Quarterly report pursuant to Section 13 or 15(d)

RELATED-PARTY TRANSACTIONS (Tables)

v3.22.2.2
RELATED-PARTY TRANSACTIONS (Tables)
 9 Months Ended
Sep. 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 September 30, For the Nine Months Ended September 30,
  2022 2021 2022 2021
Base management fee(1)(2)
$ 2,086  $ 1,748  $ 6,165  $ 4,494 
Incentive fee(1)(2)
505  945  1,636  2,107 
Total fees to our Adviser, net $ 2,591  $ 2,693  $ 7,801  $ 6,601 
Administration fee(1)(2)
$ 543  $ 412  $ 1,470  $ 1,115 
Selling Commissions and Dealer-Manager Fees(1)(3)
$ 5,046  $ 1,213  $ 11,115  $ 3,165 
Financing fees(1)(4)
23  12  117  64 
Total fees to Gladstone Securities $ 5,069  $ 1,225  $ 11,232  $ 3,229 
(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.
Schedule of 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, 2022, and December 31, 2021, were as follows (dollars in thousands):
September 30, 2022 December 31, 2021
Base management fee $ 2,086  $ 1,836 
Incentive fee 505  1,793 
Other, net(1)
119  95 
Total due to Adviser 2,710  3,724 
Administration fee 543  411 
Cumulative accrued but unpaid portion of prior Administration Fees(2)
—  89 
Total due to Administrator 543  500 
Total due to related parties(3)
$ 3,253  $ 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.