Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 44

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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 of September 30, 2025, the fair value of our Series D Term Preferred Stock was approximately $60.1 million, as compared to the carrying value (exclusive of unamortized offering costs) of approximately $60.4 million.  The fair value of our Series D Term Preferred Stock uses Level 1 inputs under the hierarchy established by ASC 820-10 and is calculated based on the closing per-share price on September 30, 2025, of $24.88.For information on the dividends declared by our Board of Directors and paid by us on the Series D Term Preferred Stock during the nine months ended September 30, 2025, see Note 9, “Equity—Distributions.”

NOTE 7.  RELATED-PARTY TRANSACTIONS

Our Adviser and AdministratorWe are externally managed pursuant to contractual arrangements with our Adviser and our Administrator, which collectively employ all of our personnel and pay their salaries, benefits, and general expenses directly.  Both our Adviser and Administrator are affiliates of ours, as their parent company is owned and controlled by David Gladstone, our chairman, chief executive officer, and president.  Mr. Gladstone also serves as a director and executive officer of each of our Adviser and Administrator.  In addition, Michael LiCalsi, our chief administrative officer, co-general counsel, and co-secretary, also serves in the same roles for our Adviser and Administrator (in addition to serving as our Administrator’s president).  Erich Hellmold, our co-general counsel and co-secretary, also serves in the same roles for our Adviser and Administrator.We have entered into an investment advisory agreement with our Adviser (the “Advisory Agreement”) and an administration agreement with our Administrator (the “Administration Agreement”).  Both the Advisory Agreement and the Administration Agreement were approved unanimously by our Board of Directors, including our independent directors.  A summary of the compensation terms for the Advisory Agreement and a summary of the Administration Agreement is below.Advisory Agreement

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Pursuant to the Advisory Agreement, our Adviser is compensated in the form of a base management fee and, each as applicable, an incentive fee, a capital gains fee, and a termination fee.  Our Adviser does not charge acquisition or disposition fees when we acquire or dispose of properties, as is common in other externally-managed REITs.  Each of the base management, incentive, capital gains, and termination fees is described below.Base Management FeePurs