Annual report pursuant to Section 13 and 15(d)

Related-Party Transactions (Tables)

v3.24.0.1
Related-Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Details of Amounts Due to Related Parties on Our Accompanying Condensed Consolidated Balance Sheets
The following tables summarizes the total Selling Commissions and Dealer-Manager Fees paid to Gladstone Securities during the years ended December 31, 2023, 2022, and 2021 (dollars in thousands):
For the Years Ended December 31,
2023 2022 2021
Series C Preferred Stock $ —  $ 13,471  $ 4,961 
Series E Preferred Stock 583  —  — 
Total Selling Commissions and Dealer-Manager Fees $ 583  $ 13,471  $ 4,961 
The following table summarizes related-party fees paid or accrued for and reflected in our accompanying consolidated financial statements (dollars in thousands):
  For the Years Ended December 31,
  2023 2022 2021
Base management fee(1)(2)
$ 8,603  $ 8,307  $ 6,329 
Incentive fee(1)(2)
1,771  3,225  3,901 
Total fees to our Adviser $ 10,374  $ 11,532  $ 10,230 
Administration fee(1)(2)
$ 2,255  $ 2,005  $ 1,526 
Selling Commissions and Dealer-Manager Fees(1)(3)
$ 583  $ 13,471  $ 4,961 
Financing fees(1)(4)
—  154  166 
Total fees to Gladstone Securities $ 583  $ 13,625  $ 5,127 
(1)Pursuant to the agreements with the respective related-party entities, as discussed above.
(2)Reflected as a line item on our accompanying Consolidated Statements of Operations and Comprehensive Income.
(3)Included within Additional paid-in capital on the accompanying Consolidated Balance Sheets.
(4)Included within Notes and bonds payable, net on the Consolidated Balance Sheets and amortized into Interest expense on the Consolidated Statements of Operations and Comprehensive Income.
Amounts due to related parties on our accompanying Consolidated Balance Sheets as of December 31, 2023 and 2022 were as follows (dollars in thousands):
December 31, 2023 December 31, 2022
Base management fee $ 2,156  $ 2,141 
Incentive fee 982  1,589 
Other, net(1)
49  80 
Total due to Adviser 3,187  3,810 
Administration fee 546  536 
Cumulative accrued but unpaid portions of prior Administration Fees(2)
141  — 
Total due to Administrator 687  536 
Total due to Gladstone Securities(3)
—  24 
Total due to related parties(4)
$ 3,874  $ 4,370 
(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)Represents certain costs related to sales of preferred stock paid by Gladstone Securities on our behalf.
(4)Reflected as a line item on our accompanying Consolidated Balance Sheets.