v3.26.3
BORROWINGS (Tables)
 6 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Borrowings Outstanding
The Company had the following borrowings outstanding as of September 30, 2026 and March 31, 2026 (amounts in thousands):

Outstanding BalanceUnamortized Debt Issuance Costs and Debt Discount/Premium (1)Recorded ValueEstimated Fair Value (2)
September 30, 2026
SBA Debentures$289,000 $(7,336)$281,664 $267,313 
Corporate Credit Facility90,000 — 90,000 90,000 
SPV Credit Facility105,000 — 105,000 105,000 
2029 Convertible Notes230,000 (4,674)225,326 241,793 
September 2030 Notes350,000 (5,355)344,645 329,421 
September 2031 Notes (3)350,000 (7,883)337,866 347,921 
$1,414,000 $(25,248)$1,384,501 $1,381,448 
March 31, 2026
SBA Debentures$223,000 $(5,333)$217,667 $214,238 
Corporate Credit Facility245,000 — 245,000 245,000 
SPV Credit Facility100,000 — 100,000 100,000 
2029 Convertible Notes230,000 (5,413)224,587 218,150 
September 2030 Notes350,000 (6,029)343,971 344,385 
$1,148,000 $(16,775)$1,131,225 $1,121,773 
(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, the September 2030 Notes and the September 2031 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 Corporate Credit Facility and the SPV Credit Facility approximates its recorded value due to its variable interest rate.
(3)The recorded value of the September 2031 Notes includes adjustments of $4.3 million as a result of effective hedge accounting relationships, as applicable. See Note 6 - Derivative Instruments for more information on the interest rate swaps related to this unsecured note issuance.
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,
2026202520262025
Interest expense $4,398 $3,398 $8,096 $6,860 
Unused commitment fees330 465 676 899 
Amortization of deferred financing costs540 609 1,149 1,218 
Total interest and amortization of deferred financing costs$5,268 $4,472 $9,921 $8,977 
Weighted average interest rate6.07 %6.72 %6.03 %6.68 %
Average borrowings$289,880 $202,391 $268,574 $205,328 
The summary information regarding the SPV Credit Facility is as follows (dollars in thousands):

Three Months Ended September 30,Six Months Ended September 30,
2026202520262025
Interest expense$2,065 $1,954 $3,591 $3,869 
Unused commitment and other fees240 299 632 605 
Amortization of deferred financing costs114 114 228 228 
Total interest and amortization of deferred financing costs$2,419 $2,367 $4,451 $4,702 
Weighted average interest rate6.40 %6.92 %6.33 %6.90 %
Average borrowings$129,011 $112,967 $113,454 $112,202 
Schedule of Notes and SBA Debentures
The summary information regarding the October 2026 Notes is as follows (dollars in thousands):

Three Months Ended September 30,Six Months Ended September 30,
2026202520262025
Interest expense$— $1,266 $— $2,531 
Amortization of deferred financing costs— 192 — 385 
Total interest and amortization of deferred financing costs$— $1,458 $— $2,916 
Weighted average interest rate— %3.50 %— %3.50 %
Average borrowings$— $150,000 $— $150,000 
The summary information regarding the August 2028 Notes is as follows (dollars in thousands):

Three Months Ended September 30,Six Months Ended September 30,
2026202520262025
Interest expense$— $1,393 $— $2,785 
Amortization of deferred financing costs— 126 — 252 
Total interest and amortization of deferred financing costs$— $1,519 $— $3,037 
Weighted average interest rate— %7.75 %— %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 September 30,Six Months Ended September 30,
2026202520262025
Interest expense$2,947 $2,947 $5,894 $5,894 
Amortization of deferred financing costs370 370 740 740 
Total interest and amortization of deferred financing costs$3,317 $3,317 $6,634 $6,634 
Weighted average interest rate5.13 %5.13 %5.13 %5.13 %
Average borrowings $230,000 $230,000 $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,
2026202520262025
Interest expense$5,206 $694 $10,412 $694 
Amortization of deferred financing costs337 42 675 42 
Total interest and amortization of deferred financing costs$5,543 $736 $11,087 $736 
Weighted average interest rate5.95 %5.95 %5.95 %5.95 %
Average borrowings (1)$350,000 $350,000 $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 September 2031 Notes is as follows (dollars in thousands):

Three Months Ended September 30,Six Months Ended September 30,
2026202520262025
Interest expense$934 $— $934 $— 
Amortization of deferred financing costs72 — 72 — 
Total interest and amortization of deferred financing costs$1,006 $— $1,006 $— 
Weighted average interest rate (1)6.14 %— %6.11 %— %
Average borrowings $60,870 $— $30,601 $— 
(1)The weighted average interest rate includes the impact of the interest rate swap. See Note 6 - Derivative Instruments for more information on the interest rate swap.
The summary information regarding the SBA Debentures is as follows (dollars in thousands):

Three Months Ended September 30,Six Months Ended September 30,
2026202520262025
Interest expense and fees$3,125 $1,948 $5,808 $3,875 
Amortization of deferred financing costs296 197 560 394 
Total interest and amortization of deferred financing costs$3,421 $2,145 $6,368 $4,269 
Weighted average interest rate4.60 %4.45 %4.56 %4.43 %
Average borrowings$271,522 $175,000 $254,803 $175,000 

As of September 30, 2026, SBA Debentures issued and outstanding mature as follows (amounts in thousands):
Pooling Date (1)Maturity Date (2)Fixed 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%24,000 
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 
3/25/20263/1/20364.973%40,000 
6/24/20266/1/20364.998%12,000 
9/23/20269/1/20365.704%70,000
(3)(3)(3)8,000 
$289,000 
(1)The SBA has four scheduled pooling dates for SBA Debentures (in March, June, September and December). Certain SBA Debentures funded during the reporting periods may not be pooled until the subsequent pooling date.
(2)The Company has begun to make prepayments on SBA Debentures outstanding in SBIC I, including $16.0 million during the quarter ended September 30, 2026.
(3)The Company issued $8.0 million in SBA Debentures that will pool in December 2026. Until the pooling date, the SBA debentures bear interest at a fixed rate with a weighted average interim interest rate of 4.92%.
Schedule of Convertible Debt
Certain key terms related to the convertible features of the 2029 Convertible Notes as of September 30, 2026 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)$24.47 
Conversion rate (shares per $1,000 principal amount) (1)40.87 
Last conversion price calculation dateSeptember 15, 2026
(1)Represents conversion price and conversion rate, as applicable, as of September 30, 2026, taking into account any applicable de minimis adjustments that will be made on the conversion date.
Schedule of Contractual Payment Obligations
A summary of the Company's contractual payment obligations for the repayment of outstanding indebtedness at September 30, 2026 is as follows (amounts in thousands):
Years Ending March 31,
20272028202920302031ThereafterTotal
SBA Debentures$— $— $— $— 289,000 $289,000 
Corporate Credit Facility— — — — — 90,000 90,000 
SPV Credit Facility— — 105,000 — — — 105,000 
2029 Convertible Notes— — — 230,000 — — 230,000 
September 2030 Notes— — — — 350,000 — 350,000 
September 2031 Notes— — — — — 350,000 350,000 
Total$— $— $105,000 $230,000 $350,000 $729,000 $1,414,000