Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 62

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 62
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 rate2.1875 %Second hurdle threshold$6,961 Pre-Incentive Fee FFO(1)$2,139 100% of Pre-Incentive Fee FFO in excess of first hurdle threshold, up to second hurdle threshold$— 20% of Pre-Incentive Fee FFO in excess of second hurdle threshold— Total Incentive fee(3)$— $— Capital Gains Fee:Aggregate net realized capital gains(1)$5,443 Capital gains fee rate15.0 %Cumulative capital gains fee$816 Less capital gains fees recorded in prior periods(4)$(628)Total Capital Gains Fee(3)(5)$188 $188 Total fees due to Adviser$2,246 $2,246 2024 Fee Calculations:Base Management Fee:Gross Tangible Real Estate(1)(2)$1,437,812 Quarterly rate0.150 %Base management fee(3)$2,156 $2,156 Incentive Fee:Total Adjusted Common Equity(1)(2)$344,128 First hurdle quarterly rate1.750 %First hurdle threshold$6,022 Second hurdle quarterly rate2.1875 %Second hurdle threshold$7,528 Pre-Incentive Fee FFO(1)$5,988 100% of Pre-Incentive Fee FFO in excess of first hurdle threshold, up to second hurdle threshold$— 20% of Pre-Incentive Fee FFO in excess of second hurdle threshold— Total Incentive fee(3)$— $— Total fees due to Adviser$2,156 $2,156 

(1)As defined in the Advisory Agreement.

(2)As of the end of the respective prior quarters.

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(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 as additional assets are disposed of.

The base management fee decreased primarily due to the disposition of 12 farms during 2024.

No incentive fee was