Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 109

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 109
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, the gain or loss on the derivative is initially recorded in Accumulated other comprehensive income on the accompanying Condensed Consolidated Balance Sheets and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects.  During the next 12 months, we estimate that an additional $1.4 million will be reclassified as a reduction to interest expense.We had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of September 30, 2025, and December 31, 2024 (dollars in thousands):PeriodNumber of InstrumentsAggregate Notional AmountAs of September 30, 20254$65,176 As of December 31, 2024467,067 The following table presents the fair value of our interest rate swaps as well as their classification on the Condensed Consolidated Balance Sheets as of September 30, 2025, and December 31, 2024 (dollars in thousands):Derivative Asset (Liability) Fair ValueDerivative TypeBalance Sheet LocationSeptember 30, 2025December 31, 2024Derivatives Designated as Hedging Instruments:Interest rate swapsOther assets, net$5,049 $7,632 Total$5,049 $7,632 The following table presents the amount of (loss) income recognized in comprehensive (loss) income within our condensed consolidated financial statements for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands):

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For the Three Months Ended September 30,For the Nine Months Ended September 30,2025202420252024Derivative in cash flow hedging relationship:Interest rate swaps$(409)$(2,565)$(2,583)$(1,591)Total$(409)$(2,565)$(2,583)$(1,591)Credit-risk-related Contingent FeaturesWe have agreements with each of our derivative counterparties that contain a provision where if we default on any of our indebtedness, then we could also be declared in default on our derivative obligations.  As of September 30, 2025, we did not have any derivatives in a net liability position, nor have we posted any collateral related to these agreements.

NOTE 6.  CUMULATIVE TERM PREFERRED STOCK

In January 2021, we completed a public offering of 5.00% Series D Cumulative Term Preferred Stock