| Schedule of Line of Credit Facilities |
The following tables summarize noteworthy information related to the Credit Facility:
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As of June 30, 2023 |
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As of March 31, 2023 |
| Commitment amount |
$ |
180,000 |
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$ |
180,000 |
| Borrowings outstanding at cost |
$ |
46,200 |
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$ |
35,200 |
Availability(A)
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$ |
133,800 |
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$ |
144,800 |
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For the Three Months Ended June 30, |
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2023 |
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2022 |
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| Weighted-average borrowings outstanding |
$ |
43,648
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$ |
— |
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Effective interest rate(B)
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11.2
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% |
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1.0 |
% |
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| Commitment (unused) fees incurred |
$ |
345
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$ |
455 |
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(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 $133.8 million and $144.8 million as of June 30, 2023 and March 31, 2023, respectively.
(B)Excludes the impact of deferred financing costs and includes unused commitment fees.
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| 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 June 30, 2023 and March 31, 2023, and for the three months ended June 30, 2023 and 2022, as required by ASC 820:
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Level 3 – Borrowings |
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Recurring Fair Value Measurements
Reported in Consolidated
Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3)
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June 30, 2023 |
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March 31, 2023 |
| Credit Facility |
$ |
46,160
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$ |
35,171 |
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Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3)
Reported in Consolidated Statements of Assets and Liabilities
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Credit Facility |
| Three Months Ended June 30, 2023: |
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| Fair value at March 31, 2023 |
$ |
35,171 |
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| Borrowings |
31,800 |
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| Repayments |
(20,800) |
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| Unrealized depreciation |
(11) |
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Fair value at June 30, 2023 |
$ |
46,160
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Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3)
Reported in Consolidated Statements of Assets and Liabilities
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Credit Facility |
| Three Months Ended June 30, 2022: |
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Fair value at March 31, 2022 |
$ |
— |
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| Borrowings |
— |
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| Repayments |
— |
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| Unrealized appreciation (depreciation) |
— |
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Fair value at June 30, 2022 |
$ |
—
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| Schedule of Debt |
The following tables summarize our 5.00% 2026 Notes, 4.875% 2028 Notes and 8.00% 2028 Notes as of June 30, 2023 and March 31, 2023:
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As of June 30, 2023: |
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| Description |
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Ticker
Symbol |
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Date Issued |
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Maturity Date(A)
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Interest
Rate |
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Notes
Outstanding |
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Principal
Amount per
Note |
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Aggregate
Principal Amount |
5.00% 2026 Notes |
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GAINN |
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March 2, 2021 |
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May 1, 2026 |
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5.00% |
|
5,117,500 |
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$ |
25.00 |
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$ |
127,938
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4.875% 2028 Notes |
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GAINZ |
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August 18, 2021 |
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November 1, 2028 |
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4.875% |
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5,382,000 |
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$ |
25.00 |
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|
134,550
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8.00% 2028 Notes |
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GAINL |
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May 31, 2023 |
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August 1, 2028 |
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8.00% |
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2,990,000 |
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$ |
25.00 |
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74,750
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Notes payable, gross(B)
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13,489,500 |
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337,238
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| Less: Unamortized Discounts |
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(7,239) |
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Notes payable, net(C)
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329,999
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As of March 31, 2023: |
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| Description |
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Ticker
Symbol |
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Date Issued |
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Maturity Date(A)
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Interest
Rate |
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Notes
Outstanding |
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Principal
Amount per
Note |
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Aggregate
Principal Amount |
5.00% 2026 Notes |
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GAINN |
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March 2, 2021 |
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May 1, 2026 |
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5.00% |
|
5,117,500 |
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$ |
25.00 |
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$ |
127,938
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4.875% 2028 Notes |
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GAINZ |
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August 18, 2021 |
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November 1, 2028 |
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4.875% |
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5,382,000 |
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$ |
25.00 |
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134,550
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Notes payable, gross(B)
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10,499,500 |
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262,488
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| Less: Unamortized Discounts |
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(5,052) |
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Notes payable, net(C)
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$ |
257,436
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(A)The 5.00% 2026 Notes can be redeemed at our option at any time. The 4.875% 2028 Notes can be redeemed at our option at any time on or after November 1, 2023. The 8.00% 2028 Notes can be redeemed at our option at any time on or after August 1, 2025.
(B)As of June 30, 2023 and March 31, 2023, asset coverage on our senior securities representing indebtedness, calculated pursuant to Sections 18 and 61 of the 1940 Act, was 211.0% and 244.7%, respectively.
(C)Reflected as a line item on our accompanying Consolidated Statements of Assets and Liabilities.
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