XML 42 R31.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

INCOME TAXES (Tables) | 3 Months Ended
--- | ---
Jun. 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 months ended June 30, 2024 and 2023:
| Three Months Ended June 30, |  |
Reconciliation of RIC Distributable Income 1 | 2024 |  | 2023 |  |  |  |
Net increase in net assets from operations | $ | 14,035 |  |  | $ | 23,812 |  |  |  |  |
Net unrealized depreciation (appreciation) on investments | 15,535 |  |  | (12,038) |  |  |  |  |
(Expense/loss) income/gain recognized for tax on pass-through entities | (7) |  |  | (4,202) |  |  |  |  |
Loss (gain) recognized on dispositions | 324 |  |  | (1,641) |  |  |  |  |
Capital loss carryover 2 | (1,551) |  |  | 17,932 |  |  |  |  |
Net operating loss (income) - wholly-owned subsidiary | 51 |  |  | (1,796) |  |  |  |  |
Non-deductible tax expense | 217 |  |  | 93 |  |  |  |  |
Loss on extinguishment of debt | (682) |  |  | (682) |  |  |  |  |
Non-deductible compensation | 1,514 |  |  | 892 |  |  |  |  |
Compensation related book/tax differences | (7,823) |  |  | (5,824) |  |  |  |  |
Interest on non-accrual loans | 1,633 |  |  | 1,415 |  |  |  |  |
Other book/tax differences | 574 |  |  | 1,610 |  |  |  |  |
Estimated distributable income before deductions for distributions | $ | 23,820 |  |  | $ | 19,571 |  |  |  |  |
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, 2024, the Company had long-term capital loss carryforwards of $58.5 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, 2024 and March 31, 2024 (amounts in thousands):
| June 30, 2024 |  | March 31, 2024
Deferred tax asset: |  |  |
Net operating loss carryforwards | $ | 419 |  |  | $ | 159 |
Interest | 966 |  |  | 965 |
Total deferred tax asset | 1,385 |  |  | 1,124 |
Deferred tax liabilities: |  |  |
Net unrealized appreciation on investments | (11,120) |  |  | (11,395) |
Net basis differences in portfolio investments | (4,209) |  |  | (1,726) |
Total deferred tax liabilities | (15,329) |  |  | (13,121) |
Total net deferred tax (liabilities) assets | $ | (13,944) |  |  | $ | (11,997) |
Schedule of Significant Components of Income Tax Provision | The following table sets forth the significant components of income tax provision as of June 30, 2024 and 2023 (amounts in thousands):
| Three Months Ended June 30, |  |
Components of Income Tax Provision | 2024 |  | 2023 |  |  |  |
Excise tax | $ | 167 |  |  | $ | 93 |  |  |  |  |
Tax provision related to Taxable Subsidiary | 2,210 |  |  | 354 |  |  |  |  |
Other | 50 |  |  | — |  |  |  |  |
Total income tax provision | $ | 2,427 |  |  | $ | 447 |  |  |  |  |

X
- 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
Name: | us-gaap_FederalIncomeTaxNoteTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration