Company: LANDO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001495240-25-000021
Chunk: 34

Company: GLADSTONE LAND Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 34
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387)N/AN/ANotes and bonds payable, net$496,184 $523,922 Total borrowings, net$496,384 $527,522 (1)Where applicable, stated interest rates are before interest patronage (as described below).As of June 30, 2025, the above borrowings were collateralized by certain of our farms with an aggregate net book value of approximately $995.3 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 six months ended June 30, 2025, respectively, as compared to 3.83% and 3.82% for the three and six months ended June 30, 2024, respectively.  In addition, 2024 interest patronage from our Farm Credit Notes Payable (as defined below) resulted in a 21.9% 

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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 June 30, 2025, we were in compliance with all covenants applicable to the above borrowings.MetLife FacilityAs amended, our credit facility with Metropolitan Life Insurance Company (“MetLife”) consists of $75.0 million of revolving equity lines of credit (the “MetLife Lines of Credit”), a $75.0 million long-term note payable (the “2020 MetLife Term Note”), and a $100.0 million long-term note payable (the “2022 MetLife Term Note,” and together with the MetLife Lines of Credit and the 2020 MetLife Term Note, the “MetLife Facility”).The following table summarizes the pertinent terms of the MetLife Facility as of June 30, 2025 (dollars in thousands, except for footnotes):IssuanceAggregateCommitmentMaturityDatesPrincipalOutstanding Interest Rate Terms UndrawnCommitment(1)MetLife Lines of Credit$75,000 12/15/2033$200 3M Term SOFR + 2.00%(2)$74,800 2020 MetLife Term Note75,000 (3)1/5/203036,254 2.75%,