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BORROWINGS (Tables)
6 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Information Related to the Credit Facility
The following tables summarize noteworthy information related to our Credit Facility:
As of September 30, 2025
As of March 31, 2025
Commitment amount$270,000$270,000
Borrowings outstanding at cost$97,700$
Availability(A)
$172,300$270,000
For the Three Months Ended September 30,
For the Six Months Ended September 30,
2025202420252024
Weighted-average borrowings outstanding$107,599 $60,808 $72,153 $62,766 
Effective interest rate(B)
8.9%11.0%10.2%10.9%
Unused commitment fees incurred
$328 $320 $920 $661 
(A)Availability is subject to various constraints, characteristics and applicable advance rates based on collateral quality under our Credit Facility, which equated to an adjusted availability of $172.3 million and $270.0 million as of September 30, 2025 and March 31, 2025, respectively.
(B)Excludes the impact of deferred financing costs and includes unused commitment fees.
Schedule of Recurring Fair Value Measurements of Borrowings Using Significant Unobservable Level 3 Inputs
The following tables provide relevant information and disclosures about our Credit Facility as of September 30, 2025 and March 31, 2025 and for the three and six months ended September 30, 2025 and 2024, 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, 2025March 31, 2025
Credit Facility$98,053 $— 
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, 2025:
Fair value at June 30, 2025
$62,269 
Borrowings75,800 
Repayments(40,100)
Unrealized appreciation84 
Fair value at September 30, 2025
$98,053 
Six Months Ended September 30, 2025
Fair value at March 31, 2025
$— 
Borrowings153,300 
Repayments(55,600)
Unrealized appreciation353 
Fair value at September 30, 2025
$98,053 
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, 2024:
Fair value at June 30, 2024
$63,700 
Borrowings31,500 
Repayments(86,300)
Fair value at September 30, 2024
$8,900 
Six Months Ended September 30, 2024
Fair value at March 31, 2024
$67,000 
Borrowings47,800 
Repayments(105,900)
Fair value at September 30, 2024
$8,900 
Schedule of Debt
The following tables summarize our 5.00% 2026 Notes, 4.875% 2028 Notes, 8.00% 2028 Notes and 7.875% 2030 Notes as of September 30, 2025 and March 31, 2025:

As of September 30, 2025:
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 
8.00% 2028 Notes
GAINLMay 31, 2023August 1, 20288.00%2,990,000$25.00 74,750 
7.875% 2030 Notes
GAINIDecember 17, 2024February 1, 20307.875%5,060,000$25.00 126,500 
Notes payable, gross(B)
18,549,500463,738 
Less: Unamortized Discounts(6,760)
Notes payable, net(C)
$456,978 
As of March 31, 2025:
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 
8.00% 2028 Notes
GAINLMay 31, 2023August 1, 20288.00%2,990,000$25.00 74,750 
7.875% 2030 Notes
GAINIDecember 17, 2024February 1, 20307.875%5,060,000$25.00 126,500 
Notes payable, gross(B)
18,549,500463,738 
Less: Unamortized Discounts(8,029)
Notes payable, net(C)
$455,709 
(A)The 5.00% 2026 Notes, the 4.875% 2028 Notes and the 8.00% 2028 Notes can be redeemed at our option at any time. The 7.875% 2030 Notes can be redeemed at our option at any time on or after February 1, 2027.
(B)As of September 30, 2025 and March 31, 2025, asset coverage on our senior securities representing indebtedness, calculated pursuant to Sections 18 and 61 of the 1940 Act, was 193.2% and 204.4%, respectively.
(C)Reflected as a line item on our accompanying Consolidated Statements of Assets and Liabilities.