| Schedule of Related Party Transactions |
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, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Average total assets subject to base management fee(A)
|
$ |
722,600
|
|
|
$ |
715,400 |
|
|
$ |
717,600
|
|
|
$ |
689,700 |
|
Multiplied by prorated annual base management fee of 2.0% |
0.5
|
% |
|
0.5 |
% |
|
1.0
|
% |
|
1.0 |
% |
Base management fee(B)
|
3,613
|
|
|
3,577 |
|
|
7,176
|
|
|
6,897 |
|
Credits to fees from Adviser - other(B)
|
(1,625) |
|
|
(930) |
|
|
(2,375) |
|
|
(2,181) |
|
| Net base management fee |
$ |
1,988
|
|
|
$ |
2,647 |
|
|
$ |
4,801
|
|
|
$ |
4,716 |
|
|
|
|
|
|
|
|
|
Loan servicing fee(B)
|
1,916
|
|
|
1,794 |
|
|
3,674
|
|
|
3,662 |
|
Credits to base management fee - loan servicing fee(B)
|
(1,916) |
|
|
(1,794) |
|
|
(3,674) |
|
|
(3,662) |
|
| Net loan servicing fee |
$ |
—
|
|
|
$ |
— |
|
|
$ |
—
|
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
| Incentive fee – income-based |
$ |
2,437
|
|
|
$ |
1,757 |
|
|
$ |
4,513
|
|
|
$ |
3,695 |
|
Incentive fee – capital gains-based(C)
|
(1,669) |
|
|
5,594 |
|
|
(736) |
|
|
15,904 |
|
Total incentive fee(B)
|
$ |
768
|
|
|
$ |
7,351 |
|
|
$ |
3,777
|
|
|
$ |
19,599 |
|
Credits to fees from Adviser - other(B)
|
—
|
|
|
— |
|
|
—
|
|
|
— |
|
| Net total incentive fee |
$ |
768
|
|
|
$ |
7,351 |
|
|
$ |
3,777
|
|
|
$ |
19,599 |
|
(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, |
|
2022 |
|
2022 |
| Base management and loan servicing fee due to Adviser, net of credits |
$ |
73
|
|
|
$ |
1,648 |
|
Incentive fee due to Adviser(A)
|
27,097
|
|
|
27,577 |
|
| Other due to Adviser |
621
|
|
|
63 |
|
| Total fees due to Adviser |
27,791
|
|
|
29,288 |
|
| Fee due to Administrator |
615
|
|
|
627 |
|
| Total related party fees due |
$ |
28,406
|
|
|
$ |
29,915 |
|
|