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RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended
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Sep. 30, 2025
Related Party Transactions [Abstract] |
Schedule of Related Party Transactions and Related Party Fees Due | 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,
| 2025 |  | 2024 |  | 2025 |  | 2024
Average total assets subject to base management fee(A)(B) | $ | 1,091,400 |  |  | $ | 889,400 |  |  | $ | 1,053,700 |  |  | $ | 906,500 |
Multiplied by prorated annual base management fee of 2.0% | 0.5 | % |  | 0.5 | % |  | 1.0 | % |  | 1.0 | %
Base management fee(C) | 5,457 |  |  | 4,447 |  |  | 10,537 |  |  | 9,065 |
Credits to fees from Adviser - other(C) | (1,638) |  |  | (669) |  |  | (3,037) |  |  | (1,296) |
Net base management fee | $ | 3,819 |  |  | $ | 3,778 |  |  | $ | 7,500 |  |  | $ | 7,769 |
Loan servicing fee(C) | $ | 2,932 |  |  | $ | 2,194 |  |  | 5,604 |  |  | 4,416 |
Credits to base management fee - loan servicing fee(C) | (2,932) |  |  | (2,194) |  |  | (5,604) |  |  | (4,416) |
Net loan servicing fee | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Incentive fee – income-based | $ | 310 |  |  | $ | 594 |  |  | $ | 310 |  |  | $ | 594 |
Incentive fee – capital gains-based(D) | 4,897 |  |  | 1,638 |  |  | 4,688 |  |  | (2,150) |
Total incentive fee(C) | $ | 5,207 |  |  | $ | 2,232 |  |  | $ | 4,998 |  |  | $ | (1,556) |
Credits to fees from Adviser - other(C) | — |  |  | — |  |  | — |  |  | — |
Net total incentive fee | $ | 5,207 |  |  | $ | 2,232 |  |  | $ | 4,998 |  |  | $ | (1,556) |
(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)Excludes our investment in Gladstone Alternative valued at the end of the applicable quarters within the respective periods. (C)Reflected as a line item on our accompanying Consolidated Statements of Operations. (D)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,
| 2025 |  | 2025
Base management and loan servicing fee due to Adviser, net of credits | $ | 1,630 |  |  | $ | 2,027 |
Incentive fee due to Adviser(A) | 44,323 |  |  | 41,663 |
Other due to Adviser | 109 |  |  | 126 |
Total fees due to Adviser | 46,062 |  |  | 43,817 |
Fee due to Administrator | 527 |  |  | 767 |
Total related party fees due | $ | 46,589 |  |  | $ | 44,584 |
(A)Includes a capital gains-based incentive fee of $44.0 million and $39.3 million as of September 30, 2025 and March 31, 2025, 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.

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- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 + Details
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