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BORROWINGS (Tables) | 6 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Borrowings Outstanding | The Company had the following borrowings outstanding as of September 30, 2025 and March 31, 2025 (amounts in thousands):
| Outstanding Balance |  | Unamortized Debt Issuance Costs and Debt Discount/Premium (1) |  | Recorded Value |  | Estimated Fair Value (2)
September 30, 2025 |  |  |  |  |  |  |
SBA Debentures | $ | 175,000 |  |  | $ | (4,088) |  |  | $ | 170,912 |  |  | $ | 168,628 |
Corporate Credit Facility | — |  |  | — |  |  | — |  |  | — |
SPV Credit Facility | 77,000 |  |  | — |  |  | 77,000 |  |  | 77,000 |
October 2026 Notes | 150,000 |  |  | (769) |  |  | 149,231 |  |  | 150,000 |
August 2028 Notes | 71,875 |  |  | (1,429) |  |  | 70,446 |  |  | 72,860 |
2029 Convertible Notes | 230,000 |  |  | (6,153) |  |  | 223,847 |  |  | 221,944 |
September 2030 Notes | 350,000 |  |  | (6,678) |  |  | 343,322 |  |  | 347,566 |
| $ | 1,053,875 |  |  | $ | (19,117) |  |  | $ | 1,034,758 |  |  | $ | 1,037,998 |
March 31, 2025 |  |  |  |  |  |  |
SBA Debentures | $ | 175,000 |  |  | $ | (4,082) |  |  | $ | 170,918 |  |  | $ | 166,460 |
Corporate Credit Facility | 235,000 |  |  | — |  |  | 235,000 |  |  | 235,000 |
SPV Credit Facility | 108,000 |  |  | — |  |  | 108,000 |  |  | 108,000 |
October 2026 Notes | 150,000 |  |  | (1,154) |  |  | 148,846 |  |  | 130,899 |
August 2028 Notes | 71,875 |  |  | (1,681) |  |  | 70,194 |  |  | 73,571 |
2029 Convertible Notes | 230,000 |  |  | (6,893) |  |  | 223,107 |  |  | 225,780 |
| $ | 969,875 |  |  | $ | (13,810) |  |  | $ | 956,065 |  |  | $ | 939,710 |
(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 2029 Convertible Notes and the September 2030 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. The estimated fair value for the October 2026 Notes is based on a redemption price of 100% of the aggregate principal amount outstanding, as discussed below.
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,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Interest expense | $ | 3,398 |  |  | $ | 3,226 |  |  | $ | 6,860 |  |  | $ | 6,920 |  |  |
Unused commitment fees | 465 |  |  | 463 |  |  | 899 |  |  | 856 |  |  |
Amortization of deferred financing costs | 609 |  |  | 558 |  |  | 1,218 |  |  | 1,107 |  |  |
Total interest and amortization of deferred financing costs | $ | 4,472 |  |  | $ | 4,247 |  |  | $ | 8,977 |  |  | $ | 8,883 |  |  |
Weighted average interest rate | 6.72 | % |  | 7.74 | % |  | 6.68 | % |  | 7.75 | % |  |
Average borrowings | $ | 202,391 |  |  | $ | 166,685 |  |  | $ | 205,328 |  |  | $ | 178,579 |  |  |
The summary information regarding the SPV Credit Facility is as follows (dollars in thousands):
| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Interest expense | $ | 1,954 |  |  | $ | 1,390 |  |  | $ | 3,869 |  |  | $ | 2,307 |  |  |
Unused commitment and other fees | 299 |  |  | 314 |  |  | 605 |  |  | 613 |  |  |
Amortization of deferred financing costs | 114 |  |  | 114 |  |  | 228 |  |  | 204 |  |  |
Total interest and amortization of deferred financing costs | $ | 2,367 |  |  | $ | 1,818 |  |  | $ | 4,702 |  |  | $ | 3,124 |  |  |
Weighted average interest rate | 6.92 | % |  | 7.85 | % |  | 6.90 | % |  | 7.87 | % |  |
Average borrowings | $ | 112,967 |  |  | $ | 70,826 |  |  | $ | 112,202 |  |  | $ | 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,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Interest expense | $ | — |  |  | $ | 1,575 |  |  | $ | — |  |  | $ | 3,150 |  |  |
Amortization of deferred financing costs | — |  |  | 84 |  |  | — |  |  | 168 |  |  |
Total interest and amortization of deferred financing costs | $ | — |  |  | $ | 1,659 |  |  | $ | — |  |  | $ | 3,318 |  |  |
Weighted average interest rate | — | % |  | 4.46 | % |  | — | % |  | 4.46 | % |  |
Average borrowings | $ | — |  |  | $ | 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,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Interest expense | $ | 1,266 |  |  | $ | 1,266 |  |  | $ | 2,531 |  |  | $ | 2,531 |  |  |
Amortization of deferred financing costs | 192 |  |  | 192 |  |  | 385 |  |  | 385 |  |  |
Total interest and amortization of deferred financing costs | $ | 1,458 |  |  | $ | 1,458 |  |  | $ | 2,916 |  |  | $ | 2,916 |  |  |
Weighted average 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,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Interest expense | $ | 1,393 |  |  | $ | 1,393 |  |  | $ | 2,785 |  |  | $ | 2,785 |  |  |
