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INCOME TAXES (Tables)
6 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
Schedule of Net Assets Resulting from Operations to Estimated RIC Taxable Income
The following reconciles net increase in net assets resulting from operations to estimated RIC taxable income for the six months ended September 30, 2022 and 2021:
Six Months Ended September 30,
Reconciliation of RIC Distributable Income1
20222021
Net increase in net assets from operations$11,968 $10,586 
Net unrealized depreciation (appreciation) on investments8,599 (6,360)
Income/gain (expense/loss) recognized for tax on pass-through entities35 526 
(Gain) loss recognized on dispositions(159)152 
Capital loss carryover2
6,622 — 
Net operating income - wholly-owned subsidiary(1,568)(3,684)
Dividend income from wholly-owned subsidiary745 — 
Non-deductible tax expense251 32 
Loss on extinguishment of debt— 13,632 
Non-deductible compensation1,644 1,767 
Compensation related book/tax differences(3,583)2,042 
Other book/tax differences1,434 2,306 
Estimated distributable income before deductions for distributions$25,988 $20,999 

1The calculation of taxable income for each period is an estimate and will not be finally determined until the Company files its tax return each year. Final taxable income may be different than this estimate.
2At September 30, 2022, the Company had long-term capital loss carryforwards of $23.8 million to offset future capital gains. These capital loss carryforwards are not subject to expiration.
Schedule of Deferred Tax Assets and Liabilities
The following table sets forth the significant components of the deferred tax assets and liabilities as of September 30, 2022 and March 31, 2022 (amounts in thousands):
September 30, 2022March 31, 2022
Deferred tax asset:
Net operating loss carryforwards$— $— 
Interest210185 
Total deferred tax asset210185
Deferred tax liabilities:
Net unrealized appreciation on investments(7,475)(4,899)
Net basis differences in portfolio investments(1,533)(1,033)
Total deferred tax liabilities(9,008)(5,932)
Total net deferred tax (liabilities) assets$(8,798)$(5,747)