Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 166

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 166
---
 of these financial covenants include, but are not limited to, staying below a maximum leverage ratio and maintaining a minimum net worth value, rental-revenue-to-debt ratio, current ratio, and fixed charge coverage ratio.  As of December 31, 2024, we were in compliance with all covenants applicable to the above borrowings.MetLife FacilityAs amended, our credit facility with Metropolitan Life Insurance Company (“MetLife”) consists of $75.0 million of revolving equity lines of credit (the “MetLife Lines of Credit”), a $75.0 million long-term note payable (the “2020 MetLife Term Note”), and a $100.0 million long-term note payable (the “2022 MetLife Term Note,” and together with the MetLife Lines of Credit and the 2020 MetLife Term Note, the “MetLife Facility”).The following table summarizes the pertinent terms of the MetLife Facility as of December 31, 2024 (dollars in thousands, except for footnotes):IssuanceAggregateCommitmentMaturityDatesPrincipalOutstanding Interest Rate Terms UndrawnCommitment(1)MetLife Lines of Credit$75,000 12/15/2033$3,600 3M SOFR + 2.00%(2)$71,400 2020 MetLife Term Note75,000 (3)1/5/203036,900 2.75%, fixed through 1/4/2030(4)38,100 2022 MetLife Term Note100,000 (3)1/5/2032— (4)100,000 Totals$250,000 $40,500 $209,500 (1)Based on the properties that were pledged as collateral under the MetLife Facility, as of December 31, 2024, the maximum additional amount we could draw under the facility was approximately $105.9 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