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Financial Instruments and Fair Value Disclosures (Tables)

6 Months Ended

Sep. 30, 2022

Financial Instruments and Fair Value Disclosures

Schedule of financial derivatives

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​

​

​

​

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September 30, 2022

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​

March 31, 2022

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Other non-current assets

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Long-term liabilities

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Other non-current assets

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Long-term liabilities

Derivatives not designated as hedging instruments

Derivative instruments

Derivative instruments

Derivative instruments

Derivative instruments

Interest rate swap agreements

​

$

12,059,559

​

$

—

​

$

6,512,479

​

$

—

​

Schedule of effect of derivative instruments on the consolidated statement of operations

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​	​	​	​	​	​	​	​	​	​
​	​	​	​	Three months ended					​
Derivatives not designated as hedging instruments		Location of gain/(loss) recognized		September 30, 2022			September 30, 2021
Interest rate swaps—change in fair value		Unrealized gain on derivatives		​	3,092,845	​	​	714,998	​
Interest rate swaps—realized gain/(loss)		Realized gain/(loss) on derivatives		​	644,195	​	​	(914,837)	​
Gain/(loss) on derivatives, net	​	​		$	3,737,040	​	$	(199,839)	​

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​	​	​	​	​	​	​	​	​	​
​		​		Six months ended
Derivatives not designated as hedging instruments		Location of gain/(loss) recognized		September 30, 2022			September 30, 2021
Interest rate swaps—change in fair value		Unrealized gain on derivatives		​	5,547,079	​	​	1,148,724	​
Interest rate swaps—realized gain/(loss)		Realized gain/(loss) on derivatives		​	593,811	​	​	(1,818,555)	​
Gain/(loss) on derivatives, net	​	​		$	6,140,890	​	$	(669,831)	​

Summary of gains and losses on investment securities

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​	​	​	​	​	​	​	​
​	​	Three months ended					​
​		September 30, 2022			September 30, 2021		​
Unrealized gain/(loss) on investment securities	​	$	38,768	​	$	(978,305)	​
Realized gain on investment securities		​	—	​	​	447,255	​
Net gain/(loss) on investment securities		$	38,768	​	$	(531,050)	​
​	​	​	​	​	​	​	​
​	​	Six months ended					​
​		September 30, 2022			September 30, 2021
Unrealized gain on investment securities	​	$	807,103	​	$	381,365	​
Realized gain on investment securities		​	776,770	​	​	447,255	​
Net gain on investment securities		$	1,583,873	​	$	828,620	​

Summary of carrying value and estimated fair value of Japanese Financings

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September 30, 2022

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March 31, 2022

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Carrying Value

Fair Value

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Carrying Value

Fair Value

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Corsair Japanese Financing

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$

36,020,833

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$

33,508,238

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​

$

37,645,833

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$

36,904,683

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Concorde Japanese Financing

​

​

—

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​

—

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​

​

42,269,231

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​

41,352,417

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Corvette Japanese Financing

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​

—

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​

—

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​

​

42,807,692

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41,862,894

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Cratis Japanese Financing

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47,620,000

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42,433,817

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49,660,000

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46,716,277

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Copernicus Japanese Financing

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​

47,620,000

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​

42,305,112

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49,660,000

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46,716,277

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Chaparral Japanese Financing

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​

63,518,006

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59,585,491

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​

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64,662,242

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64,321,963

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Caravelle Japanese Financing

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​

47,900,000

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​

42,527,818

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49,700,000

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46,792,400

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BALCAP Facility

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$

77,870,426

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​

70,753,421

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$

81,574,172

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$

77,063,912

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Summary of carrying value and estimated fair value of Japanese Financings.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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