SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Deferred Tax Assets and Liabilities

The following table summarizes our deferred income tax assets and liabilities as of June 30, 2025 (dollars in thousands):


	June 30, 2025		December 31, 2024
Deferred income tax assets, net:
Fixed asset depreciation	$	250	$	—


Net operating loss	435		—

Total Gross deferred income tax assets	685		—
Less: Valuation allowance	(685)		—
Total Deferred income tax assets, net	$	—	$	—

Schedule of Effective Income Tax Rate Reconciliation

The following table illustrates the difference between the effective tax rate of the foreclosure property’s expense (benefit) for income taxes and the federal statutory rate (dollars in thousands):


	Actual		Expected Expense (Benefit) at Federal Statutory Rate(1)		Items as a Percentage of Pre-Tax Income
Tax Rate Reconciliation:
Pre-tax income (loss)	$	(1,579)	$	(332)	21.0	%
State tax expense:
Current	—		—		—	%
Deferred	—		(83)		5.3	%
Meals & Entertainment	—		—		—	%
Change in Valuation allowance	—		415		(26.3)	%

Income tax expense			$	—	—	%

Total current federal tax benefit			$	—
Total current state tax benefit			—
Total deferred tax benefit			—

(1)The current federal statutory rate is 21%.

GLADSTONE LAND Corp 10-Q