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BORROWINGS (Tables)
 9 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Borrowings Outstanding
The Company had the following borrowings outstanding as of December 31, 2024 and March 31, 2024 (amounts in thousands):

Outstanding Balance
Unamortized Debt Issuance Costs and Debt Discount/Premium(1)
Recorded Value
Estimated Fair Value(2)
December 31, 2024
SBA Debentures$175,000 $(4,279)$170,721 $161,364 
Corporate Credit Facility190,000 — 190,000 190,000 
SPV Credit Facility118,000 — 118,000 118,000 
October 2026 Notes150,000 (1,346)148,654 129,411 
August 2028 Notes71,875 (1,800)70,075 74,118 
2029 Convertible Notes230,000 (7,256)222,744 222,976 
$934,875 $(14,681)$920,194 $895,869 
March 31, 2024
SBA Debentures$153,000 $(4,305)$148,695 $141,638 
Corporate Credit Facility265,000 — 265,000 265,000 
SPV Credit Facility— — — — 
January 2026 Notes140,000 (612)139,388 118,249 
October 2026 Notes150,000 (1,923)148,077 127,150 
August 2028 Notes71,875 (2,182)69,693 74,261 
$779,875 $(9,022)$770,853 $726,298 
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(1)The unamortized debt issuance costs for the Corporate Credit Facility and the SPV Credit Facility are reflected as "Debt issuance costs" on the Consolidated Statements of Assets and Liabilities.
(2)Each estimated fair value for the SBA Debentures, the January 2026 Notes, the October 2026 Notes and the 2029 Convertible Notes is a Level 3 fair value measurement under ASC 820 based on a valuation model using a discounted cash flow analysis. The estimated fair value of the August 2028 Notes is based on the closing price of the security on The Nasdaq Global Select Market, which is a Level 1 input under ASC 820. The estimated fair value of the Corporate Credit Facility and the SPV Credit Facility approximates its recorded value due to its variable interest rate.
Schedule of Credit Facilities
The summary information regarding the Corporate Credit Facility is as follows (dollars in thousands):

Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Interest expense and unused commitment fees$3,694 $4,712 $11,470 $13,232 
Amortization of deferred financing costs577 526 1,684 1,266 
Total interest and amortization of deferred financing costs$4,271 $5,238 $13,154 $14,498 
Weighted average effective interest rate7.19 %7.88 %7.53 %7.61 %
Average borrowings$179,511 $224,728 $134,665 $162,915 
The summary information regarding the SPV Credit Facility is as follows (dollars in thousands):

Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Interest expense and unused commitment fees$2,147 $— $5,067 $— 
Amortization of deferred financing costs114 — 318 — 
Total interest and amortization of deferred financing costs$2,261 $— $5,385 $— 
Weighted average effective interest rate7.23 %— %7.54 %— %
Average borrowings$104,435 $— $55,664 $— 
Schedule of Notes and SBA Debentures
The summary information regarding the January 2026 Notes is as follows (dollars in thousands):

Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Interest expense$1,208 $1,575 $4,358 $4,725 
Amortization of deferred financing costs56 84 224 253 
Total interest and amortization of deferred financing costs$1,264 $1,659 $4,582 $4,978 
Weighted average effective interest rate4.46 %4.46 %4.46 %4.46 %
Average borrowings1
$140,000 $140,000 $140,000 $140,000 
1Average borrowings for the three and nine months ended December 31, 2024 was calculated from October 1, 2024 through December 9, 2024 (the redemption date of the January 2026 Notes).
The summary information regarding the October 2026 Notes is as follows (dollars in thousands):

Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Interest expense$1,266 $1,266 $3,797 $3,797 
Amortization of deferred financing costs192 251 577 621 
Total interest and amortization of deferred financing costs$1,458 $1,517 $4,374 $4,418 
Weighted average effective interest rate3.50 %3.50 %3.50 %3.50 %
Average borrowings$150,000 $150,000 $150,000 $150,000 
The summary information regarding the August 2028 Notes is as follows (dollars in thousands):
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Interest expense$1,393 $1,393 $4,178 $3,033 
Amortization of deferred financing costs127 127 382 296 
Total interest and amortization of deferred financing costs$1,520 $1,520 $4,560 $3,329 
Weighted average effective interest rate7.75 %7.75 %7.75 %7.75 %
Average borrowings1
$71,875 $71,875 $71,875 $71,875 
1Average borrowings for the nine months ended December 31, 2023 was calculated from June 14, 2023 (the issuance date of the August 2028 Notes) through December 31, 2023.
The summary information regarding the 2029 Convertible Notes is as follows (dollars in thousands):
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Interest expense$1,703 $— $1,703 $— 
Amortization of deferred financing costs243 — 243 — 
Total interest and amortization of deferred financing costs$1,946 $— $1,946 $— 
Weighted average effective interest rate5.13 %— %5.13 %— %
Average borrowings1
$230,000 $— $230,000 $— 
1Average borrowings for the three and nine months ended December 31, 2024 were calculated from November 4, 2024 (the issuance date of the 2029 Convertible Notes) through December 31, 2024.
The summary information regarding the SBA Debentures is as follows (dollars in thousands):
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Interest expense and fees$1,798 $1,356 $5,170 $3,955 
Amortization of deferred financing costs193 146 561 444 
Total interest and amortization of deferred financing costs$1,991 $1,502 $5,731 $4,399 
Weighted average effective interest rate4.40 %4.24 %4.39 %4.13 %
Average borrowings$163,293 $130,000 $156,444 $127,310 

As of December 31, 2024, SBIC I's issued and outstanding SBA Debentures mature as follows (amounts in thousands):

Pooling Date (1)Maturity DateFixed Interest RateDebenture Amount
9/22/20219/1/20311.575%$15,000 
3/23/20223/1/20323.209%25,000 
9/21/20229/1/20324.435%40,000 
3/22/20233/1/20335.215%40,000 
9/20/20239/1/20335.735%10,000 
3/20/20243/1/20345.164%15,000 
9/25/20249/1/20344.509%8,000 
(2)(2)(2)22,000 
$175,000 
(1)The SBA has two scheduled pooling dates for SBA Debentures (in March and in September). Certain SBA Debentures funded during the reporting periods may not be pooled until the subsequent pooling date.
(2)The Company issued $22.0 million in SBA Debentures that will pool in March 2025. Until the pooling date, the SBA Debentures bear interest at a fixed rate with a weighted-average interim interest rate of 5.16%.
Schedule of Contractual Payment Obligations
A summary of the Company's contractual payment obligations for the repayment of outstanding indebtedness at December 31, 2024 is as follows:
Years Ending March 31,
20252026202720282029ThereafterTotal
SBA Debentures$— $— $— $— $— $175,000 $175,000 
Corporate Credit Facility— — — — 190,000 — 190,000 
SPV Credit Facility— — — — 118,000 — 118,000 
October 2026 Notes— — 150,000 — — — 150,000 
August 2028 Notes— — — — 71,875 — 71,875 
2029 Convertible Notes— — — — — 230,000 230,000 
Total$— $— $150,000 $— $379,875 $405,000 $934,875 
Schedule of Convertible Debt
Certain key terms related to the convertible features of the 2029 Convertible Notes as of December 31, 2024 are as follows:
2029 Convertible Notes
Conversion premium12.0 %
Closing stock price at issuance$22.33 
Closing stock price dateNovember 4, 2024
Conversion price (1)$24.94 
Conversion rate (shares per $1,000 principal amount) (1)40.09 
Last conversion price calculation dateDecember 13, 2024
(1)Represents conversion price and conversion rate, as applicable, as of December 31, 2024, taking into account any applicable de minimis adjustments that will be made on the conversion date.