Quarterly report pursuant to Section 13 or 15(d)

Related-Party Transactions (Tables)

v3.23.1
Related-Party Transactions (Tables)
 3 Months Ended
Mar. 31, 2023
Related Party Transactions [Abstract]  
Schedule of the Total Selling Commissions and Dealer-Manager Fees Paid
The following tables summarizes the total Selling Commissions and Dealer-Manager Fees paid to Gladstone Securities during the three months ended March 31, 2023 and 2022 (dollars in thousands):
For the Three Months Ended March 31,
2023 2022
Series C Preferred Stock $ —  $ 3,178 
Series E Preferred Stock 149  — 
Total Selling Commissions and Dealer-Manager Fees $ 149  $ 3,178 
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 March 31,
  2023 2022
Base management fee(1)(2)
$ 2,149  $ 2,037 
Incentive fee(1)(2)
—  1,131 
Total fees to our Adviser $ 2,149  $ 3,168 
Administration fee(1)(2)
$ 575  $ 463 
Selling Commissions and Dealer-Manager Fees(1)(3)
$ 149  $ 3,178 
Financing fees(1)(4)
—  94 
Total fees to Gladstone Securities $ 149  $ 3,272 
(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 March 31, 2023, and December 31, 2022, were as follows (dollars in thousands):
March 31, 2023 December 31, 2022
Base management fee $ 2,149  $ 2,141 
Incentive fee —  1,589 
Other, net(1)
60  80 
Total due to Adviser 2,209  3,810 
Administration fee 575  536 
Cumulative accrued but unpaid portion of prior Administration Fees(2)
242  — 
Total due to Administrator 817  536 
Total due to Gladstone Securities(3)
8  24 
Total due to related parties(4)
$ 3,034  $ 4,370 
(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 costs related to sales of preferred stock paid by Gladstone Securities on our behalf.
(4)Reflected as a line item on our accompanying Condensed Consolidated Balance Sheets.