Company: LANDO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001495240-25-000021
Chunk: 173

Company: GLADSTONE LAND Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 173
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 miscellaneous operating costs incurred by the underlying entities.  Amounts recorded during the prior-year period include additional costs to deliver water to certain of our farms via a pipeline owned by an unconsolidated entity of ours, which costs were reimbursed to us by our tenants.

Related-Party Fees

The following table provides the calculations of the base management, incentive, and capital gains fees (as applicable) due to our Adviser pursuant to the Advisory Agreement for the three and six months ended June 30, 2025 and 2024 (dollars in thousands; for further discussion on certain defined terms used below, refer to Note 7, “Related-Party Transactions,” within the accompanying notes to our condensed consolidated financial statements):

Quarter EndedYear to DateMarch 31June 302025 Fee Calculations:Base Management Fee:Gross Tangible Real Estate(1)(2)$1,372,260 $1,326,588 Quarterly rate0.150 %0.150 %Base management fee(3)$2,058 $1,990 $4,048 Incentive Fee:Total Adjusted Common Equity(1)(2)$318,209 $322,245 First hurdle quarterly rate1.750 %1.750 %First hurdle threshold$5,569 $5,639 

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Second hurdle quarterly rate2.1875 %2.1875 %Second hurdle threshold$6,961 $7,049 Pre-Incentive Fee FFO(1)$2,139 $(3,346)100% of Pre-Incentive Fee FFO in excess of first hurdle threshold, up to second hurdle threshold$— $— 20% of Pre-Incentive Fee FFO in excess of second hurdle threshold— — Total Incentive fee(3)$— $— $— Capital Gains Fee:Aggregate net realized capital gains(1)$5,443 $2,769 Capital gains fee rate15.0 %15.0 %Cumulative capital gains fee$816 $415 Less capital gains fees recorded in prior periods(4)$(628)$(628)Total Capital Gains Fee(3)(5)$188 $(188)$— Total fees due to Adviser$2,246 $1,802 $4,048 2024 Fee Calculations:Base Management Fee:Gross Tangible Real Estate(1)(2