Gladstone Commercial Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Related-Party Transactions (Details)

Related-Party Transactions (Details)

1 Months Ended

12 Months Ended

Jul. 11, 2023

Jul. 14, 2020

Feb. 20, 2020

$ / shares

Feb. 29, 2020

Dec. 31, 2024

USD ($)

quarter

officer

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Number of executive officers | officer

Amount due to advisor and administrator

^[1]

$ 2,540,000

$ 2,556,000

Advisory Agreement

Number of quarters used for the cap of average quarterly incentive fees | quarter

Advisory Agreement | Affiliated Entity

Notice period for termination of agreement without cause

120 days

Percentage of independent directors required to terminate the amended advisory agreement (as a percent)

66.67%

Number of times the sum of the average annual base management fee and incentive fee earned by adviser

Period prior to termination

24 months

Notice period for termination of agreement with cause

30 days

Advisory Agreement - Base Rate, Annualized Rate | Affiliated Entity

Management and service fees, base rate (as a percent)

0.425%

Advisory Agreement - Base Rate, Quarterly Rate | Affiliated Entity

Management and service fees, base rate (as a percent)

0.10625%

Advisory Agreement - Base Management Fee

$ 6,100,000

6,400,000

$ 6,300,000

Advisory Agreement - Incentive Rate, Quarterly Hurdle Rate | Affiliated Entity

Management and service fees, incentive rate (as a percent)

2.00%

Advisory Agreement - Incentive Rate, Annualized Hurdle Rate | Affiliated Entity

Management and service fees, incentive rate (as a percent)

8.00%

Advisory Agreement - Incentive Rate, Pre-Incentive Fee Net Investment Income Below Catch-Up Threshold | Affiliated Entity

Management and service fees, incentive rate (as a percent)

15.00%

Advisory Agreement - Incentive Rate, Pre-Incentive Fee Net Investment Income Exceeds Catch-Up Threshold | Affiliated Entity

Management and service fees, incentive rate (as a percent)

15.00%

Eight Amended Advisory Agreement | Affiliated Entity

Management and service fees, incentive rate (as a percent)

15.00%

Advisory Agreement - Incentive Fees | Affiliated Entity

$ 4,500,000

5,300,000

Investment company, voluntary fee waived

2,300,000

Contractual fee waived

4,600,000

Advisory Agreement - Incentive Rate, Realized Capital Gains

$ 0

Advisory Agreement - Incentive Rate, Realized Capital Gains | Affiliated Entity

Management and service fees, incentive rate (as a percent)

15.00%

Advisory Agreement - Termination Fee Payable as a Percentage of Management and Incentive Fees Earned by Adviser | Affiliated Entity

200.00%

Administrative Agreement - Administrative Fee

$ 2,600,000

2,400,000

1,900,000

Mortgage Financing Arrangement Agreement - Financing Fees | Gladstone Securities, LLC

$ 100,000

$ 300,000

Mortgage Financing Arrangement Agreement - Percentage of Mortgage Principal Secured | Gladstone Securities, LLC

0.28%

0.29%

0.33%

Dealer Manager Agreement | Gladstone Securities, LLC

$ 100,000

$ 500,000

Dealer Manager Agreement - Selling Commission Percentage of Gross Proceeds From Sales

6.00%

Dealer Manager Agreement - Dealer Management Fee Percentage of Gross Proceeds from Sale of Preferred Stock in Primary Offering

3.00%

Series F Cumulative Redeemable Preferred Stock | Preferred Stock | Dealer Manager Agreement | Affiliated Entity | Gladstone Securities, LLC

Redeemable preferred stock, shares authorized (in shares) | shares

20,000,000

Preferred stock, dividend rate (as a percent)

6.00%

Redeemable preferred stock, par value (in dollars per share) | $ / shares

$ 0.001

Redeemable preferred stock, dividend reinvestment plan, shares authorized (in shares) | shares

6,000,000

Minimum | Mortgage Financing Arrangement Agreement - Financing Fees | Gladstone Securities, LLC

0.15%

Maximum | Mortgage Financing Arrangement Agreement - Financing Fees | Gladstone Securities, LLC

1.00%

[1]	Refer to Note 2 “Related-Party Transactions”