INCOME TAXES (Tables)

3 Months Ended

Jun. 30, 2024

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 three months ended June 30, 2024 and 2023:

	Three Months Ended June 30,
Reconciliation of RIC Distributable Income1	2024		2023
Net increase in net assets from operations	$	14,035	$	23,812
Net unrealized depreciation (appreciation) on investments	15,535		(12,038)
(Expense/loss) income/gain recognized for tax on pass-through entities	(7)		(4,202)
Loss (gain) recognized on dispositions	324		(1,641)
Capital loss carryover2	(1,551)		17,932
Net operating loss (income) - wholly-owned subsidiary	51		(1,796)
Non-deductible tax expense	217		93
Loss on extinguishment of debt	(682)		(682)
Non-deductible compensation	1,514		892
Compensation related book/tax differences	(7,823)		(5,824)
Interest on non-accrual loans	1,633		1,415
Other book/tax differences	574		1,610
Estimated distributable income before deductions for distributions	$	23,820	$	19,571

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 June 30, 2024, the Company had long-term capital loss carryforwards of $58.5 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 June 30, 2024 and March 31, 2024 (amounts in thousands):

	June 30, 2024		March 31, 2024
Deferred tax asset:
Net operating loss carryforwards	$	419	$	159
Interest	966		965
Total deferred tax asset	1,385		1,124
Deferred tax liabilities:
Net unrealized appreciation on investments	(11,120)		(11,395)
Net basis differences in portfolio investments	(4,209)		(1,726)
Total deferred tax liabilities	(15,329)		(13,121)
Total net deferred tax (liabilities) assets	$	(13,944)	$	(11,997)

Schedule of Significant Components of Income Tax Provision

The following table sets forth the significant components of income tax provision as of June 30, 2024 and 2023 (amounts in thousands):

	Three Months Ended June 30,
Components of Income Tax Provision	2024		2023
Excise tax	$	167	$	93
Tax provision related to Taxable Subsidiary	2,210		354
Other	50		—
Total income tax provision	$	2,427	$	447