Amortization of deferred financing costs | 126 |  |  | 127 |  |  | 252 |  |  | 255 |  |  |
Total interest and amortization of deferred financing costs | $ | 1,519 |  |  | $ | 1,520 |  |  | $ | 3,037 |  |  | $ | 3,040 |  |  |
Weighted average interest rate | 7.75 | % |  | 7.75 | % |  | 7.75 | % |  | 7.75 | % |  |
Average borrowings | $ | 71,875 |  |  | $ | 71,875 |  |  | $ | 71,875 |  |  | $ | 71,875 |  |  |
The summary information regarding the 2029 Convertible Notes is as follows (dollars in thousands):
| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Interest expense | $ | 2,947 |  |  | $ | — |  |  | $ | 5,894 |  |  | $ | — |  |  |
Amortization of deferred financing costs | 370 |  |  | — |  |  | 740 |  |  | — |  |  |
Total interest and amortization of deferred financing costs | $ | 3,317 |  |  | $ | — |  |  | $ | 6,634 |  |  | $ | — |  |  |
Weighted average interest rate | 5.13 | % |  | — | % |  | 5.13 | % |  | — | % |  |
Average borrowings | $ | 230,000 |  |  | $ | — |  |  | $ | 230,000 |  |  | $ | — |  |  |
The summary information regarding the September 2030 Notes is as follows (dollars in thousands):
| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Interest expense | $ | 694 |  |  | $ | — |  |  | $ | 694 |  |  | $ | — |
Amortization of deferred financing costs | 42 |  |  | — |  |  | 42 |  |  | — |
Total interest and amortization of deferred financing costs | $ | 736 |  |  | $ | — |  |  | $ | 736 |  |  | $ | — |
Weighted average interest rate | 5.95 | % |  | — | % |  | 5.95 | % |  | — | %
Average borrowings (1) | $ | 350,000 |  |  | $ | — |  |  | $ | 350,000 |  |  | $ | — |
(1)Average borrowings for the three and six months ended September 30, 2025 were calculated from September 18, 2025 (the issuance date of the September 2030 Notes) through September 30, 2025. The summary information regarding the SBA Debentures is as follows (dollars in thousands):
| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Interest expense and fees | $ | 1,948 |  |  | $ | 1,695 |  |  | $ | 3,875 |  |  | $ | 3,372 |  |  |
Amortization of deferred financing costs | 197 |  |  | 184 |  |  | 394 |  |  | 368 |  |  |
Total interest and amortization of deferred financing costs | $ | 2,145 |  |  | $ | 1,879 |  |  | $ | 4,269 |  |  | $ | 3,740 |  |  |
Weighted average interest rate | 4.45 | % |  | 4.43 | % |  | 4.43 | % |  | 4.41 | % |  |
Average borrowings | $ | 175,000 |  |  | $ | 153,000 |  |  | $ | 175,000 |  |  | $ | 153,000 |  |  |
As of September 30, 2025, 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 |
3/26/2025 |  | 3/1/2035 |  | 5.092% |  | 22,000 |
|  |  |  |  |  | $ | 175,000 |
(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.
Schedule of Convertible Debt | Certain key terms related to the convertible features of the 2029 Convertible Notes as of September 30, 2025 are as follows:
| 2029 Convertible Notes
Conversion premium | 12.0 | %
Closing stock price at issuance | $ | 22.33 |
Closing stock price date | November 4, 2024
Conversion price (1) | $ | 24.73 |
Conversion rate (shares per $1,000 principal amount) (1) | 40.43 |
Last conversion price calculation date | September 15, 2025
(1)Represents conversion price and conversion rate, as applicable, as of September 30, 2025, taking into account any applicable de minimis adjustments that will be made on the conversion date.
Schedule of Contractual Payment Obligations | A summary of the Company's contractual payment obligations for the repayment of outstanding indebtedness at September 30, 2025 is as follows:
| Years Ending March 31, |  |  |  |
| 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | Thereafter |  | Total
SBA Debentures | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 175,000 |  |  | $ | 175,000 |
SPV Credit Facility | — |  |  | — |  |  | — |  |  | 77,000 |  |  | — |  |  | — |  |  | 77,000 |
October 2026 Notes (1) | 150,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 150,000 |
August 2028 Notes (1) | 71,875 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 71,875 |
2029 Convertible Notes | — |  |  | — |  |  | — |  |  | — |  |  | 230,000 |  |  | — |  |  | 230,000 |
September 2030 Notes | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 350,000 |  |  | 350,000 |
Total | $ | 221,875 |  |  | $ | — |  |  | $ | — |  |  | $ | 77,000 |  |  | $ | 230,000 |  |  | $ | 525,000 |  |  | $ | 1,053,875 |
(1)Subsequent to the fiscal quarter ended September 30, 2025, the Company redeemed, in full, the October 2026 Notes and the August 2028 Notes. See Note 14 - Subsequent Events for more information.

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