Jay Beckhorn
About Jay Beckhorn
Jay Beckhorn, age 63, is Treasurer of Gladstone Land Corporation (LAND) and has served in this role since January 2015; he joined the Gladstone Companies in January 2013 as Managing Director, Finance. He holds an MBA from Duke University’s Fuqua School of Business and a BA from Colgate University . As LAND is externally managed, executive pay is not disclosed at the individual level; performance-linked economics at the company level are driven by the Advisory Agreement’s FFO-based incentives and administrative cost allocations rather than equity grants or corporate bonuses .
Key operating performance context (company-level):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenue ($USD) | $89.236M | $90.319M | $84.763M |
| EBITDA ($USD) | $69.585M* | $71.119M* | $68.430M* |
*Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Heavenrich & Co. | Regional Director | 2010–2012 | M&A advisory to senior housing industry |
| Sunrise Senior Living | Senior Vice President | 2000–2008 | Secured debt financing for development, acquisitions, JVs |
| Riggs Bank / Multi-Employer Property Trust | Managing Director & Senior Asset Manager (various real estate roles) | 1990–2000 | Real estate finance and asset management leadership |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Gladstone Commercial (GOOD) | Treasurer | Since Jan 2015 | Treasury leadership at affiliate REIT |
| Gladstone Capital (GLAD) | Assistant Treasurer | Since Jan 2015 | Treasury support at BDC affiliate |
| Gladstone Investment (GAIN) | Assistant Treasurer | Since Jan 2015 | Treasury support at BDC affiliate |
| Gladstone Securities | Registered Representative | Ongoing | Assists in procuring mortgage financing for LAND properties |
Fixed Compensation
LAND is externally managed and does not pay salaries, bonuses, pensions, perquisites, or stock-based compensation to executive officers; officers are employed by the Adviser (Gladstone Management) or the Administrator (Gladstone Administration). Consequently, individual base salary, target/actual bonus, and equity award details for Beckhorn are not disclosed at the company level .
Company-level fees paid to affiliates (context for cost structure and administrative payroll allocations):
| Fee Type | FY 2023 | FY 2024 |
|---|---|---|
| Advisory Agreement (net of credits) | ~$3.2M | ~$8.4M |
| Administration Agreement | ~$0.7M | ~$2.5M |
Notes:
- Administration fees include allocable portions of salaries, bonuses, and benefits for CFO, Treasurer, and compliance/legal staff supporting LAND .
- LAND has no equity incentive plan; no executive-level cash or equity compensation is paid by the company, and no Say‑On‑Pay vote is required .
Performance Compensation
Company-level incentive economics are governed by the Advisory Agreement (drives pay-for-performance at the manager level):
| Element | Metric / Trigger | Target / Hurdle | Payout Mechanics | Vesting / Timing |
|---|---|---|---|---|
| Pre‑incentive fee FFO hurdle | Quarterly pre‑incentive FFO / total adjusted common equity | 1.75% per quarter (7.0% annualized) | 100% of FFO above hurdle up to 2.1875% per quarter; 20% of FFO above 2.1875% per quarter | Quarterly fee accruals per Advisory Agreement |
| Capital gains-based fee | Aggregate realized gains − losses (property level) | Positive net over fiscal period | 15% of net realized capital gains (defined by acquisition cost + capex vs sale proceeds less costs) | Determined at fiscal year-end; none recognized to date |
| Base management fee | Gross Tangible Real Estate | 0.60% annual (0.15% per quarter) of prior quarter’s Gross Tangible Real Estate | Paid to Adviser; may be waived (Board-approved) to maintain distributions | Quarterly per agreement |
Implication: While Beckhorn’s individual incentives are not disclosed, his Administrator employment and treasury responsibilities operate within this structure; the Adviser’s FFO-linked fees tie overall compensation to LAND’s distributable performance, creating alignment at the platform level .
Equity Ownership & Alignment
- Beneficial ownership tables in recent proxies list directors and named executive officers; Jay Beckhorn is not individually listed, indicating either de minimis or non-reportable holdings at those dates .
- SEC ownership filings:
- Form 3 (initial statement of beneficial ownership) filed in 2015 for Beckhorn as reporting person (CIK 0001636435) .
- Form 4 transaction filing in 2018 (“Ownership Submission”) for GLADSTONE LAND Corp (details in company filing archive PDF) .
- A 2023 Form 4 filing appears in SEC archives for Beckhorn (CIK 0001636435) .
- Pledging: No pledging of Beckhorn’s shares is disclosed; the only pledge noted is 845 shares by director Michela English .
- Insider trading policy prohibits short sales, options/derivatives on Fund securities and requires pre-clearance of transactions, limiting hedging and speculative activity .
