Company: LANDO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001495240-25-000021
Chunk: 112

Company: GLADSTONE LAND Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 112
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)15 — 15 — Total fees to Gladstone Securities$15 $2 $15 $30 (1)Pursuant to the agreements with the respective related-party entities, as discussed above.(2)Reflected as a line item on our accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.(3)During the three months ended March 31, 2025, our Adviser earned a capital gains fee, driven by the gains recognized on the sale of seven farms completed during the first quarter.  During the three months ended June 30, 2025, we incurred additional capital losses associated with the disposition of certain assets, resulting in a reversal of the capital gains fee recorded during the first quarter.  The capital gains fee, net of any credits that may be granted by our Adviser, is due in arrears at the end of each fiscal year and is subject to further adjustment throughout the remainder of 2025 if and when we dispose of additional assets.(4)Included within Additional paid-in capital on the accompanying Condensed Consolidated Balance Sheets.(5)Included within Notes and bonds payable, net on the Condensed Consolidated Balance Sheets and amortized into Interest expense on the Condensed Consolidated Statements of Operations and Comprehensive Income.Related-Party Fees DueAmounts due to related parties on our accompanying Condensed Consolidated Balance Sheets as of June 30, 2025, and December 31, 2024, were as follows (dollars in thousands):June 30, 2025December 31, 2024Base management fee$1,990 $2,067 Other, net(1)56 75 Total due to Adviser2,046 2,142 Administration fee572 613 Cumulative accrued but unpaid portion of prior Administration Fees(2)624 217 Total due to Administrator1,196 830 Total due to related parties(3)$3,242 $2,972 (1)Other amounts due to or from our Adviser primarily relate to miscellaneous general and administrative expenses either paid by our Adviser on our behalf or by us on our Adviser’s behalf.(2)Represents the cumulative accrued but unpaid portion of prior Administration fees that are scheduled to be paid during the three months ending September 30 of each year, which is the quarter following our Administrator’s fiscal year end.(3)Reflected as a line item on our accompanying Condensed Consolidated Balance Sheets.

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