Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 94

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 94
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4467,067 The following table presents the fair value of our interest rate swaps as well as their classification on the Condensed Consolidated Balance Sheets as of March 31, 2025, and December 31, 2024 (dollars in thousands):Derivative Asset (Liability) Fair ValueDerivative TypeBalance Sheet LocationMarch 31, 2025December 31, 2024Derivatives Designated as Hedging Instruments:Interest rate swapsOther assets, net$6,314 $7,632 Total$6,314 $7,632 The following table presents the amount of (loss) income recognized in comprehensive (loss) income within our condensed consolidated financial statements for the three months ended March 31, 2025 and 2024 (dollars in thousands):For the Three Months Ended March 31,20252024Derivative in cash flow hedging relationship:Interest rate swaps$(1,318)$1,008 Total$(1,318)$1,008 Credit-risk-related Contingent FeaturesWe have agreements with each of our derivative counterparties that contain a provision where if we default on any of our indebtedness, then we could also be declared in default on our derivative obligations.  As of March 31, 2025, we did not have any derivatives in a net liability position, nor have we posted any collateral related to these agreements.

NOTE 5.  CUMULATIVE TERM PREFERRED STOCK

In January 2021, we completed a public offering of 5.00% Series D Cumulative Term Preferred Stock, par value $0.001 per share (the “Series D Term Preferred Stock”), at a public offering price of $25.00 per share.  As a result of this offering (including the underwriters’ exercise of their option to purchase additional shares to cover over-allotments), we issued a total of 2,415,000 shares of the Series D Term Preferred Stock for gross proceeds of approximately $60.4 million and net proceeds, 

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after deducting underwriting discounts and offering expenses borne by us, of approximately $58.3 million.  The Series D Term Preferred Stock is traded under the ticker symbol “LANDM” on Nasdaq.The shares of the Series D Term Preferred Stock have a mandatory redemption date of January 31, 2026, and are not convertible into our common stock or any other securities.  We may redeem the shares at a redemption price of $25