Annual report [Section 13 and 15(d), not S-K Item 405]

RELATED PARTY TRANSACTIONS (Tables)

v3.25.3
RELATED PARTY TRANSACTIONS (Tables)
 12 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
The following table summarizes the base management fee, incentive fee, and loan servicing fee and associated non-contractual, unconditional and irrevocable credits reflected in our accompanying Consolidated Statements of Operations:
Year Ended September 30,
2025 2024 2023
Average total assets subject to base management fee(A)(B)
$ 794,857  $ 777,657  $ 685,600 
Multiplied by annual base management fee of 1.75%
 1.75  % 1.75  % 1.75  %
Base management fee(C)
13,910  13,609  11,998 
Portfolio company fee credit (5,593) (2,866) (3,263)
Syndicated loan fee credit (37) (101) (126)
Net Base Management Fee $ 8,280  $ 10,642  $ 8,609 
Loan servicing fee(C)
$ 8,888  $ 8,862  $ 8,053 
Credit to base management fee - loan servicing fee(C)
(8,888) (8,862) (8,053)
Net Loan Servicing Fee $ —  $ —  $ — 
Incentive fee(C)
$ 10,486  $ 11,410  $ 10,255 
Incentive fee credit (2,344) (204) — 
Net Incentive Fee $ 8,142  $ 11,206  $ 10,255 
Portfolio company fee credit $ (5,593) $ (2,866) $ (3,263)
Syndicated loan fee credit (37) (101) (126)
Incentive fee credit (2,344) (204) — 
Credit to Fees from Adviser—Other(C)
$ (7,974) $ (3,171) $ (3,389)
(A)Average total assets subject to the base management fee is defined in the Advisory Agreement as total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings, valued at the end of the two most recently completed quarters within the respective years and adjusted appropriately for any share issuances or repurchases during the period.
(B)Excludes our investment in Gladstone Alternative valued at the end of the applicable periods.
(C)Reflected as a line item on our accompanying Consolidated Statements of Operations.
Amounts due to related parties on our accompanying Consolidated Statements of Assets and Liabilities were as follows:
September 30, 2025 September 30, 2024
Base management fee due to (from) Adviser $ (408) $ 809 
Loan servicing fee due to Adviser 551  509 
Incentive fee due to (from) Adviser 2,778  2,571 
Total fees due to (from) Adviser 2,921  3,889 
Fee due to Administrator 610  569 
Total Related Party Fees Due $ 3,531  $ 4,458