Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 39

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 39
---
14% of the total financings secured since the Financing Arrangement Agreement has been in place.Dealer-Manager Agreement

17

We have entered into a dealer-manager agreement with Gladstone Securities (the “Dealer-Manager Agreement”), pursuant to which Gladstone Securities serves as our exclusive dealer-manager in connection with the offering of our 5.00% Series E Cumulative Redeemable Preferred Stock, par value $0.001 per share (the “Series E Preferred Stock”).Pursuant to the Dealer-Manager Agreement, Gladstone Securities provides certain sales, promotional, and marketing services to us in connection with the offering of the Series E Preferred Stock, and we generally paid or pay Gladstone Securities the following:ia selling commission of up to 7.0% of the gross proceeds from sales in the offering (the “Selling Commissions”), andiia dealer-manager fee of 3.0% of the gross proceeds from sales in the offering (the “Dealer-Manager Fees”).Gladstone Securities may, in its sole discretion, remit all or a portion of the Selling Commissions and also reallow all or a portion of the Dealer-Manager Fees to participating broker-dealers and wholesalers in support of the offerings.  The terms of the Dealer-Manager Agreement were approved by our board of directors, including its independent directors.The following table summarizes the total Selling Commissions and Dealer-Manager Fees paid to Gladstone Securities during the three months ended March 31, 2025 and 2024 (dollars in thousands):For the Three Months Ended March 31,20252024Series E Preferred Stock$— $28 Total Selling Commissions and Dealer-Manager Fees$— $28 Selling Commissions and Dealer-Manager Fees paid to Gladstone Securities are netted against the gross proceeds received from sales of the respective securities and are included within Additional paid-in capital on the accompanying Condensed Consolidated Balance Sheets.Related-Party FeesThe following table summarizes related-party fees paid or accrued for and reflected in our accompanying condensed consolidated financial statements (dollars in thousands): For the Three Months Ended March 31, 20252024Base management fee(1)(2)$2,058 $2,156 Capital gains fee(1)(2)188 — Total fees to our Adviser$2,246 $2,156 Administration fee(1)(2)$642 $603 Selling Commissions and Dealer-Manager Fees(1)(3