Quarterly report pursuant to Section 13 or 15(d)

BORROWINGS (Tables)

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BORROWINGS (Tables)
3 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Line of Credit Facilities
The following tables summarize noteworthy information related to the Credit Facility:
As of June 30, 2024
As of March 31, 2024
Commitment amount $ 200,000 $ 200,000
Borrowings outstanding at cost $ 63,700 $ 67,000
Availability(A)
$ 136,300 $ 133,000
For the Three Months Ended June 30,
2024 2023
Weighted-average borrowings outstanding $ 64,746  $ 43,648 
Effective interest rate(B)
10.8  % 11.2  %
Commitment (unused) fees incurred $ 342  $ 345 
(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 $136.3 million and $133.0 million as of June 30, 2024 and March 31, 2024, 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 June 30, 2024 and March 31, 2024 and for the three months ended June 30, 2024 and 2023, 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)
June 30, 2024 March 31, 2024
Credit Facility $ 63,700  $ 67,000 
Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3)
 Reported in Consolidated Statements of Assets and Liabilities
Credit Facility
Three Months Ended June 30, 2024:
Fair value at March 31, 2024
$ 67,000 
Borrowings 16,300 
Repayments (19,600)
Unrealized appreciation — 
Fair value at June 30, 2024
$ 63,700 
Three Months Ended June 30, 2023
Fair value at March 31, 2023
$ 35,171 
Borrowings 31,800 
Repayments (20,800)
Unrealized depreciation (11)
Fair value at June 30, 2023
$ 46,160 
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, 2024 and March 31, 2024:
As of June 30, 2024:
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 (5,553)
Notes payable, net(C)
$ 331,685 
As of March 31, 2024:
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 (5,893)
Notes payable, net(C)
$ 331,345 
(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 June 30, 2024 and March 31, 2024, asset coverage on our senior securities representing indebtedness, calculated pursuant to Sections 18 and 61 of the 1940 Act, was 216.3% and 219.0%, respectively.
(C)Reflected as a line item on our accompanying Consolidated Statements of Assets and Liabilities.