Quarterly report pursuant to Section 13 or 15(d)

BORROWINGS (Tables)

v3.24.0.1
BORROWINGS (Tables)
9 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Line of Credit Facilities
The following tables summarize noteworthy information related to the Credit Facility:
As of December 31, 2023
As of March 31, 2023
Commitment amount $ 135,000 $ 180,000
Borrowings outstanding at cost $ 82,600 $ 35,200
Availability(A)
$ 52,400 $ 144,800
For the Three Months Ended December 31,
For the Nine Months Ended December 31,
2023 2022 2023 2022
Weighted-average borrowings outstanding $ 77,359  $ 26,054  $ 57,135  $ 12,621 
Effective interest rate(B)
9.2  % 12.8  % 10.2  % 19.8  %
Commitment (unused) fees incurred $ 113  $ 394  $ 777  $ 1,279 
(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 $52.4 million and $144.8 million as of December 31, 2023 and March 31, 2023, 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 December 31, 2023 and March 31, 2023, and for the three and nine months ended December 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)
December 31, 2023 March 31, 2023
Credit Facility $ 82,600  $ 35,171 
Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3)
 Reported in Consolidated Statements of Assets and Liabilities
Credit Facility
Three Months Ended December 31, 2023:
Fair value at September 30, 2023
$ 79,208 
Borrowings 104,900 
Repayments (101,600)
Unrealized appreciation 92 
Fair value at December 31, 2023
$ 82,600 
Nine Months Ended December 31, 2023:
Fair value at March 31, 2023
$ 35,171 
Borrowings 231,900 
Repayments (184,500)
Unrealized appreciation 29 
Fair value at December 31, 2023
$ 82,600 
Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3)
Reported in Consolidated Statements of Assets and Liabilities
Credit Facility
Three Months Ended December 31, 2022:
Fair value at September 30, 2022
$ 16,600 
Borrowings 41,400 
Repayments (28,400)
Unrealized appreciation (depreciation) — 
Fair value at December 31, 2022
$ 29,600 
Nine Months Ended December 31, 2022
Fair value at March 31, 2022
$ — 
Borrowings 82,900 
Repayments (53,300)
Unrealized appreciation (depreciation) — 
Fair value at December 31, 2022
$ 29,600 
Schedule of Debt
The following tables summarize our 5.00% 2026 Notes, 4.875% 2028 Notes and 8.00% 2028 Notes as of December 31, 2023 and March 31, 2023:
As of December 31, 2023:
Description Ticker
Symbol
Date Issued
Maturity Date(A)
Interest
Rate
Notes
Outstanding
Principal
Amount per
Note
Aggregate
Principal Amount
5.00% 2026 Notes
GAINN March 2, 2021 May 1, 2026 5.00% 5,117,500 $ 25.00  $ 127,938 
4.875% 2028 Notes
GAINZ August 18, 2021 November 1, 2028 4.875% 5,382,000 $ 25.00  134,550 
8.00% 2028 Notes
GAINL May 31, 2023 August 1, 2028 8.00% 2,990,000 $ 25.00  74,750 
Notes payable, gross(B)
13,489,500 337,238 
Less: Unamortized Discounts (6,334)
Notes payable, net(C)
$ 330,904 
As of March 31, 2023:
Description Ticker
Symbol
Date Issued
Maturity Date(A)
Interest
Rate
Notes
Outstanding
Principal
Amount per
Note
Aggregate
Principal Amount
5.00% 2026 Notes
GAINN March 2, 2021 May 1, 2026 5.00% 5,117,500 $ 25.00  $ 127,938 
4.875% 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 
(A)The 5.00% 2026 Notes and the 4.875% 2028 Notes can be redeemed at our option at any time. The 8.00% 2028 Notes can be redeemed at our option at any time on or after August 1, 2025.
(B)As of December 31, 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 206.9% and 244.7%, respectively.
(C)Reflected as a line item on our accompanying Consolidated Statements of Assets and Liabilities.