Quarterly report pursuant to Section 13 or 15(d)

RELATED-PARTY TRANSACTIONS (Tables)

v3.22.2
RELATED-PARTY TRANSACTIONS (Tables)
 6 Months Ended
Jun. 30, 2022
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 June 30, For the Six Months Ended June 30,
  2022 2021 2022 2021
Base management fee(1)(2)
$ 2,043  $ 1,376  $ 4,079  $ 2,746 
Incentive fee(1)(2)
—  —  1,131  1,162 
Total fees to our Adviser, net $ 2,043  $ 1,376  $ 5,210  $ 3,908 
Administration fee(1)(2)
$ 463  $ 347  $ 926  $ 703 
Selling Commissions and Dealer-Manager Fees(1)(3)
$ 2,891  $ 808  $ 6,069  $ 1,952 
Financing fees(1)(4)
—  35  94  52 
Total fees to Gladstone Securities $ 2,891  $ 843  $ 6,163  $ 2,004 
(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 June 30, 2022, and December 31, 2021, were as follows (dollars in thousands):
June 30, 2022 December 31, 2021
Base management fee $ 2,043  $ 1,836 
Incentive fee —  1,793 
Other, net(1)
179  95 
Total due to Adviser 2,222  3,724 
Administration fee 463  411 
Cumulative accrued but unpaid portion of prior Administration Fees(2)
289  89 
Total due to Administrator 752  500 
Total due to related parties(3)
$ 2,974  $ 4,224 
(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)Reflected as a line item on our accompanying Condensed Consolidated Balance Sheets.