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BORROWINGS (Tables)
6 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Borrowings Outstanding
The Company had the following borrowings outstanding as of September 30, 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)
September 30, 2024
SBA Debentures$153,000 $(3,936)$149,064 $148,977 
Corporate Credit Facility200,000 — 200,000 200,000 
SPV Credit Facility78,000 — 78,000 78,000 
January 2026 Notes140,000 (443)139,557 122,895 
October 2026 Notes150,000 (1,538)148,462 132,784 
August 2028 Notes71,875 (1,927)69,948 74,376 
$792,875 $(7,844)$785,031 $757,032 
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 and the October 2026 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 September 30,Six Months Ended September 30,
2024202320242023
Interest expense and unused commitment fees$3,689 $3,901 $7,776 $8,520 
Amortization of deferred financing costs558 444 1,107 740 
Total interest and amortization of deferred financing costs$4,247 $4,345 $8,883 $9,260 
Weighted average effective interest rate7.74 %7.70 %7.75 %7.52 %
Average borrowings$166,685 $185,054 $178,579 $106,120 
The summary information regarding the SPV Credit Facility is as follows (dollars in thousands):

Three Months Ended September 30,Six Months Ended September 30,
2024202320242023
Interest expense and unused commitment fees$1,704 $— $2,920 $— 
Amortization of deferred financing costs114 — 204 — 
Total interest and amortization of deferred financing costs$1,818 $— $3,124 $— 
Weighted average effective interest rate7.85 %— %7.87 %— %
Average borrowings$70,826 $— $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,
2024202320242023
Interest expense$1,575 $1,575 $3,150 $3,150 
Amortization of deferred financing costs84 84 168 168 
Total interest and amortization of deferred financing costs$1,659 $1,659 $3,318 $3,318 
Weighted average effective interest rate4.46 %4.46 %4.46 %4.46 %
Average borrowings$140,000 $140,000 $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,
2024202320242023
Interest expense$1,266 $1,266 $2,531 $2,531 
Amortization of deferred financing costs192 185 385 370 
Total interest and amortization of deferred financing costs$1,458 $1,451 $2,916 $2,901 
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 September 30,Six Months Ended September 30,
2024202320242023
Interest expense$1,393 $1,393 $2,785 $1,640 
Amortization of deferred financing costs127 127 255 169 
Total interest and amortization of deferred financing costs$1,520 $1,520 $3,040 $1,809 
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 six months ended September 30, 2023 was calculated from June 14, 2023 (the issuance date of the August 2028 Notes) through September 30, 2023.
The summary information regarding the SBA Debentures is as follows (dollars in thousands):
Three Months Ended September 30,Six Months Ended September 30,
2024202320242023
Interest expense and fees$1,695 $1,356 $3,372 $2,576 
Amortization of deferred financing costs184 146 368 289 
Total interest and amortization of deferred financing costs$1,879 $1,502 $3,740 $2,865 
Weighted average effective interest rate4.43 %4.23 %4.41 %4.09 %
Average borrowings$153,000 $128,207 $153,000 $125,956 

As of September 30, 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 
$153,000 
(1)The SBA has two scheduled pooling dates for SBA Debentures (in March and in September). Certain SBA Debentures funded during the reporting periods may not be pooled until the subsequent pooling date.
Summary of Contractual Payment Obligations
A summary of the Company's contractual payment obligations for the repayment of outstanding indebtedness at September 30, 2024 is as follows:
Years Ending March 31,
20252026202720282029ThereafterTotal
SBA Debentures$— $— $— $— $— $153,000 $153,000 
Corporate Credit Facility— — — — 200,000 — 200,000 
SPV Credit Facility— — — — 78,000 — 78,000 
January 2026 Notes— 140,000 — — — — 140,000 
October 2026 Notes— — 150,000 — — — 150,000 
August 2028 Notes— — — — 71,875 — 71,875 
Total$— $140,000 $150,000 $— $349,875 $153,000 $792,875