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SUBSEQUENT EVENTS | 3 Months Ended
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Mar. 31, 2022
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Financing Activity Borrowing Activity Subsequent to March 31, 2022, we secured the following loan proceeds (dollars in thousands):
Issuer |  | Issuance Date |  | Amount |  | Maturity Date |  | Principal Amortization |  | Stated Interest Rate(1) |  | Interest Rate Terms
Farm Credit Of Central Florida, ACA |  | 4/5/2022 |  | $ | 4,800 |  |  | 2/1/2046 |  | 23.8 years |  | 4.36% |  | Fixed through 2/28/2027; variable thereafter
(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 $7,000. Equity Activity The following table provides information on equity sales that have occurred subsequent to March 31, 2022 (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) |  | 665,138 |  | $ | 24.71 |  |  | $ | 16,438 |  |  | $ | 15,132 |
(1)Net of Selling Commissions and Dealer-Manager Fees or underwriting discounts and commissions (in each case, as applicable). (2)Excludes approximately 4,578 shares issued pursuant to the DRIP. Subsequent to the March 31, 2022, we paid approximately $7.7 million to redeem 204,778 OP Units. Distributions On April 12, 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: |  | April 22, 2022 |  | April 29, 2022 |  | $ | 0.125 |
|  | May 20, 2022 |  | May 31, 2022 |  | 0.125 |
|  | June 22, 2022 |  | June 30, 2022 |  | 0.125 |
Total Series B Preferred Stock Distributions: |  | $ | 0.375 |
Series C Preferred Stock: |  | April 28, 2022 |  | May 6, 2022 |  | $ | 0.125 |
|  | May 27, 2022 |  | June 6, 2022 |  | 0.125 |
|  | June 29, 2022 |  | July 6, 2022 |  | 0.125 |
Total Series C Preferred Stock Distributions: |  | $ | 0.375 |
Series D Term Preferred Stock: |  | April 22, 2022 |  | April 29, 2022 |  | $ | 0.104167 |
|  | May 20, 2022 |  | May 31, 2022 |  | 0.104167 |
|  | June 22, 2022 |  | June 30, 2022 |  | 0.104167 |
Total Series D Term Preferred Stock Distributions: |  | $ | 0.312501 |
Common Stock(1): |  | April 22, 2022 |  | April 29, 2022 |  | $ | 0.0454 |
|  | May 20, 2022 |  | May 31, 2022 |  | 0.0454 |
|  | June 22, 2022 |  | June 30, 2022 |  | 0.0454 |
Total Common Stock Distributions: |  | $ | 0.1362 |
(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.

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- 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
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