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BORROWINGS (Tables)
 3 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Borrowings Outstanding
The Company had the following borrowings outstanding as of June 30, 2025 and March 31, 2025 (amounts in thousands):

Outstanding BalanceUnamortized Debt Issuance Costs and Debt Discount/Premium (1)Recorded ValueEstimated Fair Value (2)
June 30, 2025
SBA Debentures$175,000 $(3,885)$171,115 $166,547 
Corporate Credit Facility200,000 — 200,000 200,000 
SPV Credit Facility112,000 — 112,000 112,000 
October 2026 Notes150,000 (962)149,038 130,673 
August 2028 Notes71,875 (1,555)70,320 73,491 
2029 Convertible Notes230,000 (6,523)223,477 222,551 
$938,875 $(12,925)$925,950 $905,262 
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 
(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 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 June 30,
20252024
Interest expense $3,462 $3,694 
Unused commitment fees434 393 
Amortization of deferred financing costs609 548 
Total interest and amortization of deferred financing costs$4,505 $4,635 
Weighted average interest rate6.65 %7.75 %
Average borrowings$208,297 $190,604 
The summary information regarding the SPV Credit Facility is as follows (dollars in thousands):

Three Months Ended June 30,
20252024
Interest expense$1,916 $916 
Unused commitment and other fees306 300 
Amortization of deferred financing costs114 90 
Total interest and amortization of deferred financing costs$2,336 $1,306 
Weighted average interest rate6.88 %7.92 %
Average borrowings$111,429 $46,275 
Schedule of Notes and SBA Debentures
The summary information regarding the January 2026 Notes is as follows (dollars in thousands):
Three Months Ended June 30,
20252024
Interest expense$— $1,575 
Amortization of deferred financing costs— 84 
Total interest and amortization of deferred financing costs$— $1,659 
Weighted average interest rate— %4.46 %
Average borrowings$— $140,000 
The summary information regarding the October 2026 Notes is as follows (dollars in thousands):

Three Months Ended June 30,
20252024
Interest expense$1,266 $1,266 
Amortization of deferred financing costs192 192 
Total interest and amortization of deferred financing costs$1,458 $1,458 
Weighted average interest rate3.50 %3.50 %
Average borrowings$150,000 $150,000 
The summary information regarding the August 2028 Notes is as follows (dollars in thousands):
Three Months Ended June 30,
20252024
Interest expense$1,393 $1,393 
Amortization of deferred financing costs126 127 
Total interest and amortization of deferred financing costs$1,519 $1,520 
Weighted average interest rate7.75 %7.75 %
Average borrowings $71,875 $71,875 
The summary information regarding the 2029 Convertible Notes is as follows (dollars in thousands):
Three Months Ended June 30,
20252024
Interest expense$2,947 $— 
Amortization of deferred financing costs370 — 
Total interest and amortization of deferred financing costs$3,317 $— 
Weighted average interest rate5.13 %— %
Average borrowings$230,000 $— 
The summary information regarding the SBA Debentures is as follows (dollars in thousands):
Three Months Ended June 30,
20252024
Interest expense and fees$1,927 $1,677 
Amortization of deferred financing costs197 184 
Total interest and amortization of deferred financing costs$2,124 $1,861 
Weighted average interest rate4.40 %4.38 %
Average borrowings$175,000 $153,000 

As of June 30, 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 
$175,000 
(1)The SBA has two scheduled pooling dates for SBA Debentures (in March and in September). Certain SBA Debentures funded during the reporting periods may not be pooled until the subsequent pooling date.
Schedule of Contractual Payment Obligations
A summary of the Company's contractual payment obligations for the repayment of outstanding indebtedness at June 30, 2025 is as follows:
Years Ending March 31,
20262027202820292030ThereafterTotal
SBA Debentures$— $— $— $— $— $175,000 $175,000 
Corporate Credit Facility— — — 200,000 — — 200,000 
SPV Credit Facility— — — 112,000 — — 112,000 
October 2026 Notes— 150,000 — — — — 150,000 
August 2028 Notes— — — 71,875 — — 71,875 
2029 Convertible Notes— — — — 230,000 — 230,000 
Total$— $150,000 $— $383,875 $230,000 $175,000 $938,875 
Schedule of Convertible Debt
Certain key terms related to the convertible features of the 2029 Convertible Notes as of June 30, 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)$24.80 
Conversion rate (shares per $1,000 principal amount) (1)40.32 
Last conversion price calculation dateJune 13, 2025
(1)Represents conversion price and conversion rate, as applicable, as of June 30, 2025, taking into account any applicable de minimis adjustments that will be made on the conversion date.