Annual report pursuant to Section 13 and 15(d)

RELATED-PARTY TRANSACTIONS (Tables)

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RELATED-PARTY TRANSACTIONS (Tables)
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
The following tables summarizes the total Selling Commissions and Dealer-Manager Fees paid to Gladstone Securities during the years ended December 31, 2024, 2023, and 2022 (dollars in thousands):
For the Years Ended December 31,
2024 2023 2022
Series C Preferred Stock $ —  $ —  $ 13,471 
Series E Preferred Stock 41  583  — 
Total Selling Commissions and Dealer-Manager Fees $ 41  $ 583  $ 13,471 
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,
  2024 2023 2022
Base management fee(1)(2)
$ 8,370  $ 8,603  $ 8,307 
Incentive fee(1)(2)
109  1,771  3,225 
Incentive fee waiver(2)
(109) —  — 
Total fees to our Adviser $ 8,370  $ 10,374  $ 11,532 
Administration fee(1)(2)
$ 2,452  $ 2,255  $ 2,005 
Selling Commissions and Dealer-Manager Fees(1)(3)
$ 41  $ 583  $ 13,471 
Financing fees(1)(4)
—  —  154 
Total fees to Gladstone Securities $ 41  $ 583  $ 13,625 
(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.
Amounts due to related parties on our accompanying Consolidated Balance Sheets as of December 31, 2024 and 2023 were as follows (dollars in thousands):
December 31, 2024 December 31, 2023
Base management fee $ 2,067  $ 2,156 
Incentive fee —  982 
Other, net(1)
75  49 
Total due to Adviser 2,142  3,187 
Administration fee 613  546 
Cumulative accrued but unpaid portion of prior Administration Fees(2)
217  141 
Total due to Administrator 830  687 
Total due to related parties(3)
$ 2,972  $ 3,874 
(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 Consolidated Balance Sheets.