Gladstone Land Corporation Announces Reclassification of Preferred Shares to Common Stock

Key Points from the Current Report (Form 8-K)

• Reclassification of Preferred Shares:
  On March 12, 2026, Gladstone Land Corporation (“the Company”) filed Articles Supplementary with the State Department of Assessments and Taxation of Maryland. The Board of Directors reclassified and designated 1,185,000 authorized but unissued shares of 5.00% Series D Cumulative Term Preferred Stock as additional shares of Common Stock.
• No Increase in Total Authorized Shares:
  This action did not increase the total number of authorized shares of capital stock. Instead, it shifts the classification within the existing authorized capital, potentially increasing the flexibility for common equity offerings.
• Post-Reclassification Authorized Capital Structure:
  • 52,017,888 shares of Common Stock
  • 6,329,207 shares of 6.00% Series B Cumulative Redeemable Preferred Stock
  • 25,666,775 shares of 6.00% Series C Cumulative Redeemable Preferred Stock
  • 15,986,130 shares of 5.00% Series E Cumulative Term Preferred Stock
• Securities Traded on NASDAQ:

  Class	Trading Symbol	Exchange
  Common Stock, \$0.001 par value per share	LAND	NASDAQ
  6.00% Series B Cumulative Redeemable Preferred Stock, \$0.001 par value per share	LANDO	NASDAQ
  6.00% Series C Cumulative Redeemable Preferred Stock, \$0.001 par value per share	LANDP	NASDAQ

• Corporate Governance:
  The reclassification and designation were approved by the Board of Directors in accordance with the Company’s charter.
• Effective Date:
  The Articles Supplementary were executed on March 10, 2026, and reported on March 13, 2026.
• Signatory:
  The filing was signed by Lewis Parrish, Chief Financial Officer of Gladstone Land Corporation.

Implications and Potential Impact for Shareholders

• Potentially Price-Sensitive Action:
  The reclassification of 1,185,000 Series D Preferred shares into Common Stock increases the Company’s flexibility to issue common equity in the future. This could be used for capital raising, acquisitions, or other corporate purposes. Any future issuance of these newly available common shares could dilute existing shareholders, potentially impacting share price depending on the use of proceeds and market conditions.
• No Change to Total Authorized Shares:
  Importantly, this action does not by itself increase the maximum number of shares the company can issue, but it does shift the balance toward common equity.
• No Immediate Financial Impact:
  The filing itself does not involve any issuance or sale of shares at this time and does not immediately affect the Company’s cash position, earnings, or asset base.
• No Change to Existing Preferred Shares:
  The action only affects authorized but previously unissued Series D Preferred Stock, with no impact on outstanding preferred shares or their rights.
• Shareholder Considerations:
  Shareholders should monitor for any subsequent announcements regarding new common stock offerings, as those could influence share value through dilution or strategic deployment of new capital.

Conclusion

Gladstone Land Corporation’s reclassification of preferred shares to common stock is a strategic move to enhance capital structure flexibility. While there is no immediate impact on shareholders, the potential for future common stock issuance is noteworthy and could influence share value depending on how management utilizes this new capacity.

Investors should stay alert to future disclosures regarding any actual issuances or uses of these newly available common shares.

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