Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 141

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 141
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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 ended September 30, 2025.  

The base management fee decreased primarily due to the disposition of 21 farms since December 31, 2023.

No incentive fee was earned by our Adviser during the three or nine months ended September 30, 2025, as our Pre-Incentive Fee FFO did not exceed the required hurdle rate in either period.  Our Adviser earned an incentive fee during the three months ended September 30, 2024; however, our Adviser granted us a non-contractual, unconditional, and irrevocable waiver to be applied against the entire incentive fee earned in the third quarter of 2024. 

The changes in the administration fee were driven by our relative utilization of our Administrator’s resources compared