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BORROWINGS (Tables) | 6 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Line of Credit Facilities | The following tables summarize noteworthy information related to the Credit Facility:
| As of September 30, 2022 |  | As of March 31, 2022
Commitment amount | $ | 180,000 |  | $ | 180,000
Borrowings outstanding at cost | $ | 16,600 |  | $ | —
Availability(A) | $ | 163,400 |  | $ | 180,000
| For the Three Months Ended September 30, |  | For the Six Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Weighted-average borrowings outstanding | $ | 11,671 |  |  | $ | 24,355 |  |  | $ | 5,867 |  |  | $ | 25,354 |
Effective interest rate(B) | 20.1 | % |  | 10.0 | % |  | 35.5 | % |  | 9.6 | %
Commitment (unused) fees incurred | $ | 431 |  |  | $ | 397 |  |  | $ | 886 |  |  | $ | 786 |
(A)Availability is subject to various constraints, characteristics and applicable advance rates based on collateral quality under the Credit Facility, which equated to an adjusted availability of $163.4 million and $180.0 million as of September 30, 2022 and March 31, 2022, respectively. (B)Excludes the impact of deferred financing costs and includes unused commitment fees.
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables provide relevant information and disclosures about the Credit Facility as of September 30, 2022 and March 31, 2022, and for the three and six months ended September 30, 2022 and 2021, as required by ASC 820:
| Level 3 – Borrowings
| Recurring Fair Value Measurements Reported in Consolidated Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3)
| September 30, 2022 |  | March 31, 2022
Credit Facility | $ | 16,600 |  |  | $ | — |
Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3) Reported in Consolidated Statements of Assets and Liabilities
| Credit Facility
Three Months Ended September 30, 2022: |
Fair value at June 30, 2022 | $ | — |
Borrowings | 41,500 |
Repayments | (24,900) |
Unrealized appreciation (depreciation) | — |
Fair value at September 30, 2022 | $ | 16,600 |
Six Months Ended September 30, 2022: |
Fair value at March 31, 2022 | $ | — |
Borrowings | 41,500 |
Repayments | (24,900) |
Unrealized appreciation (depreciation) | — |
Fair value at September 30, 2022 | $ | 16,600 |
Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3) Reported in Consolidated Statements of Assets and Liabilities
| Credit Facility
Three Months Ended September 30, 2021: |
Fair value at June 30, 2021 | $ | 41,900 |
Borrowings | 32,900 |
Repayments | (65,900) |
Unrealized appreciation (depreciation) | — |
Fair value at September 30, 2021 | $ | 8,900 |
Six Months Ended September 30, 2021: |
Fair value at March 31, 2021 | $ | 22,400 |
Borrowings | 62,700 |
Repayments | (76,200) |
Unrealized appreciation (depreciation) | — |
Fair value at September 30, 2021 | $ | 8,900 |
Schedule of Debt | The following tables summarize our 2026 Notes and 2028 Notes as of September 30, 2022 and March 31, 2022:
As of September 30, 2022: |  |  |  |  |  |  |  |  |  |  |  |
Description |  | Ticker Symbol |  | Date Issued |  | Maturity Date(A) |  | Interest Rate |  | Notes Outstanding |  | Principal Amount per Note |  | Aggregate Principal Amount
2026 Notes |  | GAINN |  | March 2, 2021 |  | May 1, 2026 |  | 5.00% |  | 5,117,500 |  | $ | 25.00 |  |  | $ | 127,938 |
2028 Notes |  | GAINZ |  | August 18, 2021 |  | November 1, 2028 |  | 4.875% |  | 5,382,000 |  | $ | 25.00 |  |  | 134,550 |
Notes payable, gross(B) |  | 10,499,500 |  |  |  | 262,488 |
Less: Unamortized Discounts |  |  |  |  |  | (5,686) |
Notes payable, net(C) |  |  |  |  |  | $ | 256,802 |
As of March 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |
Description |  | Ticker Symbol |  | Date Issued |  | Maturity Date(A) |  | Interest Rate |  | Notes Outstanding |  | Principal Amount per Note |  | Aggregate Principal Amount
2026 Notes |  | GAINN |  | March 2, 2021 |  | May 1, 2026 |  | 5.00% |  | 5,117,500 |  | $ | 25.00 |  |  | $ | 127,938 |
2028 Notes |  | GAINZ |  | August 18, 2021 |  | November 1, 2028 |  | 4.875% |  | 5,382,000 |  | $ | 25.00 |  |  | 134,550 |
Notes payable, gross(B) |  | 10,499,500 |  |  |  | 262,488 |
Less: Unamortized Discounts |  |  |  |  |  | (6,236) |
Notes payable, net(C) |  |  |  |  |  | $ | 256,252 |
(A)The 2026 Notes can be redeemed at our option at any time on or after May 1, 2023. The 2028 Notes can be redeemed at our option at any time on or after November 1, 2023. (B)As of September 30, 2022 and March 31, 2022, asset coverage on our senior securities representing indebtedness, calculated pursuant to Sections 18 and 61 of the 1940 Act, was 254.1% and 252.9%, respectively. (C)Reflected as a line item on our accompanying Consolidated Statements of Assets and Liabilities.

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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