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BORROWINGS (Tables)
12 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Line of Credit Facilities
The following tables summarize noteworthy information related to the Credit Facility:
As of March 31,
20242023
Commitment amount$200,000 $180,000 
Borrowings outstanding at cost$67,000 $35,200 
Availability(A)
$133,000 $144,800 

For the Years Ended March 31

202420232022
Weighted-average borrowings outstanding
$60,980 $16,186 $18,051 
Effective interest rate(B)
10.1 %17.3 %12.5 %
Commitment (unused) fees incurred$986 $1,655 $1,641 
(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 $133.0 million and $144.8 million as of March 31, 2024 and 2023, 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 and for the years ended March 31, 2024 and 2023, 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)
As of March 31,

20242023
Credit Facility
$67,000 $35,171 
Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3)
Reported in Consolidated Statements of Assets and Liabilities

Credit Facility
Year ended March 31, 2024:
Fair value at March 31, 2023
$35,171 
Borrowings
242,300 
Repayments
(210,500)
Unrealized appreciation29 
Fair value at March 31, 2024
$67,000 

Year ended March 31, 2023:
Fair value at March 31, 2022
$— 
Borrowings
102,500 
Repayments(67,300)
Unrealized depreciation
(29)
Fair value at March 31, 2023
$35,171 
Schedule of Debt
The following tables summarizes the 5.00% 2026 Notes, 4.875% 2028 Notes and 8.00% 2028 Notes as of March 31, 2024 and 2023:

As of March 31, 2024:
DescriptionTicker
Symbol
Date Issued
Maturity Date(A)
Interest
Rate
Notes
Outstanding
Principal
Amount per
Note
Aggregate
Principal Amount
5.00% 2026 NotesGAINNMarch 2, 2021May 1, 20265.00%5,117,500$25.00 $127,938 
4.875% 2028 NotesGAINZAugust 18, 2021November 1, 20284.875%5,382,000$25.00 134,550 
8.00% 2028 NotesGAINLMay 31, 2023August 1, 20288.00%2,990,000$25.00 74,750 
Notes payable, gross(B)
13,489,500337,238 
Less: Unamortized Discounts(5,893)
Notes payable, net(C)
$331,345 


As of March 31, 2023:
DescriptionTicker
Symbol
Date Issued
Maturity Date(A)
Interest
Rate
Notes
Outstanding
Principal
Amount per
Note
Aggregate
Principal Amount
5.00% 2026 Notes
GAINNMarch 2, 2021May 1, 20265.00%5,117,500$25.00 $127,938 
4.875% 2028 Notes
GAINZAugust 18, 2021November 1, 20284.875%5,382,000$25.00 134,550 
Notes payable, gross(B)
10,499,500262,488 
Less: Unamortized Discounts(5,052)
Notes payable, net(C)
$257,436 
(A)The 5.00% 2026 Notes and the 4.875% 2028 Notes can be redeemed at our option at any time. The 8.00% 2028 Notes can be redeemed at our option at any time on or after August 1, 2025.
(B)As of March 31, 2024 and 2023, asset coverage on our senior securities representing indebtedness, calculated pursuant to Sections 18 and 61 of the 1940 Act, was 219.0% and 244.7%, respectively.
(C)Reflected as a line item on our accompanying Consolidated Statements of Assets and Liabilities.