Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 37

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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 assets on our Condensed Consolidated Balance Sheets) until the related net water credits become estimable and are recognized by the respective water district, at which time the costs would be considered a long-term water asset within Investments in water assets.Impairment

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We evaluate our entire portfolio each quarter for any impairment indicators and perform an impairment analysis on those select water assets that have an indication of impairment.  If this analysis indicates that the carrying value may not be recoverable, an impairment loss is recorded in earnings equal to the amount by which the carrying value exceeds the fair value of the asset.  As of September 30, 2025, and December 31, 2024, we concluded that none of our water assets were impaired.

NOTE 5.  BORROWINGS

Our borrowings as of September 30, 2025, and December 31, 2024, are summarized below (dollars in thousands): Carrying Value as ofAs of September 30, 2025September 30, 2025December 31, 2024Stated InterestRates(1)(Range; Wtd Avg)Maturity Dates(Range; Wtd Avg)Variable-rate revolving lines of credit$200 $3,600 6.30%12/15/2033Notes and bonds payable:Fixed-rate notes payable$459,873 $493,363 2.45%–6.97%; 3.70%11/27/2025–7/1/2051; Jan 2033Fixed-rate bonds payable22,331 32,946 3.13%–4.57%; 3.57%3/13/2028–12/30/2030; March 2029Total notes and bonds payable482,204 526,309 Debt issuance costs – notes and bonds payable(2,048)(2,387)N/AN/ANotes and bonds payable, net$480,156 $523,922 Total borrowings, net$480,356 $527,522 (1)Where applicable, stated interest rates are before interest patronage (as described below).As of September 30, 2025, the above borrowings were collateralized by certain of our farms with an aggregate net book value of approximately $971.8 million.  The weighted-average stated interest rate charged on the above borrowings (excluding the impact of debt issuance costs and before any interest patronage,