Annual report pursuant to Section 13 and 15(d)

Related-Party Transactions (Tables)

v3.20.4
Related-Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]  
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 consolidated financial statements (dollars in thousands):
  For the Years Ended December 31,
  2020 2019
Base management fee(1)(2)
$ 4,289  $ 3,623 
Incentive fee(1)(2)
3,038  847 
Capital gains fee(1)(2)
—  — 
Credits from non-contractual, unconditional, and irrevocable waiver granted by Adviser’s board of directors(2)
—  (1,543)
Total fees to our Adviser, net $ 7,327  $ 2,927 
Administration fee(1)(2)
$ 1,448  $ 1,207 
Selling Commissions and Dealer-Manager Fees(1)(3)
$ 4,711  $ 7,645 
Financing fees(1)(4)
262  235 
Total fees to Gladstone Securities $ 4,973  $ 7,880 
(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.
Details of Amounts Due to Related Parties on Our Accompanying Condensed Consolidated Balance Sheets Amounts due to related parties on our accompanying Consolidated Balance Sheets as of December 31, 2020 and 2019 were as follows (dollars in thousands):
December 31, 2020 December 31, 2019
Base management fee $ 1,130  $ 881 
Incentive fee 883  847 
Other, net(1)
18  25 
Total due to Adviser 2,031  1,753 
Administration fee 363  341 
Cumulative accrued but unpaid portions of prior Administration Fees(2)
75  75 
Total due to Administrator 438  416 
Total due to Gladstone Securities(3)
15  — 
Total due to related parties(4)
$ 2,484  $ 2,169 
(1)Other fees 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 miscellaneous costs related to the Series C Offering paid by Gladstone Securities on our behalf.
(4)Reflected as a line item on our accompanying Consolidated Balance Sheets.