Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 38

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 or refunded interest) was 3.81% and 3.80% for the three and nine months ended September 30, 2025, respectively, as compared to 3.83% and 3.82% for the three and nine months ended September 30, 2024, respectively.  In addition, 2024 interest patronage from our Farm Credit Notes Payable (as defined below) resulted in a 21.9% reduction (approximately 101 basis points) to the stated interest rates on such borrowings.  See below under “—Farm Credit Notes Payable—Interest Patronage” for further discussion on interest patronage.As of September 30, 2025, 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 September 30, 2025 (dollars in thousands, except for footnotes):IssuanceAggregateCommitmentMaturityDatesPrincipalOutstanding Interest Rate Terms UndrawnCommitment(1)MetLife Lines of Credit$75,000 12/15/2033$200 3M Term SOFR + 2.00%(2)$74,800 2020 MetLife Term Note75,000 (3)1/5/203035,620 2.75%, fixed through 1/4/2030(4)39,380 2022 MetLife Term Note100,000 (3)1/5/2032— (4)100,000 Totals$250,000 $35,820 $214,180 (1)Based on the properties that were pledged as collateral under the MetLife Facility, as of September 30, 2025, the maximum additional amount we could draw under the facility was approximately $110.6 million.(2)The interest rate on the MetLife Lines of Credit is subject to a minimum