Employment Terms
| Item | Details |
|---|---|
| Employment start at Gladstone | Joined Gladstone Companies in Jan 2013 as Managing Director, Finance |
| Current role at LAND | Treasurer since Jan 2015 |
| Contract, severance, CoC | Executive contracts for individuals are not disclosed; LAND’s Advisory Agreement includes a termination fee equal to 3× the average annual base management fee + incentive fee for the prior 24 months (if terminated with proper notice and board approval) |
| Non-compete / non-solicit | Not disclosed |
| Garden leave / consulting | Not disclosed |
Performance & Track Record
- Role-driven achievements: Beckhorn is cited as the lender contact in multiple company releases, reflecting direct responsibility for sourcing and securing long-term farmland financing—critical for REIT growth and distribution stability .
- Operating performance backdrop (company-level): FY 2022–2024 revenue declined modestly; EBITDA remained relatively stable, consistent with long-term leased farmland economics and interest-rate sensitivity (EBITDA values from S&P Global).
Board Governance (not a director)
Beckhorn is an executive officer, not a director; governance details pertain to committees and independent directors overseeing Advisory and Administration Agreements, risk, valuation, and audit .
Compensation Structure Analysis
- No executive equity plan; no RSUs/PSUs/options at the company level for officers; pay is via Adviser/Administrator structures—reducing direct pay-for-performance transparency at the individual level .
- Platform incentives tied to FFO and capital gains encourage distribution support and value realization; base fee was increased to 0.60% of Gross Tangible Real Estate in 2021, modestly increasing fixed economics for the Adviser .
- Discretionary waivers: Adviser can waive fees to maintain distributions; an irrevocable waiver of ~$109,023 was granted in 2024, signaling focus on dividend continuity .
Related Party Transactions
- Mortgage financing agency: Gladstone Securities (affiliated, 100% indirectly controlled by David Gladstone) earns 0.5%–1.0% fees on arranged mortgages; fees were not paid in FY 2023–2024, reducing conflict optics near term .
- Series E Preferred dealer-manager: Selling commissions up to 7% and dealer-manager fee of 3% paid to Gladstone Securities; ~$41K paid in 2024; ~$0.6M in 2023 .
Risk Indicators & Red Flags
- Hedging/derivatives restricted by insider policy; pre-clearance required—reduces misalignment risk .
- Externally managed structure: Termination fee creates switching friction if the Board seeks to internalize management; potential governance scrutiny on fee levels versus performance .
- No legal proceedings or investigations disclosed pertaining to Beckhorn; no executive-level severance terms disclosed.
Compensation Peer Group & Say‑On‑Pay
- Peer group for executive compensation is not applicable; LAND does not run an internal executive pay program due to external management .
- Say‑On‑Pay: Not required or provided .
Expertise & Qualifications
- Education: MBA (Duke Fuqua), BA (Colgate).
- Functional expertise: Real estate financing, treasury, capital markets liaison to lenders—core to LAND’s debt strategy and capital structure .
Work History & Career Trajectory
| Organization | Role | Tenure | Notable Experience |
|---|---|---|---|
| Gladstone Companies | Managing Director, Finance → Treasurer (LAND/GOOD), Assistant Treasurer (GLAD/GAIN) | 2013–present | Treasury leadership across Gladstone entities |
| Heavenrich & Co. | Regional Director | 2010–2012 | Senior housing M&A |
| Sunrise Senior Living | Senior Vice President | 2000–2008 | Structured and secured large-scale debt financing |
| Riggs Bank / MEPT | Managing Director/Senior Asset Manager | 1990–2000 | Real estate finance and asset management |
Equity Transactions (Insider Filings Snapshot)
| Filing | Date | Summary |
|---|---|---|
| Form 3 | 2015 | Initial beneficial ownership filing for Beckhorn (CIK 0001636435) |
| Form 4 | 2018 | Ownership submission (company archive PDF; indicates transaction reporting) |
| Form 4 | 2023 | SEC text archive shows Form 4 for Beckhorn (CIK 0001636435) |
Note: Proxy ownership tables do not list Beckhorn’s share count, suggesting limited holdings at those reporting dates . Insider trading policy significantly restricts derivatives/short activity and requires pre-clearance .
Investment Implications
- Alignment: Individual pay detail is opaque due to external management, but platform-level incentives are linked to FFO and realized gains—Beckhorn’s treasury and financing role aligns with optimizing debt and cash flows to sustain distributions .
- Selling pressure: No evidence of significant insider selling by Beckhorn; historical filings indicate limited transactions and no pledging, reducing near-term selling risk signals .
- Retention/transition: As an Administrator employee, Beckhorn’s retention risk is tied more to affiliate employment dynamics than LAND-specific severance; the Advisory Agreement’s termination fee increases management continuity incentives .
- Execution risk: Financing execution remains a core lever; Beckhorn is the public point of contact for lender relationships in multiple releases, underscoring his importance to capital structure and interest-rate navigation .