Company: LANDO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001495240-25-000021
Chunk: 174

Company: GLADSTONE LAND Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 174
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)$1,437,812 $1,384,228 Quarterly rate0.150 %0.150 %Base management fee(3)$2,157 $2,076 $4,233 Incentive Fee:Total Adjusted Common Equity(1)(2)$344,128 $346,578 First hurdle quarterly rate1.750 %1.750 %First hurdle threshold$6,022 $6,065 Second hurdle quarterly rate2.1875 %2.1875 %Second hurdle threshold$7,528 $7,581 Pre-Incentive Fee FFO(1)$5,988 $4,974 100% of Pre-Incentive Fee FFO in excess of first hurdle threshold, up to second hurdle threshold$— $— 20% of Pre-Incentive Fee FFO in excess of second hurdle threshold— — Total Incentive fee(3)$— $— $— Total fees due to Adviser$2,157 $2,076 $4,233 

(1)As defined in the Advisory Agreement.

(2)As of the end of the respective prior quarters.

(3)Reflected as a line item on our accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.

(4)Represents a capital gains fee earned during the year ended December 31, 2018; however, the full amount of the fee was credited back to us via a voluntary and irrevocable waiver granted to us by our Adviser.

(5)The capital gains fee is due annually in arrears and is subject to further adjustment throughout the remainder of 2025 if and when we dispose of additional assets.  During the second quarter of 2025, we incurred additional losses associated with the disposition of certain assets, resulting in a reversal of the capital gains fee recognized during the first quarter.

The base management fee decreased primarily due to the disposition of 19 farms since December 31, 2023.

No incentive fee was earned by our Adviser during the three or six months ended June 30, 2025 or 2024, as our Pre-Incentive Fee FFO did not exceed the required hurdle rate in any period.

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During the three months ended March 31, 2025, our Adviser earned a capital gains fee, driven by the gains recognized on the sale of seven farms completed during the