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Related-Party Transactions | 3 Months Ended
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Mar. 31, 2016
Related Party Transactions [Abstract] |
Related-Party Transactions | NOTE 4. RELATED-PARTY TRANSACTIONS We are externally managed pursuant to contractual arrangements with our Adviser and our Administrator, which collectively employ all of our personnel and pay their salaries, benefits and general expenses directly. Both our Adviser and Administrator are affiliates of ours, as their parent company is owned and controlled by Mr. David Gladstone, our chairman and chief executive officer. In addition, two of our executive officers, Mr. Gladstone and Mr. Terry Brubaker (our vice chairman and chief operating officer), serve as directors and executive officers of each of our Adviser and Administrator. Mr. Michael LiCalsi, our general counsel and secretary, serves as our Administrator’s president. The current advisory agreement with our Advisor (the “Advisory Agreement”) and the current administration agreement with our Administrator (the “Administration Agreement”) became effective February 1, 2013. A summary of each of these agreements is provided in Note 4 to our consolidated financial statements included in our Form 10-K. There were no material changes to either agreement during the three months ended March 31, 2016. The following table summarizes the management fees, incentive fees and associated credits and the administration fees reflected in our accompanying Condensed Consolidated Statements of Operations:
|  | For the Three Months Ended March 31, |
|  | 2016 |  |  | 2015 |
Management fees (1)(2) |  | $ | 387,154 |  |  | $ | 295,748 |
Credits from voluntary, irrevocable waiver by Adviser’s board of directors (2)(3) |  |  | — |  |  |  | (320,905 | )
Net fee to (from) our Adviser |  | $ | 387,154 |  |  | $ | (25,157 | )
Administration fees (1)(2) |  | $ | 211,860 |  |  | $ | 130,936 |
(1) | Pursuant to the Advisory and Administration Agreements, respectively, which became effective on February 1, 2013.
(2) | Reflected as a line item on our accompanying Consolidated Statements of Operations.
(3) | The credit received from our Adviser for the three months ended March 31, 2015, was attributable to a finder’s fee earned by our Adviser in connection with a farm we acquired during the three months ended March 31, 2015, which fee was granted to us as a one-time, voluntary and irrevocable waiver to be applied against the fees we pay to our Adviser.
Related-Party Fees Due Amounts due to related parties on our accompanying Condensed Consolidated Balance Sheets as of March 31, 2016, and December 31, 2015, were as follows:
|  | March 31, 2016 |  |  | December 31, 2015 |
Management fee due to Adviser |  | $ | 387,154 |  |  | $ | 362,373 |
Other due to Adviser(1) |  |  | 29,407 |  |  |  | 13,140 |
Total due to Adviser |  |  | 416,561 |  |  |  | 375,513 |
Administration fee due to Administrator |  |  | 211,860 |  |  |  | 190,080 |
Total due to Administrator |  |  | 211,860 |  |  |  | 190,080 |
Total due to related parties (2) |  | $ | 628,421 |  |  | $ | 565,593 |
(1) | Other fees due to related parties primarily relate to miscellaneous general and administrative expenses paid by our Adviser or Administrator on our behalf.
(2) | Reflected as a line item on our accompanying Condensed Consolidated Balance Sheets.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(k)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph b -Article 3A + Details
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