Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 170

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 170
---
, and the aggregate fair value of our interest rate swap agreements is recorded in Other assets, net or Other liabilities, net, as appropriate, on our accompanying Consolidated Balance Sheets.  Generally, in the absence of observable market data, we will estimate the fair value of our interest rate swaps using estimates of certain data points, including estimated remaining life, counterparty credit risk, current market yield, and interest rate spreads of similar securities as of the measurement date.  In accordance with the Financial Accounting Standards Board’s fair value measurement guidance, we have made an accounting policy election to measure the credit risk of our derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.  As of December 31, 2024, our interest rate swaps were valued using Level 2 inputs.In addition, we have designated our interest rate swaps as cash flow hedges.  For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is initially recorded in Accumulated other comprehensive income (loss) on the accompanying Consolidated Balance Sheets and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects.  During the next 12 months, we estimate that an additional $1.7 million will be reclassified as a reduction to interest expense.We had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of December 31, 2024 and 2023 (dollars in thousands):PeriodNumber of Instruments Aggregate Notional AmountAs of December 31, 20244$67,067 As of December 31, 2023470,229 The following table presents the fair value of our interest rate swaps and their classification on the Consolidated Balance Sheets as of December 31, 2024 and 2023 (dollars in thousands):Derivative Asset (Liability) Fair ValueDerivative TypeBalance Sheet LocationDecember 31, 2024December 31, 2023Derivatives Designated as Hedging Instruments:Interest rate swapsOther assets, net$7,632 $7,366 Total$7,632 $7,366 The following table presents the amount of income (loss) recognized in comprehensive income within our consolidated financial statements for the years ended December 31, 2024, 2023, and 2022 (dollars in thousands):For the Years EndedDecember 31, 2024December