Gladstone Land Corporation Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

RELATED-PARTY TRANSACTIONS (Tables)

RELATED-PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2025

The following tables summarizes the total Selling Commissions and Dealer-Manager Fees paid to Gladstone Securities during the years ended December 31, 2025, 2024, and 2023 (dollars in thousands):


	For the Years Ended December 31,
		2025		2024		2023

Series E Preferred Stock		$	1	$	41	$	583
Total Selling Commissions and Dealer-Manager Fees		$	1	$	41	$	583

The following table summarizes related-party fees paid or accrued for and reflected in our accompanying consolidated financial statements (dollars in thousands):


	For the Years Ended December 31,
	2025		2024		2023
Base management fee(1)(2)	$	8,007	$	8,370	$	8,603
Incentive fee(1)(2)	2,723		109		1,771

Incentive fee waiver(2)	(2,723)		(109)		—
Total fees to our Adviser	$	8,007	$	8,370	$	10,374

Administration fee(1)(2)	$	2,617	$	2,452	$	2,255

Selling Commissions and Dealer-Manager Fees(1)(3)	$	1	$	41	$	583
Financing fees(1)(4)	15		—		—
Total fees to Gladstone Securities	$	16	$	41	$	583

(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.

(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.

Amounts due to related parties on our accompanying Consolidated Balance Sheets as of December 31, 2025 and 2024 were as follows (dollars in thousands):


	December 31, 2025		December 31, 2024


Base management fee	$	1,967	$	2,067



Other, net(1)	58		75
Total due to Adviser	2,025		2,142
Administration fee	753		613
Cumulative accrued but unpaid portion of prior Administration Fees(2)	66		217
Total due to Administrator	819		830


Total due to related parties(3)	$	2,844	$	2,972

(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.