Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 116

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 116
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 Adviser on our behalf or by us on our Adviser’s behalf.(2)Represents the cumulative accrued but unpaid portion of prior Administration fees that are scheduled to be paid during the three months ending September 30 of each year, which is the quarter following our Administrator’s fiscal year end.(3)Reflected as a line item on our accompanying Condensed Consolidated Balance Sheets.

NOTE 8.  COMMITMENTS AND CONTINGENCIES

LitigationIn the ordinary course of business, we may be involved in legal proceedings from time to time.  We are not currently subject to any material known or threatened litigation.

NOTE 9.  EQUITY

Registration StatementOn March 28, 2023, we filed a universal shelf registration statement on Form S-3, as amended (File No. 333-270901), with the SEC (the “2023 Registration Statement”).  The 2023 Registration Statement, which was declared effective by the SEC on April 13, 2023, permits us to issue up to an aggregate of $1.5 billion in securities consisting of common stock, preferred stock, warrants, debt securities, depository shares, subscription rights, and units, including through separate, concurrent offerings of two or more securities.  Through September 30, 2025, we have issued a total of 176,195 shares of Series E Preferred Stock for gross proceeds of approximately $4.4 million and 593,419 shares of common stock for gross proceeds of approximately $8.0 million under the 2023 Registration Statement.

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Equity Issuances Series E Preferred StockOn November 9, 2022, we filed a prospectus supplement with the SEC for a continuous public offering (the “Series E Offering”) of up to 8,000,000 shares of our Series E Preferred Stock on a “reasonable best efforts” basis through Gladstone Securities at an offering price of $25.00 per share.  See Note 7, “Related-Party Transactions—Gladstone Securities—Dealer-Manager Agreement,” for a discussion of the commissions and fees to be paid to Gladstone Securities in connection with the Series E Offering.No shares of the Series E Preferred Stock were sold during either of the three or nine months ended September 30, 2025.  The following table provides information on sales of our Series E Preferred Stock during the three and nine months ended September 30, 2024 (dollars in thousands, except per-share amounts):Three