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BORROWINGS (Tables) | 3 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Line of Credit Facilities | The following tables summarize noteworthy information related to the Credit Facility:
| As of June 30, 2024 |  | As of March 31, 2024
Commitment amount | $ | 200,000 |  | $ | 200,000
Borrowings outstanding at cost | $ | 63,700 |  | $ | 67,000
Availability(A) | $ | 136,300 |  | $ | 133,000
| For the Three Months Ended June 30, |  |  |  |
| 2024 |  | 2023 |  |  |  |  |  |  |  |  |
Weighted-average borrowings outstanding | $ | 64,746 |  |  | $ | 43,648 |  |  |  |  |  |  |  |  |  |
Effective interest rate(B) | 10.8 | % |  | 11.2 | % |  |  |  |  |  |  |  |  |
Commitment (unused) fees incurred | $ | 342 |  |  | $ | 345 |  |  |  |  |  |  |  |  |  |
(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 $136.3 million and $133.0 million as of June 30, 2024 and March 31, 2024, 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 June 30, 2024 and March 31, 2024 and for the three months ended June 30, 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)
| June 30, 2024 |  | March 31, 2024
Credit Facility | $ | 63,700 |  |  | $ | 67,000 |
Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3) Reported in Consolidated Statements of Assets and Liabilities
| Credit Facility
Three Months Ended June 30, 2024: |
Fair value at March 31, 2024 | $ | 67,000 |
Borrowings | 16,300 |
Repayments | (19,600) |
Unrealized appreciation | — |
Fair value at June 30, 2024 | $ | 63,700 |
Three Months Ended June 30, 2023 |
Fair value at March 31, 2023 | $ | 35,171 |
Borrowings | 31,800 |
Repayments | (20,800) |
Unrealized depreciation | (11) |
Fair value at June 30, 2023 | $ | 46,160 |
Schedule of Debt | The following tables summarize our 5.00% 2026 Notes, 4.875% 2028 Notes and 8.00% 2028 Notes as of June 30, 2024 and March 31, 2024:
As of June 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |
Description |  | Ticker Symbol |  | Date Issued |  | Maturity Date(A) |  | Interest Rate |  | Notes Outstanding |  | Principal Amount per Note |  | Aggregate Principal Amount
5.00% 2026 Notes |  | GAINN |  | March 2, 2021 |  | May 1, 2026 |  | 5.00% |  | 5,117,500 |  | $ | 25.00 |  |  | $ | 127,938 |
4.875% 2028 Notes |  | GAINZ |  | August 18, 2021 |  | November 1, 2028 |  | 4.875% |  | 5,382,000 |  | $ | 25.00 |  |  | 134,550 |
8.00% 2028 Notes |  | GAINL |  | May 31, 2023 |  | August 1, 2028 |  | 8.00% |  | 2,990,000 |  | $ | 25.00 |  |  | 74,750 |
Notes payable, gross(B) |  | 13,489,500 |  |  |  | 337,238 |
Less: Unamortized Discounts |  |  |  |  |  | (5,553) |
Notes payable, net(C) |  |  |  |  |  | $ | 331,685 |
As of March 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |
Description |  | Ticker Symbol |  | Date Issued |  | Maturity Date(A) |  | Interest Rate |  | Notes Outstanding |  | Principal Amount per Note |  | Aggregate Principal Amount
5.00% 2026 Notes |  | GAINN |  | March 2, 2021 |  | May 1, 2026 |  | 5.00% |  | 5,117,500 |  | $ | 25.00 |  |  | $ | 127,938 |
4.875% 2028 Notes |  | GAINZ |  | August 18, 2021 |  | November 1, 2028 |  | 4.875% |  | 5,382,000 |  | $ | 25.00 |  |  | 134,550 |
8.00% 2028 Notes |  | GAINL |  | May 31, 2023 |  | August 1, 2028 |  | 8.00% |  | 2,990,000 |  | $ | 25.00 |  |  | 74,750 |
Notes payable, gross(B) |  | 13,489,500 |  |  |  | 337,238 |
Less: Unamortized Discounts |  |  |  |  |  | (5,893) |
Notes payable, net(C) |  |  |  |  |  | $ | 331,345 |
(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 June 30, 2024 and March 31, 2024, asset coverage on our senior securities representing indebtedness, calculated pursuant to Sections 18 and 61 of the 1940 Act, was 216.3% and 219.0%, 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 -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
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