Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 74

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 74
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ations:Base Management Fee:Gross Tangible Real Estate(1)(2)$1,437,812 $1,384,228 $1,380,264 Quarterly rate0.150 %0.150 %0.150 %Base management fee(3)$2,157 $2,076 $2,070 $6,303 Incentive Fee:Total Adjusted Common Equity(1)(2)$344,128 $346,578 $334,913 First hurdle quarterly rate1.750 %1.750 %1.750 %First hurdle threshold$6,022 $6,065 $5,861 Second hurdle quarterly rate2.1875 %2.1875 %2.1875 %Second hurdle threshold$7,528 $7,581 $7,326 Pre-Incentive Fee FFO(1)$5,988 $4,974 $5,970 100% of Pre-Incentive Fee FFO in excess of first hurdle threshold, up to second hurdle threshold$— $— $109 20% of Pre-Incentive Fee FFO in excess of second hurdle threshold— — — Total Incentive fee(3)$— $— $109 $109 Incentive fee waiver(3)— — (109)(109)Incentive fee, net$— $— $— $— Total fees due to Adviser$2,157 $2,076 $2,070 $6,303 

(1)As defined in the Advisory Agreement.

(2)As of the end of the respective prior quarters.

(3)Reflected as a line item on our accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. 

(4)Represents a capital gains fee earned during the year ended December 31, 2018; however, the full amount of the fee was credited back to us via a voluntary and irrevocable waiver granted to us by our Adviser.

(5)The capital gains fee is due annually in arrears and is subject to further adjustment throughout the remainder of 2025 if and when we dispose of additional assets.  As of the third quarter of 2025, we incurred additional losses associated with the disposition of certain assets, resulting in zero capital gains fee recognized during the nine months