Annual report pursuant to Section 13 and 15(d)

Related-Party Transactions (Tables)

v3.22.0.1
Related-Party Transactions (Tables)
 12 Months Ended
Dec. 31, 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 consolidated financial statements (dollars in thousands):
  For the Years Ended December 31,
  2021 2020
Base management fee(1)(2)
$ 6,329  $ 4,289 
Incentive fee(1)(2)
3,901  3,038 
Total fees to our Adviser, net $ 10,230  $ 7,327 
Administration fee(1)(2)
$ 1,526  $ 1,448 
Selling Commissions and Dealer-Manager Fees(1)(3)
$ 4,961  $ 4,711 
Financing fees(1)(4)
166  262 
Total fees to Gladstone Securities $ 5,127  $ 4,973 
(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, 2021 and 2020 were as follows (dollars in thousands):
December 31, 2021 December 31, 2020
Base management fee $ 1,836  $ 1,130 
Incentive fee 1,793  883 
Other, net(1)
95  18 
Total due to Adviser 3,724  2,031 
Administration fee 411  363 
Cumulative accrued but unpaid portions of prior Administration Fees(2)
89  75 
Total due to Administrator 500  438 
Total due to Gladstone Securities(3)
—  15 
Total due to related parties(4)
$ 4,224  $ 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 sales of our Series C Preferred Stock.
(4)Reflected as a line item on our accompanying Consolidated Balance Sheets.