v3.25.4
BORROWINGS (Tables)
 9 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Borrowings Outstanding
The Company had the following borrowings outstanding as of December 31, 2025 and March 31, 2025 (amounts in thousands):

Outstanding BalanceUnamortized Debt Issuance Costs and Debt Discount/Premium (1)Recorded ValueEstimated Fair Value (2)
December 31, 2025
SBA Debentures$195,000 $(4,375)$190,625 $188,029 
Corporate Credit Facility210,000 — 210,000 210,000 
SPV Credit Facility104,000 — 104,000 104,000 
2029 Convertible Notes230,000 (5,783)224,217 220,594 
September 2030 Notes350,000 (6,360)343,640 346,856 
$1,089,000 $(16,518)$1,072,482 $1,069,479 
March 31, 2025
SBA Debentures$175,000 $(4,082)$170,918 $166,460 
Corporate Credit Facility235,000 — 235,000 235,000 
SPV Credit Facility108,000 — 108,000 108,000 
October 2026 Notes150,000 (1,154)148,846 130,899 
August 2028 Notes71,875 (1,681)70,194 73,571 
2029 Convertible Notes230,000 (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 October 2026 Notes, 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 was 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 December 31,Nine Months Ended December 31,
2025202420252024
Interest expense $3,299 $3,225 $10,159 $10,145 
Unused commitment fees446 469 1,345 1,325 
Amortization of deferred financing costs609 577 1,827 1,684 
Total interest and amortization of deferred financing costs$4,354 $4,271 $13,331 $13,154 
Weighted average interest rate6.39 %7.19 %6.56 %7.53 %
Average borrowings$206,522 $179,511 $205,727 $134,665 
The summary information regarding the SPV Credit Facility is as follows (dollars in thousands):

Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
Interest expense$1,769 $1,889 $5,639 $4,195 
Unused commitment and other fees326 258 931 872 
Amortization of deferred financing costs114 114 342 318 
Total interest and amortization of deferred financing costs$2,209 $2,261 $6,912 $5,385 
Weighted average interest rate6.53 %7.23 %6.75 %7.54 %
Average borrowings$108,435 $104,435 $110,942 $55,664 
Schedule of Notes and SBA Debentures
The summary information regarding the January 2026 Notes is as follows (dollars in thousands):

Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
Interest expense$— $1,208 $— $4,358 
Amortization of deferred financing costs— 56 — 224 
Total interest and amortization of deferred financing costs$— $1,264 $— $4,582 
Weighted average interest rate— %4.46 %— %4.46 %
Average borrowings (1)$— $140,000 $— $140,000 
(1)Average borrowings for the three and nine months ended December 31, 2024 were calculated from October 1, 2024 and April 1, 2024, respectively, through December 9, 2024 (the redemption date of the January 2026 Notes).
The summary information regarding the October 2026 Notes is as follows (dollars in thousands):

Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
Interest expense$183 $1,266 $2,714 $3,797 
Amortization of deferred financing costs27 192 412 577 
Total interest and amortization of deferred financing costs$210 $1,458 $3,126 $4,374 
Weighted average interest rate3.50 %3.50 %3.50 %3.50 %
Average borrowings$20,893 $150,000 $77,545 $150,000 
The summary information regarding the August 2028 Notes is as follows (dollars in thousands):

Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
Interest expense$201 $1,393 $2,986 $4,178 
Amortization of deferred financing costs18 127 270 382 
Total interest and amortization of deferred financing costs$219 $1,520 $3,256 $4,560 
Weighted average interest rate7.75 %7.75 %7.75 %7.75 %
Average borrowings$10,382 $71,875 $38,533 $71,875 
The summary information regarding the 2029 Convertible Notes is as follows (dollars in thousands):

Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
Interest expense$2,947 $1,703 $8,841 $1,703 
Amortization of deferred financing costs370 243 1,109 243 
Total interest and amortization of deferred financing costs$3,317 $1,946 $9,950 $1,946 
Weighted average interest rate5.13 %5.13 %5.13 %5.13 %
Average borrowings (1)$230,000 $230,000 $230,000 $230,000 
(1)Average borrowings for the three and nine months ended December 31, 2024 were calculated from November 4, 2024 (the issuance date of the 2029 Convertible Notes) through December 31, 2024.
The summary information regarding the September 2030 Notes is as follows (dollars in thousands):

Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
Interest expense$5,206 $— $5,900 $— 
Amortization of deferred financing costs336 — 378 — 
Total interest and amortization of deferred financing costs$5,542 $— $6,278 $— 
Weighted average interest rate5.95 %— %5.95 %— %
Average borrowings$350,000 $— $99,167 $— 
The summary information regarding the SBA Debentures is as follows (dollars in thousands):

Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
Interest expense and fees$1,994 $1,798 $5,869 $5,170 
Amortization of deferred financing costs201 193 594 561 
Total interest and amortization of deferred financing costs$2,195 $1,991 $6,463 $5,731 
Weighted average interest rate4.46 %4.40 %4.42 %4.39 %
Average borrowings$179,000 $163,293 $176,338 $156,444 

As of December 31, 2025, SBA Debentures issued and outstanding mature as follows (amounts in thousands):

Pooling Date (1)Maturity DateFixed Interest RateDebenture Amount
9/22/20219/1/20311.575%$15,000 
3/23/20223/1/20323.209%25,000 
9/21/20229/1/20324.435%40,000 
3/22/20233/1/20335.215%40,000 
9/20/20239/1/20335.735%10,000 
3/20/20243/1/20345.164%15,000 
9/25/20249/1/20344.509%8,000 
3/26/20253/1/20355.092%22,000 
(2)(2)(2)20,000 
$195,000 
(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 $20.0 million in SBA Debentures that will pool in March 2026. Until the pooling date, the SBA debentures bear interest at a fixed rate with a weighted average interim interest rate of 4.54%
Schedule of Convertible Debt
Certain key terms related to the convertible features of the 2029 Convertible Notes as of December 31, 2025 are as follows:
2029 Convertible Notes
Conversion premium12.0 %
Closing stock price at issuance$22.33 
Closing stock price dateNovember 4, 2024
Conversion price (1)$24.67 
Conversion rate (shares per $1,000 principal amount) (1)40.54 
Last conversion price calculation dateDecember 15, 2025
(1)Represents conversion price and conversion rate, as applicable, as of December 31, 2025, taking into account any applicable de minimis adjustments that will be made on the conversion date.
Schedule of Contractual Payment Obligations
A summary of the Company's contractual payment obligations for the repayment of outstanding indebtedness at December 31, 2025 is as follows (amounts in thousands):
Years Ending March 31,
20262027202820292030ThereafterTotal
SBA Debentures$— $— $— $— $— $195,000 $195,000 
Corporate Credit Facility— — — 210,000 — — 210,000 
SPV Credit Facility— — — 104,000 — — 104,000 
2029 Convertible Notes— — — — 230,000 — 230,000 
September 2030 Notes— — — — — 350,000 350,000 
Total$— $— $— $314,000 $230,000 $545,000 $1,089,000