Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 104

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 104
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ORROWINGS

Our borrowings as of September 30, 2025, and December 31, 2024, are summarized below (dollars in thousands): Carrying Value as ofAs of September 30, 2025September 30, 2025December 31, 2024Stated InterestRates(1)(Range; Wtd Avg)Maturity Dates(Range; Wtd Avg)Variable-rate revolving lines of credit$200 $3,600 6.30%12/15/2033Notes and bonds payable:Fixed-rate notes payable$459,873 $493,363 2.45%–6.97%; 3.70%11/27/2025–7/1/2051; Jan 2033Fixed-rate bonds payable22,331 32,946 3.13%–4.57%; 3.57%3/13/2028–12/30/2030; March 2029Total notes and bonds payable482,204 526,309 Debt issuance costs – notes and bonds payable(2,048)(2,387)N/AN/ANotes and bonds payable, net$480,156 $523,922 Total borrowings, net$480,356 $527,522 (1)Where applicable, stated interest rates are before interest patronage (as described below).As of September 30, 2025, the above borrowings were collateralized by certain of our farms with an aggregate net book value of approximately $971.8 million.  The weighted-average stated interest rate charged on the above borrowings (excluding the impact of debt issuance costs and before any interest patronage, 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