INCOME TAXES (Tables)

6 Months Ended

Sep. 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 and six ended September 30, 2024 and 2023:

	Six Months Ended September 30,
Reconciliation of RIC Distributable Income1	2024		2023
Net increase in net assets from operations	$	36,719	$	46,436
Net unrealized depreciation (appreciation) on investments	13,727		(7,439)
(Expense/loss) income/gain recognized for tax on pass-through entities	(7)		(4,184)
Realized loss (gain) book/tax differences	11,333		633
Capital loss carryover2	(1,864)		16,733
Net operating income loss - wholly-owned subsidiary	(2,008)		(2,990)
Non-deductible tax expense	542		252
Loss on extinguishment of debt	(1,363)		(1,363)
Non-deductible compensation	3,029		1,785
Compensation related book/tax differences	(6,184)		(3,851)
Interest on non-accrual loans	7,093		2,999
Other book/tax differences	303		251
Estimated distributable income before deductions for distributions	$	61,320	$	49,262

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, 2024, the Company had long-term capital loss carryforwards of $58.2 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, 2024 and March 31, 2024 (amounts in thousands):

	September 30, 2024		March 31, 2024
Deferred tax asset:
Net operating loss carryforwards	$	168	$	159
Interest	1,811		965
Total deferred tax asset	1,979		1,124
Deferred tax liabilities:
Net unrealized appreciation on investments	(11,106)		(11,395)
Net basis differences in portfolio investments	(3,463)		(1,726)
Total deferred tax liabilities	(14,569)		(13,121)
Total net deferred tax (liabilities) assets	$	(12,590)	$	(11,997)

Schedule of Significant Components of Income Tax Provision

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

	Three Months Ended September 30,				Six Months Ended September 30,
Components of Income Tax Provision	2024		2023		2024		2023
Excise tax	$	325	$	159	$	492	$	251
Tax provision related to Taxable Subsidiary	(1,476)		(942)		734		(587)
Other	—		—		50		—
Total income tax provision	$	(1,151)	$	(783)	$	1,276	$	(336)