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BORROWINGS (Tables) | 12 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Borrowings Outstanding | The Company had the following borrowings outstanding as of March 31, 2024 and March 31, 2023 (amounts in thousands):
| Outstanding Balance |  | Unamortized Debt Issuance Costs and Debt Discount/Premium(1) |  | Recorded Value |  | Estimated Fair Value(2)
March 31, 2024 |  |  |  |  |  |  |
SBA Debentures | $ | 153,000 |  |  | $ | (4,305) |  |  | $ | 148,695 |  |  | $ | 141,638 |
Corporate Credit Facility | 265,000 |  |  | — |  |  | 265,000 |  |  | 265,000 |
SPV Credit Facility | — |  |  | — |  |  | — |  |  | — |
January 2026 Notes | 140,000 |  |  | (612) |  |  | 139,388 |  |  | 118,249 |
October 2026 Notes | 150,000 |  |  | (1,923) |  |  | 148,077 |  |  | 127,150 |
August 2028 Notes | 71,875 |  |  | (2,182) |  |  | 69,693 |  |  | 74,261 |
| $ | 779,875 |  |  | $ | (9,022) |  |  | $ | 770,853 |  |  | $ | 726,298 |
March 31, 2023 |  |  |  |  |  |  |
SBA Debentures | $ | 120,000 |  |  | $ | (3,670) |  |  | $ | 116,330 |  |  | $ | 115,836 |
Corporate Credit Facility | 235,000 |  |  | — |  |  | 235,000 |  |  | 235,000 |
January 2026 Notes | 140,000 |  |  | (949) |  |  | 139,051 |  |  | 122,768 |
October 2026 Notes | 150,000 |  |  | (2,737) |  |  | 147,263 |  |  | 132,238 |
| $ | 645,000 |  |  | $ | (7,356) |  |  | $ | 637,644 |  |  | $ | 605,842 |
(1)The unamortized debt issuance costs for the Corporate Credit Facility and the SPV Credit Facility are reflected as Debt issuance costs on the Consolidated Statements of Assets and Liabilities. (2)Each estimated fair value for the SBA Debentures, January 2026 Notes and October 2026 Notes is a Level 3 fair value measurement under ASC 820 based on a valuation model using a discounted cash flow analysis. The estimated fair value of the August 2028 Notes is based on the closing price of the security on The Nasdaq Global Select Market, which is a Level 1 input under ASC 820. The estimated fair value of the Corporate Credit Facility approximates its recorded value due to its variable interest rate.
Schedule of Credit Facilities | The summary information regarding the Corporate Credit Facility is as follows (dollars in thousands):
| Years Ended March 31, |
| 2024 |  | 2023 |  | 2022 |
Interest expense and unused commitment fees | $ | 17,813 |  |  | $ | 12,008 |  |  | $ | 5,166 |  |
Amortization of deferred financing costs | 1,813 |  |  | 1,144 |  |  | 992 |  |
Total interest and amortization of deferred financing costs | $ | 19,626 |  |  | $ | 13,152 |  |  | $ | 6,158 |  |
Weighted average effective interest rate | 7.66 | % |  | 5.22 | % |  | 2.50 | % |
Average borrowings | $ | 217,500 |  |  | $ | 213,658 |  |  | $ | 173,500 |  |
Schedule of Notes and SBA Debentures | The summary information regarding the January 2026 Notes is as follows (dollars in thousands):
| Years Ended March 31, |
| 2024 |  | 2023 |  | 2022 |
Interest expense and unused commitment fees | $ | 6,300 |  |  | $ | 6,300 |  |  | $ | 6,300 |  |
Amortization of deferred financing costs | 337 |  |  | 344 |  |  | 361 |  |
Total interest and amortization of deferred financing costs | $ | 6,637 |  |  | $ | 6,644 |  |  | $ | 6,661 |  |
Weighted average effective interest rate | 4.46 | % |  | 4.46 | % |  | 4.46 | % |
Average borrowings | $ | 140,000 |  |  | $ | 140,000 |  |  | $ | 140,000 |  |
The summary information regarding the October 2026 Notes is as follows (dollars in thousands):
| Years Ended March 31, |
| 2024 |  | 2023 |  | 2022 |
Interest expense and unused commitment fees | $ | 5,062 |  |  | $ | 5,062 |  |  | $ | 2,658 |  |
Amortization of deferred financing costs | 814 |  |  | 734 |  |  | 435 |  |
