those that could be obtained from unaffiliated third parties in arms length transactions, our Adviser and Administrator, their officers and their directors have a material interest in the
terms of these agreements.
During the fiscal year ended December 31, 2019, we incurred total fees of approximately
$8.9 million to our Adviser under the Advisory Agreement and $1.7 million to our Administrator under the Administration Agreement.
Mortgage Financing Arrangement Agreement
Gladstone Securities, an affiliated broker dealer that is 100% indirectly owned and controlled by Mr. Gladstone, provides mortgage financing services to us under a contractual agreement. Pursuant to
the agreement, effective June 18, 2013, Gladstone Securities acts as our non-exclusive agent to assist us with arranging mortgage financing for properties we own. In connection with this engagement,
Gladstone Securities may from time to time solicit the interest of various commercial real estate lenders or recommend to us third party lenders offering credit products or packages that are responsive to our needs. We pay Gladstone Securities a
financing fee in connection with the services it provides to us for securing mortgage financing on any of our properties. The amount of these financing fees, which are payable upon closing of the financing, are based on a percentage of the amount of
the mortgage, generally ranging from 0.15% to a maximum of 1.0% of the mortgage obtained. The amount of the financing fees may be reduced or eliminated, as determined by us and Gladstone Securities, after taking into consideration various factors,
including, but not limited to, the involvement of any third party brokers and market conditions. Messrs. Gladstone, LiCalsi and Dellafiora serve on the board of managers of Gladstone Securities. Our Board reviews, approves and ratifies these fees
each quarter. We paid financing fees of $0.1 million and $0.2 million during the fiscal years ended December 31, 2018 and 2019, or 0.11% and 0.29% of total mortgages secured or extended, respectively.
Dealer Manager Agreement
On February 20, 2020, the Company entered into a dealer-manager agreement with Gladstone Securities, (the Dealer-Manager
Agreement), whereby Gladstone Securities serves as the Companys exclusive dealer-manager in connection with the Companys offering of up to 26,000,000 shares of 6.00% Series F Cumulative Redeemable Preferred Stock of the Company,
par value $0.001 per share (the Series F Preferred Stock), consisting of a primary offering of up to 20,000,000 shares of Series F Preferred Stock through our dealer manager on a reasonable best efforts basis and up to
6,000,000 shares of our Series F Preferred Stock to be issued pursuant to the dividend reinvestment plan (collectively, the Offering). The Offering is registered with the SEC pursuant to a registration statement on Form S-3 (File No. 333-236143), as the same may be amended and/or supplemented (the Registration Statement), under the Securities Act of 1933, as amended, and
shares of Series F Preferred Stock are currently being offered and sold pursuant to a prospectus supplement, dated February 20, 2020, and a base prospectus dated February 11, 2020 relating to the Registration Statement (the
Prospectus).
Under the Dealer-Manager Agreement, Gladstone Securities provides certain sales, promotional
and marketing services to the Company in connection with the Offering, and the Company pays Gladstone Securities (i) selling commissions of up to 6.0% of the gross proceeds from sales of Series F Preferred Stock in the
Offering (the Selling Commissions), and (ii) a dealer-manager fee of 3.0% of the gross proceeds from sales of Series F Preferred Stock in the Offering (the Dealer-Manager Fee). Gladstone Securities may, in its
sole discretion,
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