Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 172

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 172
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 a liability on our accompanying Consolidated Balance Sheets in accordance with ASC 480, “Distinguishing Liabilities from Equity,” which states that mandatorily-redeemable financial instruments should be classified as liabilities.  In addition, the related dividend payments are treated similarly to interest expense on the accompanying Consolidated Statements of Operations and Comprehensive Income.As of December 31, 2024, the fair value of our Series D Term Preferred Stock was approximately $59.5 million, as compared to the carrying value (exclusive of unamortized offering costs) of approximately $60.4 million.  The fair value of our Series D Term Preferred Stock uses Level 1 inputs under the hierarchy established by ASC 820-10 and is calculated based on the closing per-share price on December 31, 2024, of $24.64.For information on the dividends declared by our Board of Directors and paid by us on the Series D Term Preferred Stock during the year ended December 31, 2024, see Note 8, “Equity—Distributions.”

NOTE 6.  RELATED-PARTY TRANSACTIONS

Our Adviser and AdministratorWe are externally managed pursuant to contractual arrangements with our Adviser and our Administrator, which collectively employ all of our personnel and pay their salaries, benefits, and general expenses directly.  Both our Adviser and Administrator are affiliates of ours, as their parent company is owned and controlled by David Gladstone, our chairman, chief executive officer, and president.  Mr. Gladstone also serves as a director and executive officer of each of our Adviser and Administrator.  In addition, Michael LiCalsi, our general counsel and secretary (who also serves as our Administrator’s president, general counsel, and secretary) is executive vice president of administration of our Adviser.We have entered into an investment advisory agreement with our Adviser (the “Advisory Agreement”) and an administration agreement with our Administrator (the “Administration Agreement”).  Both the Advisory Agreement and the Administration Agreement were approved unanimously by our Board of Directors, including our independent directors.Our Board of Directors reviews and considers renewing the agreement with our Adviser each July.  During its July 2024 meeting, our Board of Directors reviewed and renewed each of the Advisory Agreement and the Administration Agreement for an additional year, through August 31, 2025.A summary of the compensation terms for the Advisory Agreement and a summary of the Administration Agreement is below.Advisory AgreementPursuant to the Advisory Agreement, our Advis