Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 122

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 122
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,437,812 Quarterly rate0.150 %Base management fee(3)$2,156 $2,156 Incentive Fee:Total Adjusted Common Equity(1)(2)$344,128 First hurdle quarterly rate1.750 %First hurdle threshold$6,022 Second hurdle quarterly rate2.1875 %Second hurdle threshold$7,528 Pre-Incentive Fee FFO(1)$5,988 100% of Pre-Incentive Fee FFO in excess of first hurdle threshold, up to second hurdle threshold$— 20% of Pre-Incentive Fee FFO in excess of second hurdle threshold— Total Incentive fee(3)$— $— Total fees due to Adviser$2,156 $2,156 

(1)As defined in the Advisory Agreement.

(2)As of the end of the respective prior quarters.

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(3)Reflected as a line item on our accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.

(4)Represents a capital gains fee earned during the year ended December 31, 2018; however, the full amount of the fee was credited back to us via a voluntary and irrevocable waiver granted to us by our Adviser.

(5)The capital gains fee is due annually in arrears and is subject to further adjustment throughout the remainder of 2025 as additional assets are disposed of.

The base management fee decreased primarily due to the disposition of 12 farms during 2024.

No incentive fee was earned by our Adviser during either of the three months ended March 31, 2025 or 2024, as our Pre-Incentive Fee FFO did not surpass the required hurdle rate in either period.

Our Adviser earned a capital gains fee during the three months ended March 31, 2025, driven by gains recognized on the sale of seven farms completed during the quarter (see “Recent Developments—Portfolio Activity—Existing Properties—Property Sales” above for further discussion on these sales).  The capital gains fee, net of any credits that may be granted by our Adviser, is due in arrears at the end of each fiscal year and is subject to further adjustment throughout the remainder of 2025 as additional assets are disposed of.

The administration fee paid to our Administrator increased primarily due to us using a higher overall share of our Administrator’s resources in relation to those used by affiliated companies serviced