| Schedule of Information Related to the Credit Facility |
The following tables summarize noteworthy information related to the Credit Facility:
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2024 |
|
As of March 31, 2024 |
| Commitment amount |
$ |
200,000 |
|
$ |
200,000 |
| Borrowings outstanding at cost |
$ |
8,900 |
|
$ |
67,000 |
Availability(A)
|
$ |
191,100 |
|
$ |
133,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30, |
|
For the Six Months Ended September 30, |
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
| Weighted-average borrowings outstanding |
$ |
60,808
|
|
|
$ |
50,373 |
|
|
$ |
62,766
|
|
|
$ |
46,967 |
|
|
|
|
|
|
Effective interest rate(B)
|
11.0
|
% |
|
10.9 |
% |
|
10.9
|
% |
|
11.0 |
% |
|
|
|
|
|
| Commitment (unused) fees incurred |
$ |
320
|
|
|
$ |
319 |
|
|
$ |
661
|
|
|
$ |
664 |
|
|
|
|
|
|
(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 $191.1 million and $133.0 million as of September 30, 2024 and March 31, 2024, respectively.
(B)Excludes the impact of deferred financing costs and includes unused commitment fees.
|
| Schedule of Recurring Fair Value Measurements of Borrowings Using Significant Unobservable Level 3 Inputs |
The following tables provide relevant information and disclosures about the Credit Facility as of September 30, 2024 and March 31, 2024 and for the three and six months ended September 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)
|
|
September 30, 2024 |
|
March 31, 2024 |
| Credit Facility |
$ |
8,900
|
|
|
$ |
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 September 30, 2024: |
|
Fair value at June 30, 2024 |
$ |
63,700 |
|
| Borrowings |
31,500 |
|
| Repayments |
(86,300) |
|
|
|
Fair value at September 30, 2024 |
$ |
8,900
|
|
|
|
|
|
Six Months Ended September 30, 2024 |
|
Fair value at March 31, 2024 |
$ |
67,000 |
|
| Borrowings |
47,800 |
|
| Repayments |
(105,900) |
|
|
|
Fair value at September 30, 2024 |
$ |
8,900
|
|
|
|
|
|
|
|
|
Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3)
Reported in Consolidated Statements of Assets and Liabilities
|
|
Credit Facility |
| Three Months Ended September 30, 2023: |
|
Fair value at June 30, 2023 |
$ |
46,160 |
|
| Borrowings |
95,200 |
|
| Repayments |
(62,100) |
|
| Unrealized appreciation (depreciation) |
(52) |
|
Fair value at September 30, 2023 |
$ |
79,208
|
|
|
|
| Six Months Ended September 30, 2023 |
|
Fair value at March 31, 2023 |
$ |
35,171 |
|
| Borrowings |
127,000 |
|
| Repayments |
(82,900) |
|
| Unrealized appreciation (depreciation) |
(63) |
|
Fair value at September 30, 2023 |
$ |
79,208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Debt |
The following tables summarize our 5.00% 2026 Notes, 4.875% 2028 Notes and 8.00% 2028 Notes as of September 30, 2024 and March 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 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 |
|
|
|
|
|
(5,103) |
|
Notes payable, net(C)
|
|
|
|
|
|
$ |
332,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 September 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 229.3% and 219.0%, respectively.
(C)Reflected as a line item on our accompanying Consolidated Statements of Assets and Liabilities.
|