Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 181

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 181
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31, 2022, we sold 6,701,987 shares of the Series C Preferred Stock at a weighted average offering price per share of $24.76, resulting in gross proceeds of approximately $165.9 million and net proceeds, after deducting commissions and dealer-manager fees, of approximately $152.5 million.  Additionally, during the years ended December 31, 2023 and 2022, we issued 14,069 shares and 34,628 shares, respectively, of the Series C Preferred Stock pursuant to the DRIP, and 48,913 shares and 38,595 shares, respectively, of the Series C Preferred Stock were tendered for optional redemption, which we satisfied with aggregate cash payments of approximately $1.2 million and $901,000, respectively.Series E Preferred StockOn November 9, 2022, we filed a prospectus supplement with the SEC for a continuous public offering (the “Series E Offering”) of up to 8,000,000 shares of our Series E Preferred Stock, on a “reasonable best efforts” basis through Gladstone Securities at an offering price of $25.00 per share.  See Note 6, “Related-Party Transactions—Gladstone Securities—Dealer-Manager Agreements,” for a discussion of the commissions and fees to be paid to Gladstone Securities in connection with the Series E Offering.  The following table provides information on sales of our Series E Preferred Stock during the years ended December 31, 2024 and 2023 (dollars in thousands, except per-share amounts):20242023Number of shares sold16,595 237,441 Weighted-average offering price per share$24.98 $24.96 Gross proceeds$414 $5,925 Net proceeds(1)$373 $5,342 (1)Net of Selling Commissions, Dealer-Manager Fees, and underwriting discounts.Refer to Note 11, “Subsequent Events—Equity Activity—Series E Preferred Stock,” for sales of the Series E Preferred Stock completed subsequent to December 31, 2024.In addition, during the year ended December 31, 2023, 1,600 shares of Series E Preferred Stock were tendered for optional redemption, which we satisfied with an aggregate cash payment of approximately $36,000.  No shares of the Series E Preferred Stock were tendered for optional redemption during the year ended December 31, 2024