Total interest and amortization of deferred financing costs | $ | 5,876 |  |  | $ | 5,796 |  |  | $ | 3,093 |  |
Weighted average effective interest rate | 3.50 | % |  | 3.50 | % |  | 3.50 | % |
Average borrowings 1 | $ | 150,000 |  |  | $ | 150,000 |  |  | $ | 132,900 |  |
1 Average borrowings for the year ended March 31, 2022 are calculated from August 27, 2021 (the issuance date of the October 2026 Notes) through March 31, 2022. The summary information regarding the August 2028 Notes is as follows (dollars in thousands):
| Years Ended March 31, |
| 2024 |  | 2023 |  | 2022 |
Interest expense and unused commitment fees | $ | 4,425 |  |  | $ | — |  |  | $ | — |  |
Amortization of deferred financing costs | 423 |  |  | — |  |  | — |  |
Total interest and amortization of deferred financing costs | $ | 4,848 |  |  | $ | — |  |  | $ | — |  |
Weighted average effective interest rate | 7.75 | % |  | — | % |  | — | % |
Average borrowings 1 | $ | 71,875 |  |  | $ | — |  |  | $ | — |  |
1 Average borrowings for the year ended March 31, 2024 are calculated from June 14, 2023 (the issuance date of the August 2028 Notes) through March 31, 2024. The summary information regarding the SBA Debentures is as follows (dollars in thousands):
| Years Ended March 31, |
| 2024 |  | 2023 |  | 2022 |
Interest expense and fees | $ | 5,418 |  |  | $ | 2,792 |  |  | $ | 220 |  |
Amortization of deferred financing costs | 619 |  |  | 426 |  |  | 126 |  |
Total interest and amortization of deferred financing costs | $ | 6,037 |  |  | $ | 3,218 |  |  | $ | 346 |  |
Weighted average effective interest rate | 4.18 | % |  | 3.38 | % |  | 1.30 | % |
Average borrowings | $ | 129,708 |  |  | $ | 82,641 |  |  | $ | 16,971 |  |
As of March 31, 2024, the Company's issued and outstanding SBA Debentures mature as follows (amounts in thousands):
Pooling Date (1) |  | Maturity Date |  | Fixed Interest Rate |  | Debenture Amount
9/22/2021 |  | 9/1/2031 |  | 1.575% |  | $ | 15,000 |
3/23/2022 |  | 3/1/2032 |  | 3.209% |  | 25,000 |
9/21/2022 |  | 9/1/2032 |  | 4.435% |  | 40,000 |
3/22/2023 |  | 3/1/2033 |  | 5.215% |  | 40,000 |
9/20/2023 |  | 9/1/2033 |  | 5.735% |  | 10,000 |
3/20/2024 |  | 3/1/2034 |  | 5.164% |  | 15,000 |
(2) |  | (2) |  | (2) |  | 8,000 |
|  |  |  |  |  | $ | 153,000 |
(1)The SBA has two scheduled pooling dates for SBA Debentures (in March and in September). Certain SBA Debentures funded during the reporting periods may not be pooled until the subsequent pooling date. (2)The Company issued $8.0 million in SBA Debentures that will pool in September 2024. Until the pooling date, the SBA Debentures bear interest at a fixed rate with a weighted-average interim interest rate of 5.91%.
Summary of Contractual Payment Obligations | A summary of the Company's contractual payment obligations for the repayment of outstanding indebtedness at March 31, 2024 is as follows:
| Years Ending March 31, |  |  |  |
| 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Total
SBA Debentures | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 153,000 |  |  | $ | 153,000 |
Corporate Credit Facility | — |  |  | — |  |  | — |  |  | — |  |  | 265,000 |  |  | — |  |  | 265,000 |
January 2026 Notes | — |  |  | 140,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 140,000 |
October 2026 Notes | — |  |  | — |  |  | 150,000 |  |  | — |  |  | — |  |  | — |  |  | 150,000 |
August 2028 Notes | — |  |  | — |  |  | — |  |  | — |  |  | 71,875 |  |  | — |  |  | 71,875 |
Total | $ | — |  |  | $ | 140,000 |  |  | $ | 150,000 |  |  | $ | — |  |  | $ | 336,875 |  |  | $ | 153,000 |  |  | $ | 779,875 |

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