Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 29

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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 but none of our other farms were materially impacted.ImpairmentWe evaluate our entire portfolio each quarter for any impairment indicators and perform an impairment analysis on those select properties and 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 March 31, 2025, and December 31, 2024, we concluded that none of our properties or water assets were impaired.

NOTE 4.  BORROWINGS

Our borrowings as of March 31, 2025, and December 31, 2024, are summarized below (dollars in thousands):

12

 Carrying Value as ofAs of March 31, 2025March 31, 2025December 31, 2024Stated InterestRates(1)(Range; Wtd Avg)Maturity Dates(Range; Wtd Avg)Variable-rate revolving lines of credit$200 $3,600 6.31%12/15/2033Notes and bonds payable:Fixed-rate notes payable$467,938 $493,363 2.45%–6.97%; 3.70%4/14/2025–7/1/2051; December 2032Fixed-rate bonds payable32,826 32,946 3.13%–4.57%; 3.85%7/24/2025–12/30/2030; Jan 2028Total notes and bonds payable500,764 526,309 Debt issuance costs – notes and bonds payable(2,133)(2,387)N/AN/ANotes and bonds payable, net$498,631 $523,922 Total borrowings, net$498,831 $527,522 (1)Where applicable, stated interest rates are before interest patronage (as described below).As of March 31, 2025, the above borrowings were collateralized by certain of our farms with an aggregate net book value of approximately $1.0 billion.  The weighted-average stated interest rate charged on the above borrowings (excluding the impact of debt issuance costs and before any interest patronage, or refunded interest) was 3.79% for the three months ended March 31, 2025, as compared to 3.81% for the three