Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 82

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 5
Chunk 82
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 holders of record and 57,408 beneficial owners of our common stock; and

•other than those owned by the Company, there were no holders of record or beneficial owners of our OP Units.  After a mandatory one-year holding period, our OP Units are redeemable at the option of the holder for cash or, at our election, shares of our common stock on a one-for-one basis.

OP Unit Redemptions

Since January 1, 2024, through the date of this filing, no OP Units were tendered for redemption.  There are currently no OP Units outstanding other than those owned by the Company.

Sale of Unregistered Securities

We did not sell any unregistered shares of stock during the three months or year ended December 31, 2024.

Issuer Purchaser of Equity Securities

On May 17, 2024, our Board of Directors approved a share repurchase program authorizing us to repurchase up to $20.0 million of our Series B Preferred Stock and up to $35.0 million of our Series C Preferred Stock (collectively, the “Repurchase Program”).  The Board’s authorization of the Repurchase Program may be suspended or discontinued at any time, does not obligate us to acquire any particular amount of securities, and expires on May 17, 2025.  Under the Repurchase Program, repurchases are intended to be implemented through open market transactions on U.S. exchanges and/or in privately-negotiated transactions facilitated by a third-party broker acting as agent for us in accordance with applicable securities laws.  

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Any repurchases will be made during applicable trading window periods or pursuant to applicable Rule 10b5-1 trading plans.  We currently have $17.6 million of Series B Preferred Stock remaining and $30.8 million of Series C Preferred Stock remaining that may be repurchased under the Repurchase Program.

The following table summarizes repurchase activity under the Repurchase Program during the year ended December 31, 2024 (dollars in thousands, except per-share amounts):For the year ended December 31, 2024Series B Preferred Stock:Number of shares repurchased115,176 Gross repurchase price(1)$2,429Weighted-average repurchase price per share$21.09Gain on repurchase(2)$133Series C Preferred Stock:Number of shares repurchased201,646Gross repurchase price(1)$4,201Weighted-average repurchase price per share