Quarterly report [Sections 13 or 15(d)]

RELATED-PARTY TRANSACTIONS (Tables)

v3.26.3
RELATED-PARTY TRANSACTIONS (Tables)
 9 Months Ended
Sep. 30, 2026
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
For the Three Months Ended September 30, For the Nine Months Ended September 30,
2026 2025 2026 2025
Base management fee(1)(2)
$ 1,937  $ 1,992  $ 5,827  $ 6,040 
Incentive fee(1)(2)
3,174  —  3,174  — 
Incentive fee waiver(2)
(3,174) —  (3,174) — 
Total fees to our Adviser $ 1,937  $ 1,992  $ 5,827  $ 6,040 
Administration fee(1)(2)
$ 693  $ 650  $ 2,136  $ 1,863 
Financing fees(1)(3)
$ —  $ —  $ —  $ 15 
Total fees to Gladstone Securities $ —  $ —  $ —  $ 15 
(1)Pursuant to the agreements with the respective related-party entities, as discussed above.
(2)Reflected as a line item on our accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.
(3)Included within Notes and bonds payable, net on the Condensed Consolidated Balance Sheets and amortized into Interest expense on the Condensed Consolidated Statements of Operations and Comprehensive Income.
Amounts due to related parties on our accompanying Condensed Consolidated Balance Sheets as of September 30, 2026, and December 31, 2025, were as follows (dollars in thousands):
September 30, 2026 December 31, 2025
Base management fee $ 1,937  $ 1,967 
Other, net(1)
90  58 
Total due to Adviser 2,027  2,025 
Administration fee 693  753 
Cumulative accrued but unpaid portion of prior Administration Fees(2)
—  66 
Total due to Administrator 693  819 
Total due to related parties, net(3)
$ 2,720  $ 2,844 
(1)Other amounts due to or from our Adviser primarily relate to miscellaneous general and administrative expenses either paid by our Adviser on our behalf or by us on our Adviser’s behalf.
(2)Represents the cumulative accrued but unpaid portion of prior Administration fees that are scheduled to be paid during the three months ending September 30 of each year, which is the quarter following our Administrator’s fiscal year end.
(3)Reflected as a line item on our accompanying Condensed Consolidated Balance Sheets.