v3.26.3
INCOME TAXES (Tables)
 6 Months Ended
Sep. 30, 2026
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, 2026 and 2025 (amounts in thousands):
Six Months Ended September 30,
Reconciliation of RIC Distributable Income (1)20262025
Net increase in net assets from operations$46,167 $52,620 
Net unrealized depreciation on investments26,985 22,029 
Expense/loss recognized for tax on pass-through entities5 — 
Realized gain book/tax differences947 (613)
Capital loss carryover (2)(332)13,537 
Net operating income - wholly-owned subsidiary(6,552)(24,404)
Dividend income from wholly-owned subsidiary5,817 27,000 
Non-deductible tax expense1,059 1,487 
Loss on extinguishment of debt— (1,363)
Non-deductible compensation3,744 2,773 
Compensation related book/tax differences(6,145)(2,387)
Interest on non-accrual loans4,382 2,953 
Other book/tax differences266 (39)
Estimated distributable income before deductions for distributions$76,343 $93,593 
(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, 2026, the Company had long-term capital loss carryforwards of $159.7 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, 2026 and March 31, 2026 (amounts in thousands):
September 30, 2026March 31, 2026
Deferred tax asset:
Net operating loss carryforwards$442 $443 
Interest2,542 2,541 
Total deferred tax asset2,984 2,984 
Deferred tax liabilities:
Net unrealized appreciation on investments(12,972)(12,907)
Net basis differences in portfolio investments(1,804)(2,584)
Total deferred tax liabilities(14,776)(15,491)
Total net deferred tax (liabilities) assets$(11,792)$(12,507)
Schedule of Significant Components of Income Tax Provision The following table sets forth the significant components of income tax provision as of September 30, 2026 and 2025 (amounts in thousands):
Three Months Ended September 30,Six Months Ended September 30,
Components of Income Tax Provision2026202520262025
Excise tax$678 $755 $1,120 $1,414 
Tax provision (benefit) related to Taxable Subsidiary196 1,278 (958)1,374 
Other— — 1 73 
Total income tax (benefit) provision$874 $2,033 $163 $2,861