Quarterly report pursuant to Section 13 or 15(d)

RELATED-PARTY TRANSACTIONS (Tables)

v3.21.2
RELATED-PARTY TRANSACTIONS (Tables)
 9 Months Ended
Sep. 30, 2021
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 condensed consolidated financial statements (dollars in thousands):
  For the Three Months Ended September 30, For the Nine Months Ended September 30,
  2021 2020 2021 2020
Base management fee(1)(2)
$ 1,748  $ 1,078  $ 4,494  $ 3,159 
Incentive fee(1)(2)
945  821  2,107  2,155 
Total fees to our Adviser, net $ 2,693  $ 1,899  $ 6,601  $ 5,314 
Administration fee(1)(2)
$ 412  $ 344  $ 1,115  $ 1,084 
Selling Commissions and Dealer-Manager Fees(1)(3)(4)
$ 1,213  $ 598  $ 3,165  $ 3,368 
Financing fees(1)(5)
12  7  64  30 
Total fees to Gladstone Securities $ 1,225  $ 605  $ 3,229  $ 3,398 
(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)During the three months ended March 31, 2020, in connection with sales of our 6.00% Series B Cumulative Redeemable Preferred Stock, par value $0.001 per share (the “Series B Preferred Stock”), we paid total selling commissions and dealer-manager fees to Gladstone Securities of approximately $2.5 million. The offering of the Series B Preferred Stock was completed on March 9, 2020, and the security was listed on Nasdaq under the ticker “LANDO” during the year ended December 31, 2020.
(5)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 September 30, 2021, and December 31, 2020, were as follows (dollars in thousands):
September 30, 2021 December 31, 2020
Base management fee $ 1,748  $ 1,130 
Incentive fee 945  883 
Other(1)
76  18 
Total due to Adviser 2,769  2,031 
Administration fee 412  363 
Cumulative accrued but unpaid portion of prior Administration Fees(2)
—  75 
Total due to Administrator 412  438 
Due to Gladstone Securities(3)
—  15 
Total due to related parties(4)
$ 3,181  $ 2,484 
(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 Selling Commissions and Dealer-Manager Fees owed in connection with recent sales of our Series C Preferred Stock.
(4)Reflected as a line item on our accompanying Condensed Consolidated Balance Sheets.