Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 30

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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 months ended March 31, 2024.  In addition, 2024 interest patronage from our Farm Credit Notes Payable (as defined below) resulted in a 21.9% reduction (approximately 101 basis points) to the stated interest rates on such borrowings.  See below under “—Farm Credit Notes Payable—Interest Patronage” for further discussion on interest patronage.As of March 31, 2025, we were in compliance with all covenants applicable to the above borrowings.MetLife FacilityAs amended, our credit facility with Metropolitan Life Insurance Company (“MetLife”) consists of $75.0 million of revolving equity lines of credit (the “MetLife Lines of Credit”), a $75.0 million long-term note payable (the “2020 MetLife Term Note”), and a $100.0 million long-term note payable (the “2022 MetLife Term Note,” and together with the MetLife Lines of Credit and the 2020 MetLife Term Note, the “MetLife Facility”).The following table summarizes the pertinent terms of the MetLife Facility as of March 31, 2025 (dollars in thousands, except for footnotes):IssuanceAggregateCommitmentMaturityDatesPrincipalOutstanding Interest Rate Terms UndrawnCommitment(1)MetLife Lines of Credit$75,000 12/15/2033$200 3M Term SOFR + 2.00%(2)$74,800 2020 MetLife Term Note75,000 (3)1/5/203036,254 2.75%, fixed through 1/4/2030(4)38,746 2022 MetLife Term Note100,000 (3)1/5/2032— (4)100,000 Totals$250,000 $36,454 $213,546 (1)Based on the properties that were pledged as collateral under the MetLife Facility, as of March 31, 2025, the maximum additional amount we could draw under the facility was approximately $110.0 million.(2)The interest rate on the MetLife Lines of Credit is subject to a minimum annualized rate of 2.50%, plus an unused fee ranging from 0.10% to 0.20% on undrawn amounts (based on the balance drawn under each line of credit).(3)If the aggregate commitments under the 2020 Met