Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 106

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 106
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 MetLife Term Note and the 2022 MetLife Term Note are each subject to an unused fee ranging from 0.10% to 0.20% on undrawn amounts (based on the balance drawn under the respective note).

15

During the nine months ended September 30, 2025, we entered into a new loan agreement with MetLife, as summarized below (dollars in thousands):Date ofIssuanceAmountMaturityDatePrincipalAmortizationStatedInterestRateInterest Rate Terms4/11/2025$10,600(1)2/15/203028.6 years6.31%Fixed through 2/14/2028; variable thereafter(1)The majority of proceeds from this loan were used to repay a $10.3 million maturing loan that bore interest at 3.85%.Farmer Mac FacilityThrough certain subsidiaries of our Operating Partnership, we have entered into a bond purchase agreement (the “Bond Purchase Agreement”) with Federal Agricultural Mortgage Corporation (“Farmer Mac”) and Farmer Mac Mortgage Securities Corporation (the “Bond Purchaser”) for a secured note purchase facility (the “Farmer Mac Facility”).  As amended from time to time, the Farmer Mac Facility currently provides for bond issuances up to an aggregate amount of $225.0 million.  Pursuant to the Bond Purchase Agreement, as further amended on June 2, 2023, we may issue new bonds under the Farmer Mac Facility through December 31, 2026, and the final maturity date for new bonds issued under the facility will be the date that is ten years from the applicable issuance date.  We did not issue any new bonds under the Farmer Mac Facility during the nine months ended September 30, 2025.As of September 30, 2025, we had approximately $22.3 million of bonds issued and outstanding under the Farmer Mac Facility.Farm Credit Notes PayableFrom time to time since September 2014, through certain subsidiaries of our Operating Partnership, we have entered into various loan agreements (collectively, the “Farm Credit Notes Payable”) with various different Farm Credit associations (collectively, “Farm Credit”).  We did not enter into any new loan agreements with Farm Credit during the nine months ended September 30, 2025.Interest PatronageInterest patronage, or refunded interest, on our borrowings from Farm Credit is generally recorded upon receipt and is included within Other income on our Condensed Consolidated Statements of Operations and Comprehensive Income.