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INCOME TAXES (Tables) | 6 Months Ended
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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 Income 1 | 2022 |  | 2021
Net increase in net assets from operations | $ | 11,968 |  |  | $ | 10,586 |
Net unrealized depreciation (appreciation) on investments | 8,599 |  |  | (6,360) |
Income/gain (expense/loss) recognized for tax on pass-through entities | 35 |  |  | 526 |
(Gain) loss recognized on dispositions | (159) |  |  | 152 |
Capital loss carryover 2 | 6,622 |  |  | — |
Net operating income - wholly-owned subsidiary | (1,568) |  |  | (3,684) |
Dividend income from wholly-owned subsidiary | 745 |  |  | — |
Non-deductible tax expense | 251 |  |  | 32 |
Loss on extinguishment of debt | — |  |  | 13,632 |
Non-deductible compensation | 1,644 |  |  | 1,767 |
Compensation related book/tax differences | (3,583) |  |  | 2,042 |
Other book/tax differences | 1,434 |  |  | 2,306 |
Estimated distributable income before deductions for distributions | $ | 25,988 |  |  | $ | 20,999 |
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, 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, 2022 |  | March 31, 2022
Deferred tax asset: |  |  |
Net operating loss carryforwards | $ | — |  |  | $ | — |
Interest | 210 |  | 185 |
Total deferred tax asset | 210 |  | 185
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) |

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- Definition Tabular disclosure of the federal tax basis of investment holdings. This item captures the aggregate cost of securities, aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost, aggregate gross unrealized depreciation for all securities in which there is an excess of tax cost over value, net unrealized appreciation (depreciation), and an explanation of the differences between tax and book. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(h)(2)) -URI https://asc.fasb.org/extlink&oid=126898976&loc=d3e600178-122990 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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