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BORROWINGS (Tables)
 12 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Borrowings Outstanding
The Company had the following borrowings outstanding as of March 31, 2025 and March 31, 2024 (amounts in thousands):

Outstanding Balance
Unamortized Debt Issuance Costs and Debt Discount/Premium(1)
Recorded Value
Estimated Fair Value(2)
March 31, 2025
SBA Debentures$175,000 $(4,082)$170,918 $166,460 
Corporate Credit Facility235,000 — 235,000 235,000 
SPV Credit Facility108,000 — 108,000 108,000 
October 2026 Notes150,000 (1,154)148,846 130,899 
August 2028 Notes71,875 (1,681)70,194 73,571 
2029 Convertible Notes230,000 (6,893)223,107 225,780 
$969,875 $(13,810)$956,065 $939,710 
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 
(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):

Years Ended March 31,
202520242023
Interest expense $13,655 $16,661 $11,156 
Unused commitment fees1,710 1,152 852 
Amortization of deferred financing costs2,262 1,813 1,144 
Total interest and amortization of deferred financing costs$17,627 $19,626 $13,152 
Weighted average interest rate7.33 %7.66 %5.22 %
Average borrowings$186,274 $217,500 $213,658 
The summary information regarding the SPV Credit Facility is as follows (dollars in thousands):

Years Ended March 31,
202520242023
Interest expense$6,118 $— $— 
Unused commitment and other fees1,165 45 — 
Amortization of deferred financing costs432 — — 
Total interest and amortization of deferred financing costs$7,715 $45 $— 
Weighted average interest rate7.32 %— %— %
Average borrowings$83,534 $— $— 
Schedule of Notes and SBA Debentures
The summary information regarding the January 2026 Notes is as follows (dollars in thousands):

Years Ended March 31,
202520242023
Interest expense$4,358 $6,300 $6,300 
Amortization of deferred financing costs224 337 344 
Total interest and amortization of deferred financing costs$4,582 $6,637 $6,644 
Weighted average interest rate4.46 %4.46 %4.46 %
Average borrowings1
$140,000 $140,000 $140,000 
1Average borrowings for the year ended March 31, 2025 was calculated from April 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):

Years Ended March 31,
202520242023
Interest expense$5,062 $5,062 $5,062 
Amortization of deferred financing costs770 814 734 
Total interest and amortization of deferred financing costs$5,832 $5,876 $5,796 
Weighted average interest rate3.50 %3.50 %3.50 %
Average borrowings$150,000 $150,000 $150,000 
The summary information regarding the August 2028 Notes is as follows (dollars in thousands):
Years Ended March 31,
202520242022
Interest expense$5,570 $4,425 $— 
Amortization of deferred financing costs501 423 — 
Total interest and amortization of deferred financing costs$6,071 $4,848 $— 
Weighted average interest rate7.75 %7.75 %— %
Average borrowings1
$71,875 $71,875 $— 
1Average borrowings for the year ended March 31, 2024 was calculated from June 14, 2023 (the issuance date of the August 2028 Notes) through March 31, 2024.
The summary information regarding the 2029 Convertible Notes is as follows (dollars in thousands):
Years Ended March 31,
202520242023
Interest expense$4,650 $— $— 
Amortization of deferred financing costs613 — — 
Total interest and amortization of deferred financing costs$5,263 $— $— 
Weighted average interest rate5.13 %— %— %
Average borrowings1
$230,000 $— $— 
1Average borrowings for the year ended March 31, 2025 was calculated from November 4, 2024 (the issuance date of the 2029 Convertible Notes) through March 31, 2025.
The summary information regarding the SBA Debentures is as follows (dollars in thousands):
Years Ended March 31,
202520242023
Interest expense and fees$7,085 $5,418 $2,792 
Amortization of deferred financing costs758 619 426 
Total interest and amortization of deferred financing costs$7,843 $6,037 $3,218 
Weighted average interest rate4.40 %4.18 %3.38 %
Average borrowings$161,019 $129,708 $82,641 

As of March 31, 2025, 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 
3/26/20253/1/20355.092%22,000 
$175,000 
(1)The SBA has two scheduled pooling dates for SBA Debentures (in March and in September). Certain SBA Debentures funded during the reporting periods may not be pooled until the subsequent pooling date.
Schedule of Contractual Payment Obligations
A summary of the Company's contractual payment obligations for the repayment of outstanding indebtedness at March 31, 2025 is as follows:
Years Ending March 31,
20262027202820292030ThereafterTotal
SBA Debentures$— $— $— $— $— $175,000 $175,000 
Corporate Credit Facility— — — 235,000 — — 235,000 
SPV Credit Facility— — — 108,000 — — 108,000 
October 2026 Notes— 150,000 — — — — 150,000 
August 2028 Notes— — — 71,875 — — 71,875 
2029 Convertible Notes— — — — 230,000 — 230,000 
Total$— $150,000 $— $414,875 $230,000 $175,000 $969,875 
Schedule of Convertible Debt
Certain key terms related to the convertible features of the 2029 Convertible Notes as of March 31, 2025 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)$24.87 
Conversion rate (shares per $1,000 principal amount) (1)40.20 
Last conversion price calculation dateMarch 14, 2025
(1)Represents conversion price and conversion rate, as applicable, as of March 31, 2025, taking into account any applicable de minimis adjustments that will be made on the conversion date.