XML 34 R18.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Subsequent Events | 12 Months Ended
--- | ---
Dec. 31, 2021
Subsequent Events [Abstract] |
Subsequent Events | SUBSEQUENT EVENTS Financing Activity Borrowing Activity Subsequent to the year ended December 31, 2021, we entered into certain agreements to provide for current and future financings. The terms of these agreements are summarized in the following table (dollars in thousands):
Issuer |  | Date of Issuance |  | Amount |  | Maturity Dates |  | Principal Amortization |  | Stated Interest Rate(1) |  | Interest Rate Terms
Farmer Mac |  | 1/11/2022 |  | $ | 1,980 |  |  | 12/30/2030 |  | 20.0 years |  | 3.31% |  | Fixed throughout term
Northwest Farm Credit Services, FLCA |  | 2/01/2022 |  | 1,442 |  |  | 2/01/2032 |  | 20.1 years |  | 4.65% |  | Fixed throughout term
(1)Where applicable, stated rate is before interest patronage, as described in Note 4 “Borrowings—Farm Credit Notes Payable—Interest Patronage.” In connection with securing the above borrowings, Gladstone Securities, an affiliate of ours, earned total financing fees of approximately $8,000. MetLife Facility On February 3, 2022, we amended the 2020 MetLife Facility to increase the overall size of the facility through the addition of a new $100.0 million long-term note payable (the “2022 MetLife Term Note”). The 2022 MetLife Term Note is scheduled to mature on January 5, 2032, and the interest rates on future disbursements under the 2022 MetLife Term Note will be based on the 10-year U.S. Treasury at the time of such disbursements, with the initial disbursement priced based on the 10-year U.S. Treasury plus a spread to be determined by the lender. In addition, through December 31, 2024, the 2022 MetLife Term Note is also subject to an unused fee ranging from 0.10% to 0.20% on undrawn amounts (based on the balance drawn under the 2022 MetLife Term Note). If the full commitment of $100.0 million is not utilized by December 31, 2024, MetLife has no obligation to disburse the remaining funds under the 2022 MetLife Term Note. The amendment does not change the terms of the MetLife Facility and includes customary terms, covenants, events of default, and constraints on borrowing availability based on collateral for a credit facility of its size and nature. All other material items of the MetLife Facility remained unchanged. As part of this amendment, we paid an origination fee of $250,000 to MetLife and a financing fee of $80,000 to Gladstone Securities. Equity Activity The following table provides information on equity sales that have occurred subsequent to December 31, 2021 (dollars in thousands, except per-share amounts):
Type of Issuance |  | Number of Shares Sold |  | Weighted Average Offering Price Per Share |  | Gross Proceeds |  | Net Proceeds(1)
Series C Preferred Stock(2) |  | 663,508 |  | $ | 24.75 |  |  | $ | 16,422 |  |  | $ | 15,095 |
(1)Net of Selling Commissions and Dealer-Manager Fees. (2)Excludes approximately 3,230 shares issued pursuant to the DRIP. Distributions On January 11, 2022, our Board of Directors authorized and we declared the following monthly cash distributions to holders of our preferred and common stock:
Issuance |  | Record Date |  | Payment Date |  | Distribution per Share
Series B Preferred Stock: |  | January 21, 2022 |  | January 31, 2022 |  | $ | 0.125 |
|  | February 18, 2022 |  | February 28, 2022 |  | 0.125 |
|  | March 23, 2022 |  | March 31, 2022 |  | 0.125 |
Total Series B Preferred Stock Distributions: |  | $ | 0.375 |
Series C Preferred Stock: |  | January 26, 2022 |  | February 4, 2022 |  | $ | 0.125 |
|  | February 24, 2022 |  | March 4, 2022 |  | 0.125 |
|  | March 25, 2022 |  | April 4, 2022 |  | 0.125 |
Total Series C Preferred Stock Distributions: |  | $ | 0.375 |
Series D Term Preferred Stock: |  | January 21, 2022 |  | January 31, 2022 |  | $ | 0.104167 |
|  | February 18, 2022 |  | February 28, 2022 |  | 0.104167 |
|  | March 23, 2022 |  | March 31, 2022 |  | 0.104167 |
Total Series D Term Preferred Stock Distributions: |  | $ | 0.312501 |
Common Stock(1): |  | January 21, 2022 |  | January 31, 2022 |  | $ | 0.0453 |
|  | February 18, 2022 |  | February 28, 2022 |  | 0.0453 |
|  | March 23, 2022 |  | March 31, 2022 |  | 0.0453 |
Total Common Stock Distributions: |  | $ | 0.1359 |
(1)The same amounts paid to common stockholders will be paid as distributions on each OP Unit held by non-controlling OP Unitholders as of the above record dates.

X
- References No definition available. + Details
Name: | us-gaap_SubsequentEventsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
Name: | us-gaap_SubsequentEventsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration