RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Sep. 30, 2025

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