Subsequent Events

9 Months Ended

Sep. 30, 2017

Subsequent Events

Subsequent Events

Note 10—Subsequent Events

Subsequent to the quarter end the Company repurchased an additional 279,210 shares at an average price of $9.15 for total consideration of $2.6 million.

On October 23, 2017 the Company fully repaid the remaining $5.5 million in principal on Farmer Mac Bond #2 which was due and payable on that date. The Company now has a total of $129.3 million outstanding under the Farmer Mac Facility, $54.9 million of which matures prior to the end of 2017.

On October 31, 2017, the Company completed one acquisition which is expected to be accounted for as an asset acquisition in South Carolina. Consideration totaled $2.2 million and was paid in cash.

On October 31, 2017, the Company issued 984,365 shares of common stock in exchange for 984,365  Common units that had been tendered for redemption.

On November 8, 2017, the Company’s board of directors declared a distribution of $0.1275 per share of common stock and Common unit payable on January 16, 2018 to holders of record as of January 1, 2018.

On November 8, 2017, the Company’s board of directors declared a quarterly cash dividend of $0.375 per share of 6.00% Series B Participating Preferred Stock payable on January 2, 2017 to stockholders of record as of December 15, 2017.