Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 165

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 165
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 2024December 31, 2023Stated InterestRates(1)(Range; Wtd Avg)Maturity Dates(Range; Wtd Avg)Variable-rate revolving lines of credit$3,600 $200 6.60%12/15/2033Notes and bonds payable:Fixed-rate notes payable$493,363 $524,199 2.45%–6.97%; 3.71%2/14/2025 -7/1/2051; April 2033Fixed-rate bonds payable32,946 52,640 3.13%–4.57%; 3.85%7/24/2025 - 12/30/2030; Jan 2028Total notes and bonds payable526,309 576,839 Debt issuance costs – notes and bonds payable(2,387)(2,928)N/AN/ANotes and bonds payable, net$523,922 $573,911 Total borrowings, net$527,522 $574,111 (1)Where applicable, stated interest rates are before interest patronage (as described below).As of December 31, 2024, the above borrowings were collateralized by certain of our farms with an aggregate net book value of approximately $1.0 billion.  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 3.82% and 3.79% for the years ended December 31, 2024 and 2023, respectively.  In addition, 2023 interest patronage from our Farm Credit Notes Payable (as defined below) resulted in a 22.0% reduction (approximately 101 basis points) to the stated interest rates on such borrowings.  See below under “—Farm Credit Notes Payables—Interest Patronage” for further discussion on interest patronage.We generally borrow at a rate of 60% of the value of the underlying agricultural real estate, and, except as noted herein, the amounts borrowed are not generally guaranteed by the Company.  Our loan agreements generally contain various affirmative 

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and negative covenants, including with respect to liens, indebtedness, mergers, and asset sales, and customary events of default.  These agreements may also require that we satisfy certain financial covenants at the end of each calendar quarter or year.  Some