Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 168

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 168
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 the “Farm Credit Notes Payable”) with various different Farm Credit associations (collectively, “Farm Credit”).  We did not enter into any new loan agreements with Farm Credit during either of the years ended December 31, 2024 or 2023.Certain amounts owed under the Farm Credit Notes Payable, limited to 12 months of principal and interest due under certain of the loans, are guaranteed by us pursuant to the respective loan documents.

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Interest PatronageInterest patronage, or refunded interest, on our borrowings from Farm Credit is generally recorded upon receipt and is included within Other income on our Consolidated Statements of Operations and Comprehensive Income.  Receipt of interest patronage typically occurs in the first half of the calendar year following the calendar year in which the respective interest expense is accrued.During the three months ended March 31, 2024, we recorded interest patronage of approximately $1.9 million related to interest accrued on the Farm Credit Notes Payable during the year ended December 31, 2023, and during the three months ended September 30, 2023, we received approximately $111,000 of interest patronage, as certain Farm Credit associations paid a portion of the 2023 interest patronage (which relates to interest accrued during 2023 but is typically paid during the first half of 2024) early.  In total, 2023 interest patronage resulted in a 22.0% reduction (approximately 101 basis points) to the interest rates on such borrowings. Debt Service – Aggregate MaturitiesScheduled principal payments of our aggregate notes and bonds payable as of December 31, 2024, for the succeeding years are as follows (dollars in thousands):PeriodScheduled Principal PaymentsFor the fiscal years ending December 31:2025$38,485 202617,607 202750,785 202877,168 2029152,626 Thereafter189,638 (1)$526,309 (1)     Subsequent to December 31, 2024, we repaid approximately $19.4 million of notes that were scheduled to mature in 2043 but were set to reprice in 2025.During the year ended December 31, 2024, we repaid approximately $33.6 million of notes and bonds that were scheduled to either mature or reprice.  On a weighted-average basis, these borrowings bore interest at a fixed, stated rate of 3.69