Company: LANDO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001495240-25-000021
Chunk: 104

Company: GLADSTONE LAND Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 104
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 Service – Aggregate MaturitiesScheduled principal payments of our aggregate notes and bonds payable as of June 30, 2025, for the succeeding years are as follows (dollars in thousands):PeriodScheduled Principal PaymentsFor the remaining six months ending December 31:2025$18,873 (1)For the fiscal years ending December 31:202617,337 202750,481 202876,827 2029152,246 203093,896 Thereafter88,682 $498,342 (1)Subsequent to June 30, 2025, we repaid a $10.4 million bond upon maturity.  The bond bore interest at an annual rate of 4.45%.Fair ValueASC 820, “Fair Value Measurement (Subtopic 820)” (“ASC 820”), provides a definition of fair value that focuses on the exchange (exit) price of an asset or liability in the principal, or most advantageous market, and prioritizes the use of market-based inputs to the valuation.  ASC 820-10 establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date.  The three levels are defined as follows:•Level 1 — inputs that are based upon quoted prices (unadjusted) for identical assets or liabilities in active markets;•Level 2 — inputs are based upon quoted prices for similar assets or liabilities in active or inactive markets or model-based valuation techniques, for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and•Level 3 — inputs are generally unobservable and significant to the fair value measurement.  These unobservable inputs are generally supported by little or no market activity and are based upon management’s estimates of assumptions that market participants would use in pricing the asset or liability.As of June 30, 2025, the aggregate fair value of our notes and bonds payable was approximately $469.5 million, as compared to an aggregate carrying value (excluding unamortized related debt issuance costs) of approximately $498.3 million.  The fair value of our notes and bonds payable is valued using Level 3 inputs under the hierarchy established by ASC 820-10 and is calculated based on a discounted cash flow analysis, using discount rates based on management’s estimates of market interest rates on debt with comparable terms.  Further, due to the revolving