RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Sep. 30, 2023

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 September 30,						Six Months Ended September 30,
	2023			2022			2023			2022
Average total assets subject to base management fee(A)	$	868,200		$	722,600		$	827,200		$	717,600
Multiplied by prorated annual base management fee of 2.0%	0.5		%	0.5		%	1.0		%	1.0		%
Base management fee(B)	4,341			3,613			8,272			7,176
Credits to fees from Adviser - other(B)	(2,049)			(1,625)			(3,324)			(2,375)
Net base management fee	$	2,292		$	1,988		$	4,948		$	4,801

Loan servicing fee(B)	2,325			1,916			4,497			3,674
Credits to base management fee - loan servicing fee(B)	(2,325)			(1,916)			(4,497)			(3,674)
Net loan servicing fee	$	—		$	—		$	—		$	—

Incentive fee – income-based	$	1,733		$	2,437		$	3,860		$	4,513
Incentive fee – capital gains-based(C)	9,807			(1,669)			9,874			(736)
Total incentive fee(B)	$	11,540		$	768		$	13,734		$	3,777
Credits to fees from Adviser - other(B)	—			—			—			—
Net total incentive fee	$	11,540		$	768		$	13,734		$	3,777

(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 September 30,		As of March 31,
	2023		2023
Base management and loan servicing fee due to Adviser, net of credits	$	(33)	$	1,574
Incentive fee due to Adviser(A)	36,706		27,259
Other due to Adviser	590		86
Total fees due to Adviser	37,263		28,919
Fee due to Administrator	389		716
Total related party fees due	$	37,652	$	29,635

(A)Includes a capital gains-based incentive fee of $35.0 million and $25.1 million as of September 30, 2023 and March 31, 2023, 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.