| SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS Financing Activity
Borrowing Activity
Subsequent to March 31, 2022, we secured the following loan proceeds (dollars in thousands):
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| Issuer |
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Issuance
Date |
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Amount |
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Maturity
Date |
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Principal
Amortization |
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Stated
Interest Rate(1)
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Interest Rate Terms |
| Farm Credit Of Central Florida, ACA |
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4/5/2022 |
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$ |
4,800 |
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2/1/2046 |
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23.8 years |
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4.36% |
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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 $7,000.
Equity Activity
The following table provides information on equity sales that have occurred subsequent to March 31, 2022 (dollars in thousands, except per-share amounts):
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| Type of Issuance |
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Number of
Shares Sold |
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Weighted Average Offering
Price Per Share |
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Gross Proceeds |
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Net Proceeds(1)
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Series C Preferred Stock(2)
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665,138 |
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$ |
24.71 |
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$ |
16,438 |
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$ |
15,132 |
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(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 $7.7 million to redeem 204,778 OP Units.
Distributions
On April 12, 2022, our Board of Directors authorized and we declared the following monthly cash distributions to holders of our preferred and common stock:
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| Issuance |
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Record Date |
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Payment Date |
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Distribution per Share |
| Series B Preferred Stock: |
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April 22, 2022 |
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April 29, 2022 |
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$ |
0.125 |
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May 20, 2022 |
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May 31, 2022 |
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0.125 |
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June 22, 2022 |
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June 30, 2022 |
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0.125 |
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| Total Series B Preferred Stock Distributions: |
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$ |
0.375
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| Series C Preferred Stock: |
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April 28, 2022 |
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May 6, 2022 |
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$ |
0.125 |
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May 27, 2022 |
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June 6, 2022 |
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0.125 |
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June 29, 2022 |
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July 6, 2022 |
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0.125 |
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| Total Series C Preferred Stock Distributions: |
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$ |
0.375
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| Series D Term Preferred Stock: |
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April 22, 2022 |
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April 29, 2022 |
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$ |
0.104167 |
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May 20, 2022 |
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May 31, 2022 |
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0.104167 |
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June 22, 2022 |
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June 30, 2022 |
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0.104167 |
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| Total Series D Term Preferred Stock Distributions: |
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$ |
0.312501
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Common Stock(1):
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April 22, 2022 |
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April 29, 2022 |
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$ |
0.0454 |
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May 20, 2022 |
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May 31, 2022 |
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0.0454 |
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June 22, 2022 |
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June 30, 2022 |
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0.0454 |
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| Total Common Stock Distributions: |
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$ |
0.1362
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