INCOME TAXES (Tables)

6 Months Ended

Sep. 30, 2025

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, 2025 and 2024:

	Six Months Ended September 30,
Reconciliation of RIC Distributable Income (1)	2025		2024
Net increase in net assets from operations	$	52,620	$	36,719
Net unrealized depreciation on investments	22,029		13,727
Expense/loss recognized for tax on pass-through entities	—		(7)
Realized (gain) loss book/tax differences	(613)		11,333
Capital loss carryover (2)	13,537		(1,864)
Net operating income - wholly-owned subsidiary	(24,404)		(2,008)
Dividend income from wholly-owned subsidiary	27,000		—
Non-deductible tax expense	1,487		542
Loss on extinguishment of debt	(1,363)		(1,363)
Non-deductible compensation	2,773		3,029
Compensation related book/tax differences	(2,387)		(6,184)
Interest on non-accrual loans	2,953		7,093
Other book/tax differences	(39)		303
Estimated distributable income before deductions for distributions	$	93,593	$	61,320

(1)The 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.

(2)At September 30, 2025, the Company had long-term capital loss carryforwards of $144.3 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, 2025 and March 31, 2025 (amounts in thousands):

	September 30, 2025		March 31, 2025
Deferred tax asset:
Net operating loss carryforwards	$	253	$	253
Interest	1,811		1,811
Total deferred tax asset	2,064		2,064
Deferred tax liabilities:
Net unrealized appreciation on investments	(12,524)		(15,054)
Net basis differences in portfolio investments	(4,401)		(3,790)
Total deferred tax liabilities	(16,925)		(18,844)
Total net deferred tax (liabilities) assets	$	(14,861)	$	(16,780)

Schedule of Significant Components of Income Tax Provision

The following table sets forth the significant components of income tax provision as of September 30, 2025 and 2024 (amounts in thousands):

	Three Months Ended September 30,				Six Months Ended September 30,
Components of Income Tax Provision	2025		2024		2025		2024
Excise tax	$	755	$	325	$	1,414	$	492
Tax provision related to Taxable Subsidiary	1,278		(1,476)		1,374		734
Other	—		—		73		50
Total income tax provision	$	2,033	$	(1,151)	$	2,861	$	1,276