Quarterly report pursuant to Section 13 or 15(d)

BORROWINGS (Tables)

v3.22.2.2
BORROWINGS (Tables)
6 Months Ended
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.