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INCOME TAXES (Tables) | 3 Months Ended
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Jun. 30, 2023
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, 2023 and 2022:
| Three Months Ended June 30, |  |
Reconciliation of RIC Distributable Income 1 | 2023 |  | 2022 |  |
Net increase in net assets from operations | $ | 23,812 |  |  | $ | 2,510 |  |  |
Net unrealized depreciation (appreciation) on investments | (12,038) |  |  | 12,248 |  |  |
(Expense/loss) income/gain recognized for tax on pass-through entities | (4,202) |  |  | 40 |  |  |
(Gain) loss recognized on dispositions | (1,641) |  |  | — |  |  |
Capital loss carryover 2 | 17,932 |  |  | (1,567) |  |  |
Net operating income - wholly-owned subsidiary | (1,796) |  |  | (1,534) |  |  |
Dividend income from wholly-owned subsidiary | — |  |  | 907 |  |  |
Non-deductible tax expense | 93 |  |  | 73 |  |  |
Loss on extinguishment of debt | (682) |  |  | (682) |  |  |
Non-deductible compensation | 892 |  |  | 822 |  |  |
Compensation related book/tax differences | (5,824) |  |  | (5,529) |  |  |
Interest on non-accrual loans | 1,415 |  |  | 1,128 |  |  |
Other book/tax differences | 1,610 |  |  | 257 |  |  |
Estimated distributable income before deductions for distributions | $ | 19,571 |  |  | $ | 8,673 |  |  |
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 June 30, 2023, the Company had long-term capital loss carryforwards of $49.1 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, 2023 and March 31, 2023 (amounts in thousands):
| June 30, 2023 |  | March 31, 2023
Deferred tax asset: |  |  |
Net operating loss carryforwards | $ | — |  |  | $ | — |
Interest | 276 |  |  | 219 |
Total deferred tax asset | 276 |  |  | 219 |
Deferred tax liabilities: |  |  |
Net unrealized appreciation on investments | (11,433) |  |  | (11,413) |
Net basis differences in portfolio investments | (698) |  |  | (923) |
Total deferred tax liabilities | (12,131) |  |  | (12,336) |
Total net deferred tax (liabilities) assets | $ | (11,855) |  |  | $ | (12,117) |

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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 -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3 + 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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