021 | Apr. 30, 2021 | Mar. 31, 2021 | Feb. 26, 2021 | Jan. 29, 2021 | Dec. 31, 2020 | Nov. 30, 2020 | Oct. 30, 2020 | Sep. 30, 2020 | Aug. 31, 2020 | Jul. 31, 2020 | Jun. 30, 2020 | Jun. 17, 2020 | May 29, 2020 | Apr. 30, 2020 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends paid (in USD per share) | $ 0.080 | $ 0.240 | $ 0.080 | $ 0.080 | $ 0.080 | $ 0.120 | $ 0.080 | $ 0.080 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.120 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.120 | $ 0.075 | $ 0.075 | $ 0.090 | $ 0.075 | $ 0.075 | $ 0.070 | $ 0.030 | $ 0.070 | $ 0.070 | $ 0.060 | $ 0.070 | $ 0.070 | $ 0.070 | $ 0.070 | $ 0.070 | $ 0.070 | $ 0.070 | $ 0.070 | $ 0.070 | $ 0.070 | $ 0.070 | $ 0.070 | $ 0.090 | $ 0.070 | $ 0.070 | $ 1.410 | $ 1.170 | $ 0.930 |
DISTRIBUTIONS TO COMMON STOCK_5
DISTRIBUTIONS TO COMMON STOCKHOLDERS - Components Of Our Net Assets On A Tax Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |||
Equity [Abstract] | |||||||
Common stock | $ 34 | $ 33 | |||||
Capital in excess of par value | 401,798 | 397,948 | |||||
Cumulative unrealized appreciation of investments | 31,129 | 43,760 | |||||
Cumulative unrealized depreciation of other | 29 | 0 | |||||
Cumulative net unrealized depreciation of other | (29) | 0 | |||||
Other temporary differences | (25,180) | (25,504) | |||||
Net Assets | 439,742 | [1] | 445,830 | [1] | $ 382,364 | [1] | $ 369,031 |
Distributions paid subsequent to fiscal year-end, classified in prior year, ordinary income | 21,380 | 13,862 | 16,100 | ||||
Distribution paid subsequent to fiscal year-end, classified in prior year, capital gains | $ 10,552 | $ 15,731 | $ 8,500 | ||||
[1] Refer to Note 9 — Distributions to Common Stockholders in the accompanying Notes to Consolidated Financial Statements for additional information. |
DISTRIBUTIONS TO COMMON STOCK_6
DISTRIBUTIONS TO COMMON STOCKHOLDERS - Investment Company, Changes in Net Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Underdistributed (overdistributed) net investment income | ||
Investment Company, Changes in Net Assets [Line Items] | ||
Increase (decrease) due to reclassifications of permanent differences | $ 1,301 | $ (333) |
Accumulated net realized gain in excess of distributions | ||
Investment Company, Changes in Net Assets [Line Items] | ||
Increase (decrease) due to reclassifications of permanent differences | 263 | 3,181 |
Capital in excess of par value | ||
Investment Company, Changes in Net Assets [Line Items] | ||
Increase (decrease) due to reclassifications of permanent differences | $ (1,564) | $ (2,848) |
FEDERAL AND STATE INCOME TAXES
FEDERAL AND STATE INCOME TAXES (Details) - USD ($) | 12 Months Ended | |||||
Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Investments, Owned, Federal Income Tax Note [Line Items] | ||||||
Investment company, target percentage of taxable income to distribute to shareholders (up to) | 100% | |||||
Income tax expense (benefit) | $ 0 | $ 0 | $ 0 | |||
Investment company, percentage of ordinary income distribution | 98% | |||||
Investment company, percentage of net capital gains distribution | 98.20% | |||||
Excise tax | $ 1,300,000 | $ 700,000 | $ 500,000 | |||
Capital Loss Carryforward | ||||||
Investments, Owned, Federal Income Tax Note [Line Items] | ||||||
Capital loss carryforwards | $ 0 | $ 0 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Other Commitments [Line Items] | |||
Escrow holdbacks | $ 100 | $ 200 | |
