Annual report pursuant to Section 13 and 15(d)

BORROWINGS (Tables)

v3.23.1
BORROWINGS (Tables)
12 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Line of Credit Facilities
The following tables summarize noteworthy information related to the Credit Facility:
As of March 31,
2023 2022
Commitment amount $ 180,000  $ 180,000 
Borrowings outstanding at cost $ 35,200  $ — 
Availability(A)
$ 144,800  $ 180,000 

For the Years Ended March 31

2023 2022 2021
Weighted-average borrowings outstanding
$ 16,186  $ 18,051  $ 82,632 
Effective interest rate(B)
17.3  % 12.5  % 4.3  %
Commitment (unused) fees incurred $ 1,655  $ 1,641  $ 819 
(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 $144.8 million and $180.0 million as of March 31, 2023 and 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 and for the years ended March 31, 2023 and 2022, 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,

2023 2022
Credit Facility
$ 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, 2023:
Fair value at March 31, 2022
$ — 
Borrowings
102,500 
Repayments
(67,300)
Unrealized depreciation (29)
Fair value at March 31, 2023
$ 35,171 

Year ended March 31, 2022:
Fair value at March 31, 2021
$ 22,400 
Borrowings
111,700 
Repayments
(134,100)
Fair value at March 31, 2022
$  
Schedule of Debt
The following tables summarizes our 2026 Notes and 2028 Notes as of March 31, 2023 and 2022:

As of March 31, 2023:
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 (5,052)
Notes payable, net(C)
$ 257,436 


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 March 31, 2023 and 2022, asset coverage on our senior securities representing indebtedness, calculated pursuant to Sections 18 and 61 of the 1940 Act, was 244.7% and 252.9%, respectively.
(C)Reflected as a line item on our accompanying Consolidated Statements of Assets and Liabilities.