Gladstone Land Corporation Quarterly report pursuant to Section 13 or 15(d)

Related-Party Transactions (Tables)

Related-Party Transactions (Tables)

3 Months Ended

Mar. 31, 2020

Summary of Management Fees, Incentive Fees and Associated Credits and Administration Fees

The following table summarizes related-party fees paid or accrued for and reflected in our accompanying condensed consolidated financial statements (dollars in thousands):



	For the Three Months Ended March 31,
	2020		2019
Base management fee⁽¹⁾⁽²⁾	$	1,034	$	905
Incentive fee⁽¹⁾⁽²⁾	1,334		—
Credits from non-contractual, unconditional, and irrevocable waiver granted by Adviser’s board of directors⁽²⁾	—		(569		)
Total fees to our Adviser, net	$	2,368	$	336

Administration fee⁽¹⁾⁽²⁾	$	384	$	306

Selling Commissions and Dealer-Manager Fees⁽¹⁾⁽³⁾	$	2,484	$	1,654
Financing fees⁽¹⁾⁽⁴⁾	—		2
Total fees to Gladstone Securities	$	2,484	$	1,656


⁽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 Additional paid-in capital on the accompanying Condensed Consolidated Balance Sheets.


⁽⁴⁾	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.

Details of Amounts Due to Related Parties on Our Accompanying Condensed Consolidated Balance Sheets

Amounts due to related parties on our accompanying Condensed Consolidated Balance Sheets as of March 31, 2020, and December 31, 2019, were as follows (dollars in thousands):



	March 31, 2020		December 31, 2019
Base management fee	$	1,034	$	881
Incentive fee	1,334		847
Other⁽¹⁾	9		25
Total due to Adviser	2,377		1,753
Administration fee	384		341
Cumulative accrued but unpaid portion of prior Administration Fees⁽²⁾	160		75
Total due to Administrator	544		416
Total due to related parties⁽³⁾	$	2,921	$	2,169


⁽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, 2020, which is the quarter following our Administrator’s fiscal year end.


⁽³⁾	Reflected as a line item on our accompanying Condensed Consolidated Balance Sheet.