Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 157

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 157
---
Total Adjusted Common Equity(1)(2)$318,209 First hurdle quarterly rate1.750 %First hurdle threshold$5,569 Second hurdle quarterly 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.

32

(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