RELATED PARTY TRANSACTIONS (Tables)

9 Months Ended

Dec. 31, 2022

The following table summarizes the base management fees, loan servicing fees, incentive fees, and associated non-contractual, unconditional, and irrevocable credits reflected in our accompanying Consolidated Statements of Operations:


	Three Months Ended December 31,						Nine Months Ended December 31,
	2022			2021			2022			2021
Average total assets subject to base management fee(A)	$	757,800		$	726,000		$	731,000		$	701,800
Multiplied by prorated annual base management fee of 2.0%	0.5		%	0.5		%	1.5		%	1.5		%
Base management fee(B)	3,789			3,630			10,965			10,527
Credits to fees from Adviser - other(B)	(756)			(3,682)			(3,131)			(5,863)
Net base management fee	$	3,033		$	(52)		$	7,834		$	4,664

Loan servicing fee(B)	2,080			1,768			5,754			5,430
Credits to base management fee - loan servicing fee(B)	(2,080)			(1,768)			(5,754)			(5,430)
Net loan servicing fee	$	—		$	—		$	—		$	—

Incentive fee – income-based	$	2,503		$	2,197		$	7,016		$	5,892
Incentive fee – capital gains-based(C)	1,442			390			706			16,294
Total incentive fee(B)	$	3,945		$	2,587		$	7,722		$	22,186
Credits to fees from Adviser - other(B)	—			—			—			—
Net total incentive fee	$	3,945		$	2,587		$	7,722		$	22,186

(A)Average total assets subject to the base management fee is defined in the Advisory Agreement as total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings, valued at the end of the applicable quarters within the respective periods and adjusted appropriately for any share issuances or repurchases during the periods.

(B)Reflected as a line item on our accompanying Consolidated Statements of Operations.

(C)The capital gains-based incentive fees are recorded in accordance with GAAP and do not necessarily reflect amounts contractually due under the terms of the Advisory Agreement.

Amounts due to related parties on our accompanying Consolidated Statements of Assets and Liabilities were as follows:


	As of December 31,		As of March 31,
	2022		2022
Base management and loan servicing fee due to Adviser, net of credits	$	953	$	1,648
Incentive fee due to Adviser(A)	28,605		27,577
Other due to Adviser	604		63
Total fees due to Adviser	30,162		29,288
Fee due to Administrator	564		627
Total related party fees due	$	30,726	$	29,915

(A)Includes a capital gains-based incentive fee of $26.1 million and $25.4 million as of December 31, 2022 and March 31, 2022, respectively, recorded in accordance with GAAP requirements, and which was not contractually due under the terms of the Advisory Agreement. Refer to Note 4 — Related Party Transactions — Transactions with the Adviser — Incentive Fee for additional information, including capital gains-based incentive fee payments made.