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INCOME TAXES (Tables) | 9 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Book and Tax Basis Differences Relating to Dividends and Distributions | Book and tax basis differences relating to dividends and distributions to our shareholders and other permanent book and tax differences are typically reclassified among the CSWC’s capital accounts. In addition, the character of income and gains to be distributed is determined in accordance with income tax regulations that may differ from U.S. GAAP; accordingly, for the nine months ended December 31, 2022 and 2021, CSWC reclassified for book purposes amounts arising from permanent book/tax differences related to the tax treatment of return of capital and/or deemed distributions, tax treatment of investments upon disposition, and non-deductible expenses, as follows (amounts in thousands):
| Nine Months Ended December 31,
| 2022 |  | 2021
Additional capital | $ | (5,126) |  |  | $ | (6,255) |
Total distributable earnings | 5,126 |  |  | 6,255 |
Schedule of Distributions | The tax character of distributions paid for the years ended December 31, 2022 and 2021 was as follows (amounts in thousands):
| Twelve Months Ended December 31,
| 2022 |  | 2021
Ordinary income | $ | 60,960 |  |  | $ | 56,633 |
Distributions of long term capital gains | — |  |  | — |
Distributions on tax basis | $ | 60,960 |  |  | $ | 56,633 |
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 nine months ended December 31, 2022 and 2021:
| Nine Months Ended December 31,
Reconciliation of RIC Distributable Income 1 | 2022 |  | 2021
Net increase in net assets from operations | $ | 14,917 |  |  | $ | 23,146 |
Net unrealized depreciation (appreciation) on investments | 13,989 |  |  | (4,306) |
Income/gain (expense/loss) recognized for tax on pass-through entities | 10 |  |  | 1,558 |
(Gain) loss recognized on dispositions | (1,473) |  |  | 329 |
Capital loss carryover 2 | 14,454 |  |  | 308 |
Net operating income - wholly-owned subsidiary | 1,071 |  |  | (9,186) |
Dividend income from wholly-owned subsidiary | 1,068 |  |  | — |
Non-deductible tax expense | 466 |  |  | 191 |
Loss on extinguishment of debt | — |  |  | 12,950 |
Non-deductible compensation | 2,443 |  |  | 2,688 |
Compensation related book/tax differences | (1,471) |  |  | 2,542 |
Other book/tax differences | 1,839 |  |  | 3,518 |
Estimated distributable income before deductions for distributions | $ | 47,313 |  |  | $ | 33,738 |
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 December 31, 2022, the Company had long-term capital loss carryforwards of $31.9 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 December 31, 2022 and March 31, 2022 (amounts in thousands):
| December 31, 2022 |  | March 31, 2022
Deferred tax asset: |  |  |
Net operating loss carryforwards | $ | — |  |  | $ | — |
Interest | 220 |  | 185 |
Total deferred tax asset | 220 |  | 185
Deferred tax liabilities: |  |  |
Net unrealized appreciation on investments | (10,911) |  |  | (4,899) |
Net basis differences in portfolio investments | (736) |  |  | (1,033) |
Total deferred tax liabilities | (11,647) |  |  | (5,932) |
Total net deferred tax (liabilities) assets | $ | (11,427) |  |  | $ | (5,747) |
Schedule of Significant Components of Income Tax Provision | The following table sets forth the significant components of income tax provision as of December 31, 2022 and 2021 (amounts in thousands):
| Nine Months Ended December 31,
Components of Income Tax Provision | 2022 |  | 2021
Excise tax | $ | 468 |  |  | $ | 191 |
Tax (benefit) provision related to Taxable Subsidiary | (488) |  |  | 457 |
Total income tax (benefit) provision | $ | (20) |  |  | $ | 648 |

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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 income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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