Investment company, committed capital | $ 2,150 | 14,500 | |
Country Club Enterprises, LLC – Guaranty | |||
Other Commitments [Line Items] | |||
Investment company, committed capital | $ 1,000 | 1,000 | |
J.R Hobbs Co. | |||
Other Commitments [Line Items] | |||
Investment company, committed capital | $ 9,300 | ||
Committed capital ratio | 50% |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Schedule of Principal Balances of Unused Line of Credit and Delayed Draw Term Debt Commitments and Guaranties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Other Commitments [Line Items] | ||
Total | $ 2,150 | $ 14,500 |
Unused line of credit and delayed draw term debt commitments | ||
Other Commitments [Line Items] | ||
Total | 2,150 | 4,250 |
Guaranties | ||
Other Commitments [Line Items] | ||
Total | $ 0 | $ 10,250 |
FINANCIAL HIGHLIGHTS (Details)
FINANCIAL HIGHLIGHTS (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Investment Company, Financial Highlights [Roll Forward] | ||||||||||
Net asset value at beginning of period (in USD per share) | $ 13.43 | $ 11.52 | $ 11.17 | $ 12.40 | $ 10.85 | $ 9.95 | $ 9.22 | $ 9.18 | $ 8.34 | $ 9.10 |
Income from investment operations | ||||||||||
Net investment income (loss) (in USD per share) | 1.11 | 0.45 | 0.54 | 1.11 | 0.23 | 0.68 | 0.74 | 0.68 | 0.75 | 0.73 |
Net realized gain (loss) on investments and other (in USD per share) | 0.32 | 0.37 | 0.32 | 1.36 | 2.04 | 0.04 | 0.51 | (0.15) | 0 | 0.31 |
Net realized gain (loss) on investments and other (in USD per share) | 0 | 0 | 0 | (0.31) | (0.41) | 0 | 0 | 0 | 0 | 0 |
Net unrealized appreciation (depreciation) of investments (in USD per share) | (0.36) | 2.26 | 0.42 | (2.38) | 0.63 | 1.16 | 0.23 | 0.29 | 1.13 | (1.09) |
Total from investment operations (in USD per share) | 1.07 | 3.08 | 1.28 | (0.22) | 2.49 | 1.88 | 1.48 | 0.82 | 1.88 | (0.05) |
Effect of equity capital activity | ||||||||||
Cash distributions to common stockholders from net investment income (in USD per share) | (0.92) | (0.91) | (0.83) | (0.75) | (0.69) | (0.84) | (0.75) | (0.64) | (0.77) | (0.71) |
Cash distributions to common stockholders from net realized gains (in USD per share) | (0.49) | (0.26) | (0.10) | (0.28) | (0.24) | (0.05) | 0 | (0.11) | 0 | 0 |
Discounts, commissions, and offering costs par share (in USD per share) | (0.01) | 0 | 0 | 0 | 0 | (0.03) | 0 | (0.01) | (0.03) | 0 |
Net accretive (dilutive) effect of equity offering (in USD per share) | 0.01 | 0 | 0 | 0.01 | 0 | (0.04) | 0 | (0.03) | (0.22) | 0 |
Total from equity capital activity (in USD per share) | (1.41) | (1.17) | (0.93) | (1.02) | (0.93) | (0.96) | (0.75) | (0.79) | (1.02) | (0.71) |
Other, net (in USD per share) | 0 | 0 | 0 | 0.01 | (0.01) | (0.02) | 0 | 0.01 | (0.02) | 0 |
Net asset value at end of period (in USD per share) | 13.09 | 13.43 | 11.52 | 11.17 | 12.40 | 10.85 | 9.95 | 9.22 | 9.18 | 8.34 |
Per common share market value at beginning of period (in USD per share) | 16.13 | 12.23 | 7.85 | 11.60 | 10.10 | 9.07 | 7.02 | 7.40 | 8.27 | 7.31 |
Per common share market value at end of period (in USD per share) | $ 13.25 | $ 16.13 | $ 12.23 | $ 7.85 | $ 11.60 | $ 10.10 | $ 9.07 | $ 7.02 | $ 7.40 | $ 8.27 |
Total investment return | (8.90%) | 42.40% | 70.65% | (26.23%) | 24.95% | 21.82% | 41.58% | 4.82% | 11.96% | 24.26% |
Common stock outstanding at end of period (in shares) | 33,591,505 | 33,205,023 | 33,205,023 | 33,049,463 | 32,822,459 | 32,653,635 | 30,270,958 | 30,270,958 | 29,775,958 | 26,475,958 |
