Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 177

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 177
---
 $11,532 Administration fee(1)(2)$2,452 $2,255 $2,005 Selling Commissions and Dealer-Manager Fees(1)(3)$41 $583 $13,471 Financing fees(1)(4)— — 154 Total fees to Gladstone Securities$41 $583 $13,625 (1)Pursuant to the agreements with the respective related-party entities, as discussed above.(2)Reflected as a line item on our accompanying Consolidated Statements of Operations and Comprehensive Income.(3)Included within Additional paid-in capital on the accompanying Consolidated Balance Sheets.

89

(4)Included within Notes and bonds payable, net on the Consolidated Balance Sheets and amortized into Interest expense on the Consolidated Statements of Operations and Comprehensive Income.Related-Party Fees DueAmounts due to related parties on our accompanying Consolidated Balance Sheets as of December 31, 2024 and 2023 were as follows (dollars in thousands):December 31, 2024December 31, 2023Base management fee$2,067 $2,156 Incentive fee— 982 Other, net(1)75 49 Total due to Adviser2,142 3,187 Administration fee613 546 Cumulative accrued but unpaid portion of prior Administration Fees(2)217 141 Total due to Administrator830 687 Total due to related parties(3)$2,972 $3,874 (1)Other amounts due to or from our Adviser primarily relate to miscellaneous general and administrative expenses either paid by our Adviser on our behalf or by us on our Adviser’s behalf.(2)Represents the cumulative accrued but unpaid portion of prior Administration fees that are scheduled to be paid during the three months ending September 30 of each year, which is the quarter following our Administrator’s fiscal year end.(3)Reflected as a line item on our accompanying Consolidated Balance Sheets.

 NOTE 7.  COMMITMENTS AND CONTINGENCIES

Operating ObligationsIn connection with the execution of certain lease agreements, we have committed to provide capital improvements on certain of our farms.  Below is a summary of certain of those projects for which we have incurred or accrued costs as of December 31, 2024 (dollars in thousands):FarmLocationsFarmAcreageTotalCommitmentObligatedCompletionDate(1)Amount Expendedor Accru