Company: LANDO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001495240-25-000021
Chunk: 102

Company: GLADSTONE LAND Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 102
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.75%, fixed through 1/4/2030(4)38,746 2022 MetLife Term Note100,000 (3)1/5/2032— (4)100,000 Totals$250,000 $36,454 $213,546 (1)Based on the properties that were pledged as collateral under the MetLife Facility, as of June 30, 2025, the maximum additional amount we could draw under the facility was approximately $110.0 million.(2)The interest rate on the MetLife Lines of Credit is subject to a minimum annualized rate of 2.50%, plus an unused fee ranging from 0.10% to 0.20% on undrawn amounts (based on the balance drawn under each line of credit).(3)If the aggregate commitments under the 2020 MetLife Term Note and the 2022 MetLife Term Note are not fully utilized by December 31, 2026, MetLife has no obligation to disburse the additional funds under either note.(4)Interest rates on future disbursements under each of the 2020 MetLife Term Note and the 2022 MetLife Term Note will be based on prevailing market rates at the time of such disbursements.  In addition, through December 31, 2026, the 2020 MetLife Term Note and the 2022 MetLife Term Note are each subject to an unused fee ranging from 0.10% to 0.20% on undrawn amounts (based on the balance drawn under the respective note).During the six months ended June 30, 2025, we entered into a new loan agreement with MetLife, as summarized below (dollars in thousands):Date ofIssuanceAmountMaturityDatePrincipalAmortizationStatedInterestRateInterest Rate Terms4/11/2025$10,600(1)2/15/203028.6 years6.31%Fixed through 2/14/2028; variable thereafter(1)The majority of proceeds from this loan were used to repay a $10.3 million maturing loan that bore interest at 3.85%.Farmer Mac FacilityThrough certain subsidiaries of our Operating Partnership, we have entered into a bond purchase agreement (the “Bond Purchase Agreement”) with Federal Agricultural Mortgage Corporation (“Farmer Mac”) and Farmer Mac Mortgage Securities Corporation (the “Bond Purchaser”) for a secured note purchase facility (the