Consolidated Statement of Assets and Liabilities Data: | ||||||||||
Net assets at end of year | $ 439,742 | $ 445,830 | $ 382,364 | $ 369,031 | $ 407,110 | $ 354,200 | $ 301,082 | $ 279,022 | $ 273,429 | $ 220,837 |
Average net assets | 446,899 | 425,985 | 365,568 | 404,336 | 391,786 | 328,533 | 294,030 | 276,293 | 229,350 | 231,356 |
Senior Securities Data: | ||||||||||
Total borrowings, at cost | 297,688 | 267,584 | 155,434 | 54,296 | 58,096 | 112,096 | 74,796 | 100,096 | 123,896 | 66,250 |
Mandatorily redeemable preferred stock | $ 0 | $ 0 | $ 94,371 | $ 132,250 | $ 132,250 | $ 139,150 | $ 139,150 | $ 121,650 | $ 81,400 | $ 40,000 |
Ratios/Supplemental Data: | ||||||||||
Ratio of net expenses to average net assets – annualized | 9.97% | 13.51% | 10.58% | 6.32% | 13.30% | 11.08% | 10.02% | 10.94% | 9.48% | 7.33% |
Ratio of net investment income (loss) to average net assets – annualized | 8.28% | 3.52% | 4.91% | 8.99% | 1.92% | 6.68% | 7.63% | 7.50% | 8.68% | 8.35% |
Ratio of expenses to average net assets - annualized | 12.58% | 16.72% | 13.33% | 9.12% | 16.45% | 14.11% | 13.46% | 14.50% | 12.90% | 10.20% |
Ratio of net expenses to average net assets | 14.07% | 6.89% | ||||||||
Ratio of net investment income (loss) to average net assets – annualized | 5.66% | 0.31% | 2.16% | 6.20% | (1.22%) | 3.66% | 4.19% | 3.94% | 5.26% | 5.48% |
SUBSEQUENT EVENTS-Schedule of S
SUBSEQUENT EVENTS-Schedule of Subsequent Events (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2023 | Jun. 15, 2023 | May 31, 2023 | Apr. 28, 2023 | Mar. 31, 2023 | Mar. 15, 2023 | Feb. 28, 2023 | Jan. 31, 2023 | Dec. 30, 2022 | Dec. 15, 2022 | Nov. 30, 2022 | Oct. 31, 2022 | Sep. 30, 2022 | Aug. 31, 2022 | Jul. 29, 2022 | Jun. 30, 2022 | Jun. 15, 2022 | May 31, 2022 | Apr. 29, 2022 | Mar. 31, 2022 | Feb. 28, 2022 | Feb. 14, 2022 | Jan. 31, 2022 | Dec. 31, 2021 | Dec. 15, 2021 | Nov. 30, 2021 | Oct. 29, 2021 | Sep. 30, 2021 | Sep. 15, 2021 | Aug. 31, 2021 | Jun. 30, 2021 | Jun. 17, 2021 | May 28, 2021 | Apr. 30, 2021 | Mar. 31, 2021 | Feb. 26, 2021 | Jan. 29, 2021 | Dec. 31, 2020 | Nov. 30, 2020 | Oct. 30, 2020 | Sep. 30, 2020 | Aug. 31, 2020 | Jul. 31, 2020 | Jun. 30, 2020 | Jun. 17, 2020 | May 29, 2020 | Apr. 30, 2020 | Jun. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution per Common Share (in USD per share) | $ 0.080 | $ 0.240 | $ 0.080 | $ 0.080 | $ 0.080 | $ 0.120 | $ 0.080 | $ 0.080 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.120 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.120 | $ 0.075 | $ 0.075 | $ 0.090 | $ 0.075 | $ 0.075 | $ 0.070 | $ 0.030 | $ 0.070 | $ 0.070 | $ 0.060 | $ 0.070 | $ 0.070 | $ 0.070 | $ 0.070 | $ 0.070 | $ 0.070 | $ 0.070 | $ 0.070 | $ 0.070 | $ 0.070 | $ 0.070 | $ 0.070 | $ 0.090 | $ 0.070 | $ 0.070 | $ 1.410 | $ 1.170 | $ 0.930 | |||||
Subsequent Event | |||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution per Common Share (in USD per share) | $ 0.08 | $ 0.12 | $ 0.08 | $ 0.08 | $ 0.36 |
SUBSEQUENT EVENTS-Narrative (De
SUBSEQUENT EVENTS-Narrative (Details) | Apr. 10, 2023 |
Credit Facility | Revolving Line of Credit | Line of Credit | Secured Overnight Financing Rate | Subsequent Event | |
Debt Instrument [Line Items] | |
Debt instrument, basis spread on variable rate | 0.11% |
Uncategorized Items - gain-2023
Label | Element | Value |
Subsequent Event [Member] | ||
Lowest Price or Bid | cef_LowestPriceOrBid | $ 12.87 |
Highest Price or Bid | cef_HighestPriceOrBid | $ 13.91 |