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

Outstanding BalanceUnamortized Debt Issuance Costs and Debt Discount/Premium (1)Recorded ValueEstimated Fair Value (2)
September 30, 2025
SBA Debentures$175,000 $(4,088)$170,912 $168,628 
Corporate Credit Facility— — — — 
SPV Credit Facility77,000 — 77,000 77,000 
October 2026 Notes150,000 (769)149,231 150,000 
August 2028 Notes71,875 (1,429)70,446 72,860 
2029 Convertible Notes230,000 (6,153)223,847 221,944 
September 2030 Notes350,000 (6,678)343,322 347,566 
$1,053,875 $(19,117)$1,034,758 $1,037,998 
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 2029 Convertible Notes and the September 2030 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. The estimated fair value for the October 2026 Notes is based on a redemption price of 100% of the aggregate principal amount outstanding, as discussed below.
Schedule of Credit Facilities
The summary information regarding the Corporate Credit Facility is as follows (dollars in thousands):

Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
Interest expense $3,398 $3,226 $6,860 $6,920 
Unused commitment fees465 463 899 856 
Amortization of deferred financing costs609 558 1,218 1,107 
Total interest and amortization of deferred financing costs$4,472 $4,247 $8,977 $8,883 
Weighted average interest rate6.72 %7.74 %6.68 %7.75 %
Average borrowings$202,391 $166,685 $205,328 $178,579 
The summary information regarding the SPV Credit Facility is as follows (dollars in thousands):

Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
Interest expense$1,954 $1,390 $3,869 $2,307 
Unused commitment and other fees299 314 605 613 
Amortization of deferred financing costs114 114 228 204 
Total interest and amortization of deferred financing costs$2,367 $1,818 $4,702 $3,124 
Weighted average interest rate6.92 %7.85 %6.90 %7.87 %
Average borrowings$112,967 $70,826 $112,202 $58,617 
Schedule of Notes and SBA Debentures
The summary information regarding the January 2026 Notes is as follows (dollars in thousands):

Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
Interest expense$— $1,575 $— $3,150 
Amortization of deferred financing costs— 84 — 168 
Total interest and amortization of deferred financing costs$— $1,659 $— $3,318 
Weighted average interest rate— %4.46 %— %4.46 %
Average borrowings$— $140,000 $— $140,000 
The summary information regarding the October 2026 Notes is as follows (dollars in thousands):

Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
Interest expense$1,266 $1,266 $2,531 $2,531 
Amortization of deferred financing costs192 192 385 385 
Total interest and amortization of deferred financing costs$1,458 $1,458 $2,916 $2,916 
Weighted average 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 September 30,Six Months Ended September 30,
2025202420252024
Interest expense$1,393 $1,393 $2,785 $2,785 
Amortization of deferred financing costs126 127 252 255 
Total interest and amortization of deferred financing costs$1,519 $1,520 $3,037 $3,040 
Weighted average interest rate7.75 %7.75 %7.75 %7.75 %
Average borrowings $71,875 $71,875 $71,875 $71,875 
The summary information regarding the 2029 Convertible Notes is as follows (dollars in thousands):
Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
Interest expense$2,947 $— $5,894 $— 
Amortization of deferred financing costs370 — 740 — 
Total interest and amortization of deferred financing costs$3,317 $— $6,634 $— 
Weighted average interest rate5.13 %— %5.13 %— %
Average borrowings$230,000 $— $230,000 $— 
The summary information regarding the September 2030 Notes is as follows (dollars in thousands):

Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
Interest expense$694 $— $694 $— 
Amortization of deferred financing costs42 — 42 — 
Total interest and amortization of deferred financing costs$736 $— $736 $— 
Weighted average interest rate5.95 %— %5.95 %— %
Average borrowings (1)$350,000 $— $350,000 $— 
(1)Average borrowings for the three and six months ended September 30, 2025 were calculated from September 18, 2025 (the issuance date of the September 2030 Notes) through September 30, 2025.
The summary information regarding the SBA Debentures is as follows (dollars in thousands):
Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
Interest expense and fees$1,948 $1,695 $3,875 $3,372 
Amortization of deferred financing costs197 184 394 368 
Total interest and amortization of deferred financing costs$2,145 $1,879 $4,269 $3,740 
Weighted average interest rate4.45 %4.43 %4.43 %4.41 %
Average borrowings$175,000 $153,000 $175,000 $153,000 

As of September 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 Convertible Debt
Certain key terms related to the convertible features of the 2029 Convertible Notes as of September 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)$24.73 
Conversion rate (shares per $1,000 principal amount) (1)40.43 
Last conversion price calculation dateSeptember 15, 2025
(1)Represents conversion price and conversion rate, as applicable, as of September 30, 2025, taking into account any applicable de minimis adjustments that will be made on the conversion date.
Schedule of Contractual Payment Obligations
A summary of the Company's contractual payment obligations for the repayment of outstanding indebtedness at September 30, 2025 is as follows:
Years Ending March 31,
20262027202820292030ThereafterTotal
SBA Debentures$— $— $— $— $— $175,000 $175,000 
SPV Credit Facility— — — 77,000 — — 77,000 
October 2026 Notes (1)150,000 — — — — — 150,000 
August 2028 Notes (1)71,875 — — — — — 71,875 
2029 Convertible Notes— — — — 230,000 — 230,000 
September 2030 Notes— — — — — 350,000 350,000 
Total$221,875 $— $— $77,000 $230,000 $525,000 $1,053,875 
(1)Subsequent to the fiscal quarter ended September 30, 2025, the Company redeemed, in full, the October 2026 Notes and the August 2028 Notes. See Note 14 - Subsequent Events for more information.