Annual report pursuant to Section 13 and 15(d)

Subsequent Events

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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.