XML 41 R30.htm IDEA: XBRL DOCUMENT
v3.24.3

BORROWINGS (Tables) | 6 Months Ended
--- | ---
Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Borrowings Outstanding | The Company had the following borrowings outstanding as of September 30, 2024 and March 31, 2024 (amounts in thousands):
| Outstanding Balance |  | Unamortized Debt Issuance Costs and Debt Discount/Premium(1) |  | Recorded Value |  | Estimated Fair Value(2)
September 30, 2024 |  |  |  |  |  |  |
SBA Debentures | $ | 153,000 |  |  | $ | (3,936) |  |  | $ | 149,064 |  |  | $ | 148,977 |
Corporate Credit Facility | 200,000 |  |  | — |  |  | 200,000 |  |  | 200,000 |
SPV Credit Facility | 78,000 |  |  | — |  |  | 78,000 |  |  | 78,000 |
January 2026 Notes | 140,000 |  |  | (443) |  |  | 139,557 |  |  | 122,895 |
October 2026 Notes | 150,000 |  |  | (1,538) |  |  | 148,462 |  |  | 132,784 |
August 2028 Notes | 71,875 |  |  | (1,927) |  |  | 69,948 |  |  | 74,376 |
| $ | 792,875 |  |  | $ | (7,844) |  |  | $ | 785,031 |  |  | $ | 757,032 |
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 |
(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, the January 2026 Notes and the 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 and the SPV 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):
| Three Months Ended September 30, |  | Six Months Ended September 30, |  |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |
Interest expense and unused commitment fees | $ | 3,689 |  |  | $ | 3,901 |  |  | $ | 7,776 |  |  | $ | 8,520 |  |  |  |
Amortization of deferred financing costs | 558 |  |  | 444 |  |  | 1,107 |  |  | 740 |  |  |  |
Total interest and amortization of deferred financing costs | $ | 4,247 |  |  | $ | 4,345 |  |  | $ | 8,883 |  |  | $ | 9,260 |  |  |  |
Weighted average effective interest rate | 7.74 | % |  | 7.70 | % |  | 7.75 | % |  | 7.52 | % |  |  |
Average borrowings | $ | 166,685 |  |  | $ | 185,054 |  |  | $ | 178,579 |  |  | $ | 106,120 |  |  |  |
The summary information regarding the SPV Credit Facility is as follows (dollars in thousands):
| Three Months Ended September 30, |  | Six Months Ended September 30, |  |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |
Interest expense and unused commitment fees | $ | 1,704 |  |  | $ | — |  |  | $ | 2,920 |  |  | $ | — |  |  |  |
Amortization of deferred financing costs | 114 |  |  | — |  |  | 204 |  |  | — |  |  |  |
Total interest and amortization of deferred financing costs | $ | 1,818 |  |  | $ | — |  |  | $ | 3,124 |  |  | $ | — |  |  |  |
Weighted average effective interest rate | 7.85 | % |  | — | % |  | 7.87 | % |  | — | % |  |  |
Average borrowings | $ | 70,826 |  |  | $ | — |  |  | $ | 58,617 |  |  | $ | — |  |  |  |
Schedule of Notes and SBA Debentures | The summary information regarding the January 2026 Notes is as follows (dollars in thousands):
| Three Months Ended September 30, |  | Six Months Ended September 30, |  |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |
Interest expense | $ | 1,575 |  |  | $ | 1,575 |  |  | $ | 3,150 |  |  | $ | 3,150 |  |  |  |
Amortization of deferred financing costs | 84 |  |  | 84 |  |  | 168 |  |  | 168 |  |  |  |
Total interest and amortization of deferred financing costs | $ | 1,659 |  |  | $ | 1,659 |  |  | $ | 3,318 |  |  | $ | 3,318 |  |  |  |
Weighted average effective interest rate | 4.46 | % |  | 4.46 | % |  | 4.46 | % |  | 4.46 | % |  |  |
Average borrowings | $ | 140,000 |  |  | $ | 140,000 |  |  | $ | 140,000 |  |  | $ | 140,000 |  |  |  |
The summary information regarding the October 2026 Notes is as follows (dollars in thousands):
| Three Months Ended September 30, |  | Six Months Ended September 30, |  |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |
Interest expense | $ | 1,266 |  |  | $ | 1,266 |  |  | $ | 2,531 |  |  | $ | 2,531 |  |  |  |
Amortization of deferred financing costs | 192 |  |  | 185 |  |  | 385 |  |  | 370 |  |  |  |
Total interest and amortization of deferred financing costs | $ | 1,458 |  |  | $ | 1,451 |  |  | $ | 2,916 |  |  | $ | 2,901 |  |  |  |
Weighted average effective interest rate | 3.50 | % |  | 3.50 | % |  | 3.50 | % |  | 3.50 | % |  |  |
Average borrowings | $ | 150,000 |  |  | $ | 150,000 |  |  | $ | 150,000 |  |  | $ | 150,000 |  |  |  |
The summary information regarding the August 2028 Notes is as follows (dollars in thousands):
| Three Months Ended September 30, |  | Six Months Ended September 30, |  |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |
Interest expense | $ | 1,393 |  |  | $ | 1,393 |  |  | $ | 2,785 |  |  | $ | 1,640 |  |  |  |
Amortization of deferred financing costs | 127 |  |  | 127 |  |  | 255 |  |  | 169 |  |  |  |
Total interest and amortization of deferred financing costs | $ | 1,520 |  |  | $ | 1,520 |  |  | $ | 3,040 |  |  | $ | 1,809 |  |  |  |
Weighted average effective interest rate | 7.75 | % |  | 7.75 | % |  | 7.75 | % |  | 7.75 | % |  |  |
Average borrowings 1 | $ | 71,875 |  |  | $ | 71,875 |  |  | $ | 71,875 |  |  | $ | 71,875 |  |  |  |
1 Average borrowings for the six months ended September 30, 2023 was calculated from June 14, 2023 (the issuance date of the August 2028 Notes) through September 30, 2023. The summary information regarding the SBA Debentures is as follows (dollars in thousands):
| Three Months Ended September 30, |  | Six Months Ended September 30, |  |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |
Interest expense and fees | $ | 1,695 |  |  | $ | 1,356 |  |  | $ | 3,372 |  |  | $ | 2,576 |  |  |  |
Amortization of deferred financing costs | 184 |  |  | 146 |  |  | 368 |  |  | 289 |  |  |  |
Total interest and amortization of deferred financing costs | $ | 1,879 |  |  | $ | 1,502 |  |  | $ | 3,740 |  |  | $ | 2,865 |  |  |  |
Weighted average effective interest rate | 4.43 | % |  | 4.23 | % |  | 4.41 | % |  | 4.09 | % |  |  |
Average borrowings | $ | 153,000 |  |  | $ | 128,207 |  |  | $ | 153,000 |  |  | $ | 125,956 |  |  |  |
As of September 30, 2024, SBIC I'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 |
9/25/2024 |  | 9/1/2034 |  | 4.509% |  | 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.
Summary of Contractual Payment Obligations | A summary of the Company's contractual payment obligations for the repayment of outstanding indebtedness at September 30, 2024 is as follows:
| Years Ending March 31, |  |  |  |
| 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Total
SBA Debentures | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 153,000 |  |  | $ | 153,000 |
Corporate Credit Facility | — |  |  | — |  |  | — |  |  | — |  |  | 200,000 |  |  | — |  |  | 200,000 |
SPV Credit Facility | — |  |  | — |  |  | — |  |  | — |  |  | 78,000 |  |  | — |  |  | 78,000 |
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 |  |  | $ | — |  |  | $ | 349,875 |  |  | $ | 153,000 |  |  | $ | 792,875 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477734/942-470-50-3 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-6 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(19)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
Name: | us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration