What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-05-11 compared with 2025-11-05 · 304 added, 319 removed, 478 unchanged (57% of the section changed)

3 unchanged sentences

(In thousands, except share and per-share data)

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Real estate, at cost $ 1,295,975 $ 1,297,013

2 unchanged sentences

Lease intangibles, net 3,032 3,129

Real estate and related assets held for sale, net — 46,314

Cash and cash equivalents 8,623 27,177

Crop inventory 4,323 1,663

Investments in water assets 41,697 41,549

5 unchanged sentences

Series D cumulative term preferred stock, net, $ 0.001 par value, $ 25.00 per share liquidation preference;

3,600,000 shares authorized, 2,415,000 shares issued and outstanding as of September 30, 2025, and December 31, 2024

60,238 59,930

0 shares authorized, issued, or outstanding as of March 31, 2026;

2,415,000 shares authorized, issued, and outstanding as of December 31, 2025

Accounts payable and accrued expenses 18,232 22,005

4 unchanged sentences

Series B cumulative redeemable preferred stock, $ 0.001 par value, $ 25.00 per share liquidation preference;

6,340,889 shares authorized, 5,840,889 shares issued and outstanding as of September 30, 2025, and December 31, 2024

6,301,767 shares authorized, 5,801,767 shares issued and outstanding as of March 31, 2026;

6,340,889 shares authorized, 5,840,889 shares issued and outstanding as of December 31, 2025

Series C cumulative redeemable preferred stock, $ 0.001 par value, $ 25.00 per share liquidation preference;

25,700,791 shares authorized, 9,954,863 shares issued and outstanding as of September 30, 2025, and December 31, 2024

10,064,669 shares authorized, 9,870,088 shares issued and outstanding as of March 31, 2026;

10,149,444 shares authorized, 9,954,863 shares issued and outstanding as of December 31, 2025

Series E cumulative redeemable preferred stock, $ 0.001 par value, $ 25.00 per share liquidation preference;

15,997,000 shares authorized, 251,036 shares issued and outstanding as of September 30, 2025;

15,983,690 shares authorized, 238,126 shares issued and outstanding as of March 31, 2026;

15,994,050 shares authorized, 248,486 shares issued and outstanding as of December 31, 2025

Common stock, $ 0.001 par value;

48,361,320 shares authorized, 36,307,401 shares issued and outstanding as of September 30, 2025;

67,649,874 shares authorized, 41,759,181 shares issued and outstanding as of March 31, 2026;

65,100,617 shares authorized, 38,014,918 shares issued and outstanding as of December 31, 2025

8 unchanged sentences

(In thousands, except share and per-share data)

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2025 2024 2025 2024

For the Three Months Ended March 31,

OPERATING REVENUES:

Lease revenue, net $ 14,795 $ 16,803

Crop sales 1,749 —

Other operating revenue 8 1

3 unchanged sentences

Property operating expenses 2,117 1,128

Cost of sales ( 158 ) —

Base management fee 1,945 2,058

Incentive fee — 109 — 109

Capital gains fee — 188

Administration fee 720 642

2 unchanged sentences

Total operating expenses 16,601 13,127

Incentive fee waiver — ( 109 ) — ( 109 )

Total operating expenses, net of credits to fees 13,292 15,699 38,930 42,123

OTHER INCOME (EXPENSE):

2 unchanged sentences

Dividends declared on cumulative term preferred stock ( 243 ) ( 755 )

Gain (loss) on dispositions of real estate assets, net 3,062 ( 832 ) 16,323 6,641

(Loss) gain on dispositions of real estate assets, net ( 459 ) 15,410

Property and casualty (loss) recovery, net ( 93 ) 137

Gain (loss) from investments in unconsolidated entities 58 28 ( 128 ) ( 143 )

Loss from investments in unconsolidated entities ( 191 ) ( 136 )

Total other (expense) income, net ( 4,256 ) 11,431

NET INCOME 2,087 6 9,317 12,750

NET (LOSS) INCOME ( 4,305 ) 15,108

Dividends declared on cumulative redeemable preferred stock ( 5,988 ) ( 6,002 )

Gain on extinguishment of cumulative redeemable preferred stock, net 308 —

NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ ( 3,915 ) $ ( 5,787 ) $ ( 8,689 ) $ ( 4,992 )

NET LOSS PER COMMON SHARE:

NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ ( 9,985 ) $ 9,106

NET (LOSS) INCOME PER COMMON SHARE:

Basic and diluted $ ( 0.24 ) $ 0.25

1 unchanged sentence

Basic and diluted 40,856,330 36,184,658

NET INCOME $ 2,087 $ 6 $ 9,317 $ 12,750

NET (LOSS) INCOME $ ( 4,305 ) $ 15,108

Change in fair value related to interest rate hedging instruments 78 ( 1,318 )

COMPREHENSIVE INCOME (LOSS) $ 1,678 $ ( 2,559 ) $ 6,734 $ 11,159

COMPREHENSIVE (LOSS) INCOME $ ( 4,227 ) $ 13,790

The accompanying notes are an integral part of these condensed consolidated financial statements.

2 unchanged sentences

(In thousands, except share data)

Three Months Ended September 30, 2025

Series B Preferred Stock Series C Preferred Stock Series E

Preferred Stock Common Stock Additional

Capital Distributions

Earnings Accumulated

Comprehensive

Balance at June 30, 2025 5,840,889 $ 6 9,954,863 $ 10 251,636 — 36,184,658 $ 36 $ 854,037 $ ( 189,474 ) $ 5,458 $ 670,073

Redemptions of Series E Preferred Stock, net — — — — ( 600 ) — — — ( 13 ) — — ( 13 )

Issuance of common stock, net — — — — — — 122,743 — 1,128 — — 1,128

Net income — — — — — — — — — 2,087 — 2,087

Dividends—cumulative redeemable preferred stock — — — — — — — — — ( 6,002 ) — ( 6,002 )

Distributions—OP Units and common stock — — — — — — — — — ( 5,070 ) — ( 5,070 )

Comprehensive loss attributable to the Company — — — — — — — — — — ( 409 ) ( 409 )

Balance at September 30, 2025 5,840,889 $ 6 9,954,863 $ 10 251,036 $ — 36,307,401 $ 36 $ 855,152 $ ( 198,459 ) $ 5,049 $ 661,794

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

Preferred Stock Series C

5 unchanged sentences

Balance at December 31, 2025 5,840,889 $ 6 9,954,863 $ 10 248,486 $ — 38,014,918 $ 38 $ 870,847 $ ( 205,511 ) $ 4,896 $ 670,286

Issuance of Series E Preferred Stock, net — — — — — — — — ( 4 ) — — ( 4 )

Redemptions of Series E Preferred Stock, net — — — — ( 1,400 ) — — — ( 31 ) — — ( 31 )

Issuance of common stock, net — — — — — — 122,743 — 1,128 — — 1,128

Net income — — — — — — — — — 9,317 — 9,317

Dividends—cumulative redeemable preferred stock — — — — — — — — — ( 18,006 ) — ( 18,006 )

Distributions—OP Units and common stock — — — — — — — — — ( 15,209 ) — ( 15,209 )

Comprehensive loss attributable to the Company — — — — — — — — — — ( 2,583 ) ( 2,583 )

Balance at September 30, 2025 5,840,889 $ 6 9,954,863 $ 10 251,036 $ — 36,307,401 $ 36 $ 855,152 $ ( 198,459 ) $ 5,049 $ 661,794

The accompanying notes are an integral part of these condensed consolidated financial statements

GLADSTONE LAND CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In thousands, except share data)

Three Months Ended September 30, 2024

Series B Preferred Stock Series C Preferred Stock Series E

Preferred Stock Common Stock Additional

Capital Distributions

Earnings Accumulated

Comprehensive

Balance at June 30, 2024 5,901,330 $ 6 10,070,467 $ 10 247,981 $ — 35,838,442 $ 36 $ 853,302 $ ( 153,226 ) $ 8,341 $ 708,469

Redemptions of Series B Preferred Stock, net ( 39,122 ) — — — — — — — ( 870 ) 85 — ( 785 )

Redemptions of Series C Preferred Stock, net — — ( 84,775 ) — — — — — ( 1,923 ) 240 — ( 1,683 )

Issuance of Series E Preferred Stock, net — — — — 3,595 — — — 76 — — 76

Net income — — — — — — — — — 6 — 6

Issuances of Series E Preferred Stock, net — — — — — — — — ( 3 ) — — ( 3 )

Redemptions of Series E Preferred Stock, net — — — — ( 10,360 ) — — — ( 231 ) ( 17 ) — ( 248 )

Issuances of common stock, net — — — — — — 3,744,263 4 36,731 — — 36,735

Net loss — — — — — — — — — ( 4,305 ) — ( 4,305 )

Dividends—cumulative redeemable preferred stock — — — — — — — — — ( 5,988 ) — ( 5,988 )

Distributions—OP Units and common stock — — — — — — — — — ( 5,762 ) — ( 5,762 )

Comprehensive loss attributable to the Company — — — — — — — — — — ( 2,566 ) ( 2,566 )

Balance at September 30, 2024 5,840,889 $ 6 9,954,863 $ 10 251,576 $ — 35,838,442 $ 36 $ 849,411 $ ( 164,034 ) $ 5,775 $ 691,204

Nine Months Ended September 30, 2024

Comprehensive income attributable to the Company — — — — — — — — — — 78 78

Balance at March 31, 2026 5,801,767 $ 6 9,870,088 $ 10 238,126 $ — 41,759,181 $ 42 $ 904,551 $ ( 221,258 ) $ 4,974 $ 688,325

Three Months Ended March 31, 2025

Preferred Stock Series C

5 unchanged sentences

Balance at December 31, 2024 5,840,899 $ 6 9,954,863 $ 10 252,436 $ — 36,184,658 $ 36 $ 854,059 $ ( 174,561 ) $ 7,632 $ 687,182

Redemptions of Series B Preferred Stock, net ( 115,176 ) — — — — — — — ( 2,562 ) 133 — ( 2,429 )

Redemptions of Series C Preferred Stock, net — — ( 201,646 ) — — — — — ( 4,574 ) 372 — ( 4,202 )

Issuance of Series E Preferred Stock, net — — — — 15,735 — — — 341 — — 341

Issuances of Series E Preferred Stock, net — — — — — — — — ( 4 ) — — ( 4 )

Redemptions of Series E Preferred Stock, net — — — — ( 800 ) — — — ( 18 ) — — ( 18 )

Net income — — — — — — — — — 15,108 — 15,108

1 unchanged sentence

Distributions—OP Units and common stock — — — — — — — — — ( 5,070 ) — ( 5,070 )

Comprehensive income attributable to the Company — — — — — — — — — — ( 1,591 ) ( 1,591 )

Balance at September 30, 2024 5,840,889 $ 6 9,954,863 $ 10 251,576 $ — 35,838,442 $ 36 $ 849,411 $ ( 164,034 ) $ 5,775 $ 691,204

Comprehensive loss attributable to the Company — — — — — — — — — — ( 1,318 ) ( 1,318 )

Balance at March 31, 2025 5,840,899 $ 6 9,954,863 $ 10 251,636 $ — 36,184,658 $ 36 $ 854,037 $ ( 170,525 ) $ 6,314 $ 689,878

The accompanying notes are an integral part of these condensed consolidated financial statements

2 unchanged sentences

(In thousands)

For the Nine Months Ended September 30,

For the Three Months Ended March 31,

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income $ 9,317 $ 12,750

Adjustments to reconcile net income to net cash (used in) provided by operating activities:

Net (loss) income $ ( 4,305 ) $ 15,108

Adjustments to reconcile net (loss) income to net provided by operating activities:

Depreciation and amortization 10,370 8,429

1 unchanged sentence

Amortization of debt issuance costs 149 365

Straight-line rent adjustment 1,105 ( 738 )

Amortization of deferred rent assets and liabilities, net 1,972 3,253

1 unchanged sentence

Loss from investments in unconsolidated entities 191 136

Bad debt expense 106 292

Gain on dispositions of real estate assets, net ( 16,323 ) ( 6,641 )

Property and casualty (recovery) loss, net ( 137 ) 284

Loss (gain) on dispositions of real estate assets, net 459 ( 15,410 )

Property and casualty loss (recovery), net 93 ( 137 )

Changes in operating assets and liabilities:

Crop inventory ( 1,913 ) ( 1,188 )

Investments in water assets ( 143 ) ( 514 )

3 unchanged sentences

Other liabilities, net ( 194 ) ( 2,477 )

Net cash (used in) provided by operating activities ( 3,620 ) 17,966

Net cash provided by operating activities 9,295 4,467

CASH FLOWS FROM INVESTING ACTIVITIES:

1 unchanged sentence

Proceeds from dispositions of real estate assets, net — 62,012

Net cash provided by investing activities 76,402 60,039

Net cash (used in) provided by investing activities ( 219 ) 60,216

CASH FLOWS FROM FINANCING ACTIVITIES:

Borrowings from lines of credit 40,800 —

Repayments of lines of credit ( 24,300 ) ( 3,400 )

Borrowings from notes and bonds payable 10,600 —

Repayments of notes and bonds payable ( 6,022 ) ( 25,546 )

Payments of financing fees ( 13 ) ( 7 )

Proceeds from issuance of preferred and common equity 1,140 393

Redemption of cumulative term preferred stock ( 60,375 ) —

Proceeds from issuance of common equity 37,121 —

Offering costs ( 374 ) 2

3 unchanged sentences

Net cash used in financing activities ( 27,630 ) ( 40,041 )

NET DECREASE IN CASH AND CASH EQUIVALENTS ( 6,963 ) ( 5,358 )

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS ( 18,554 ) 24,642

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 27,177 18,275

1 unchanged sentence

NON-CASH INVESTING AND FINANCING INFORMATION:

Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net $ 878 $ 452

Real estate additions included in Accounts payable and accrued expenses $ 428 $ 847

Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses 123 10

Financing fees included in Accounts payable and accrued expenses 54 22

The accompanying notes are an integral part of these condensed consolidated financial statements.

4 unchanged sentences

Gladstone Land Corporation (“we,” “us,” or the “Company”) is an agricultural real estate investment trust (“REIT”) that was re-incorporated in Maryland on March 24, 2011, having been originally incorporated in California on June 14, 1997.

We are primarily in the business of owning and leasing farmland, including through lease structures that include a variable rent component based on the gross revenues generated from certain farms in lieu of fixed base rent.

We are primarily in the business of owning and leasing farmland, including through lease structures with a variable rent component based on the gross revenues generated from certain farms in lieu of fixed base rent.

From time to time, and on a temporary basis, we may also directly operate certain of our farms via management agreements with third-party operators and/or through a taxable REIT subsidiary (“TRS”).

As of September 30, 2025, we owned 148 farms totaling 100,323 acres across 15 states in the U.S.

As of March 31, 2026, we owned 144 farms totaling 98,688 acres across 14 states in the U.S.

and 55,649 acre-feet of water assets in California.

In addition, as of September 30, 2025, two of our properties (comprising four farms) were being directly operated by us.

In addition, as of March 31, 2026, two of our properties (comprising four farms) were being directly operated by us.

We conduct substantially all of our operations through a subsidiary, Gladstone Land Limited Partnership (the “Operating Partnership”), a Delaware limited partnership.

As we currently control the sole general partner of the Operating Partnership and own, directly or indirectly, a majority of the common units of limited partnership interest in the Operating Partnership (“OP Units”), the financial position and results of operations of the Operating Partnership are consolidated within our financial statements.

As of both September 30, 2025, and December 31, 2024, the Company owned 100.0 % of the outstanding OP Units (see Note 9, “ Equity ,” for additional discussion regarding OP Units).

As of each of March 31, 2026, and December 31, 2025, the Company owned all of the outstanding OP Units.

Gladstone Land Advisers, Inc.

1 unchanged sentence

We have elected for Land Advisers to be taxed as a TRS of ours.

Since we currently indirectly own 100 % of the voting securities of Land Advisers, its financial position and results of operations are consolidated within our financial statements.

For the nine months ended September 30, 2025, and for the tax year ended December 31, 2024, there was no taxable income or loss from Land Advisers, nor did we have any undistributed REIT taxable income.

Since we currently indirectly own all of the voting securities of Land Advisers, its financial position and results of operations are consolidated within our financial statements.

For the three months ended March 31, 2026, and for the tax year ended December 31, 2025, there was no taxable income or loss from Land Advisers, nor did we have any undistributed REIT taxable income.

Subject to certain restrictions and limitations, and pursuant to contractual agreements, our business is managed by Gladstone Management Corporation (the “Adviser”), a Delaware corporation, and administrative services are provided to us by Gladstone Administration, LLC (the “Administrator”), a Delaware limited liability company.

6 unchanged sentences

Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted.

The interim financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the U.S.

Securities and Exchange Commission (the “SEC”) on February 19, 2025 (the “Form 10-K”).

The results of operations for the three and nine months ended September 30, 2025, are not necessarily indicative of the results that may be expected for other interim periods or for the full fiscal year.

Securities and Exchange Commission (the “SEC”) on February 24, 2026, and as amended on April 7, 2026 (collectively, the “Form 10-K”).

The results of operations for the three months ended March 31, 2026, are not necessarily indicative of the results that may be expected for other interim periods or for the full fiscal year.

Use of Estimates

3 unchanged sentences

Reclassifications

Certain line items on the accompanying Condensed Consolidated Balance Sheet as of December 31, 2024 and the Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2024, have been reclassified to conform to the current period’s presentation.

Certain line items on the accompanying Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2025, have been reclassified to conform to the current period’s presentation.

These reclassifications had no impact on previously-reported stockholders’ equity, net income, or net change in cash and cash equivalents.

Crop Inventory

Through certain of our wholly-owned subsidiaries and under a management agreement with a third-party operator, we currently manage a 2,409 -acre farm located in Kern County, California, which includes 2,293 acres of bearing almond and pistachio orchards.

Through September 30, 2025, we have incurred approximately $ 7.8 million in growing costs, primarily related to irrigation, pest management, fertilization, and labor.

These costs have been capitalized as crop inventory and are included in “Other assets, net” on the accompanying Condensed Consolidated Balance Sheets, stated at the lower of cost or net realizable value.

As the related crops are harvested and sold later in 2025 and throughout 2026, the associated costs will be charged to cost of products sold.

We expect to incur additional costs related to harvesting and post-harvest handling, which will likewise be expensed to cost of products sold as incurred.

We have operated and intend to continue to operate in a manner that will allow us to qualify as a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended (the “Code”).

1 unchanged sentence

As such, in general, as long as we qualify as a REIT, no provision for federal income taxes will be necessary, except for taxes on undistributed REIT taxable income, taxes from foreclosure property, and taxes on income generated by a TRS (such as Land Advisers), if any.

During the nine months ended September 30, 2025, we began directly operating two properties (consisting of four farms) that qualify as foreclosure properties under the Code and are therefore subject to corporate income taxes on any income generated.

One of these farms remains in its development stage and is not yet income producing.

During the three months ended March 31, 2025, we began directly operating two properties (consisting of four farms) that qualify as foreclosure properties under the Code and are therefore subject to corporate income taxes on any income generated.

We account for any income taxes in accordance with the provisions of Accounting Standards Codification (“ASC”) 740, “Income Taxes” (“ASC 740”), using the asset and liability method.

1 unchanged sentence

In addition, we will establish valuation allowances for tax benefits when we believe it is more-likely-than-not (defined as a likelihood of more than 50%) that such assets will not be realized.

Pretax losses from foreclosure properties during the three and nine months ended September 30, 2025, was approximately $ 1.0 million and $ 2.6 million, respectively.

We did not have any federal or state income tax expense (current or deferred) during either of the three or nine months ended September 30, 2025.

Pretax income from foreclosure properties during the three months ended March 31, 2026 and 2025, was approximately $ 0.8 million and $ 0.7 million, respectively.

We currently expect these properties to generate an overall tax loss for the year and, accordingly, did no t record any federal or state income tax expense (current or deferred) during either of the three months ended March 31, 2026 or 2025.

Segment Reporting

12 unchanged sentences

Disaggregation of Income Statement Expenses,” (“ASU 2024-03”).

ASU 2024-03 requires public entities to disaggregate specific types of expenses, including disclosures for depreciation, intangible

asset amortization, and selling expenses.

ASU 2024-03 requires public entities to disaggregate specific types of expenses, including disclosures for depreciation, intangible asset amortization, and selling expenses.

The pronouncement is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.

3 unchanged sentences

All of our properties are wholly-owned on a fee-simple basis, except where noted.

The following table summarizes certain information about the 148 farms we owned as of September 30, 2025 (dollars in thousands, except for footnotes):

The following table summarizes certain information about the 144 farms we owned as of March 31, 2026 (dollars in thousands, except for footnotes):

of Farms Total

15 unchanged sentences

Georgia 2 230 175 0 2,219 1,529

North Carolina 2 310 295 0 2,044 —

New Jersey 3 116 101 0 2,010 1,147

3 unchanged sentences

Specifically, includes Total real estate, net and Lease intangibles, net;

plus long-term water assets and related acquisition costs, net above-market lease values, net lease incentives, and net investments in special-purpose LLCs included in Other assets, net;

plus long-term water assets and related acquisition costs included in Investments in water assets;

net above-market lease values, net lease incentives, and net investments in special-purpose LLCs included in Other assets, net;

and less net below-market lease values and other deferred revenue included in Other liabilities, net;

2 unchanged sentences

(3) Includes ownership in a special-purpose LLC that owns a pipeline conveying water to certain of our properties.

As of September 30, 2025, this investment had a net carrying value of approximately $ 872,000 and is included within Other assets, net on the accompanying Condensed Consolidated Balance Sheets.

As of March 31, 2026, this investment had a net carrying value of approximately $ 775,000 and is included within Other assets, net on the accompanying Condensed Consolidated Balance Sheets.

(4) Includes eight acres in which we own a leasehold interest via a ground lease with a private individual that expires in December 2040 and five acres in which we own a leasehold interest via a ground sublease with a California municipality that expires in December 2041.

As of September 30, 2025, these two ground leases had a net cost basis of approximately $ 622,000 and are included in Lease intangibles, net on the accompanying Condensed Consolidated Balance Sheets.

(5) Includes 48,309 acre-feet of water stored with Semitropic Water Storage District, located in Kern County, California, and 7,223 surplus water credits in certain of our accounts with Westlands Water District, located in Fresno County, California.

As of March 31, 2026, these two ground leases had a net cost basis of approximately $ 603,000 and are included in Lease intangibles, net on the accompanying Condensed Consolidated Balance Sheets.

(5) Includes 48,309 acre-feet of water stored with Semitropic Water Storage District, located in Kern County, California;

7,264 surplus water credits in certain of our accounts with Westlands Water District, located in Fresno County, California;

and 76 acre-feet of water stored with Belridge Water Storage District, located in Kern County, California.

See Note 5, “ Investments in Water Assets, ” for additional information.

(6) Includes two farms consisting of 1,368 total acres and 1,221 farm acres in which we own leasehold interests via two ground leases with the State of Arizona that expire in February 2032 and February 2035, respectively.

As of September 30, 2025, the aggregate net cost basis of these ground leases was zero .

As of March 31, 2026, the aggregate net cost basis of these ground leases was zero .

(7) Includes ownership in a special-purpose LLC that owns certain irrigation infrastructure that provides water to two of our farms.

As of September 30, 2025, this investment had a net carrying value of approximately $ 4.8 million and is included within Other assets, net on the accompanying Condensed Consolidated Balance Sheets.

The following table sets forth the components of our investments in tangible real estate assets as of September 30, 2025, and December 31, 2024 (dollars in thousands):

September 30, 2025 December 31, 2024

As of March 31, 2026, this investment had a net carrying value of approximately $ 4.8 million and is included within Other assets, net on the accompanying Condensed Consolidated Balance Sheets.

The following table sets forth the components of our investments in tangible real estate assets as of March 31, 2026, and December 31, 2025 (dollars in thousands):

March 31, 2026 December 31, 2025

Land and land improvements $ 716,878 $ 717,407

6 unchanged sentences

Total real estate, net $ 1,087,711 $ 1,098,752

Real estate depreciation expense on these tangible assets was approximately $ 8.3 million and $ 24.8 million for the three and nine months ended September 30, 2025, respectively, and approximately $ 8.5 million and $ 25.6 million for the three and nine months ended September 30, 2024, respectively.

Real estate depreciation expense on these tangible assets was approximately $ 10.3 million and $ 8.3 million for the three months ended March 31, 2026, and 2025, respectively.

Intangible Assets and Liabilities

The following table summarizes the carrying values of certain lease intangible assets and the related accumulated amortization as of September 30, 2025, and December 31, 2024 (dollars in thousands):

September 30, 2025 December 31, 2024

The following table summarizes the carrying values of certain lease intangible assets and the related accumulated amortization as of March 31, 2026, and December 31, 2025 (dollars in thousands):

March 31, 2026 December 31, 2025

Lease intangibles:

6 unchanged sentences

(1) Other includes tenant relationships and acquisition-related costs allocated to miscellaneous lease intangibles.

Total amortization expense related to these lease intangible assets was approximately $ 103,000 and $ 357,000 for the three and nine months ended September 30, 2025, respectively, and approximately $ 318,000 and $ 838,000 for the three and nine months ended September 30, 2024, respectively.

The following table summarizes the carrying values of certain lease intangible assets or liabilities (excluding those related to real estate held for sale) included in Other assets, net or Other liabilities, net, respectively, on the accompanying Condensed Consolidated Balance Sheets and the related accumulated amortization or accretion, respectively, as of September 30, 2025, and December 31, 2024 (dollars in thousands):

September 30, 2025 December 31, 2024

Total amortization expense related to these lease intangible assets was approximately $ 97,000 and $ 148,000 for the three months ended March 31, 2026, and 2025, respectively.

The following table summarizes the carrying values of certain lease intangible assets or liabilities (excluding those related to real estate held for sale) included in Other assets, net or Other liabilities, net, respectively, on the accompanying Condensed Consolidated Balance Sheets and the related accumulated amortization or accretion, respectively, as of March 31, 2026, and December 31, 2025 (dollars in thousands):

March 31, 2026 December 31, 2025

Intangible Asset or Liability Deferred

15 unchanged sentences

Other deferred revenue is primarily attributable to tenant-funded improvements and is included as a part of Other liabilities, net on the accompanying Condensed Consolidated Balance Sheets, and the related accretion is recorded as an increase to Lease revenue, net on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.

Total amortization related to above-market lease values was approximately $ 19,000 and $ 58,000 for the three and nine months ended September 30, 2025, respectively, and approximately $ 19,000 and $ 58,000 for the three and nine months ended

September 30, 2024, respectively.

Total accretion related to below-market lease values was approximately $ 34,000 and $ 101,000 for the three and nine months ended September 30, 2025, respectively, and approximately $ 203,000 and $ 392,000 for the three and nine months ended September 30, 2024, respectively.

Total net (amortization) accretion related to lease incentives and other deferred revenue, net was approximately $( 3.0 ) million and $( 9.1 ) million for the three and nine months ended September 30, 2025, respectively, and approximately $ 456,000 and $( 201,000 ) for the three and nine months ended September 30, 2024, respectively.

We did not acquire any new farms during either of the three or nine months ended September 30, 2025 or 2024.

For the three months ended March 31, 2026 and 2025, total amortization related to above-market lease values was approximately $ 1,000 and $ 19,000 , respectively;

total accretion related to below-market lease values was approximately $ 34,000 in each period;

and total net amortization related to lease incentives and other deferred revenue, net was approximately $ 2.0 million and $ 3.3 million, respectively.

We did not acquire any new farms during either of the three months ended March 31, 2026 or 2025.

Property Sales

2026 Property Sales

We did not complete any farm sales during the three months ended March 31, 2026.

2025 Property Sales

In January 2025, we completed the sale of five farms in Florida totaling 5,630 gross acres for an aggregate sales price of approximately $ 52.5 million.

1 unchanged sentence

In February 2025, we completed the sale of two farms in Nebraska totaling 2,559 gross acres for an aggregate sales price of $ 12.0 million.

Including closing costs, we recognized an aggregate net gain on these sales of approximately $ 1.6 million.

In August 2025, we completed the sale of two farms in Florida totaling 2,678 gross acres for an aggregate sales price of $ 21.5 million.

Including closing costs, we recognized an aggregate net gain on these sales of approximately $ 6.0 million.

2024 Property Sales

In January 2024, we completed the sale of a 3,748 -acre farm in Florida for approximately $ 65.7 million.

Including closing costs, we recognized a net gain on the sale of approximately $ 10.4 million.

Real Estate Held for Sale

As of December 31, 2024, we had three properties (consisting of seven farms) that were classified as held for sale.

Each of these properties were sold during the three months ended March 31, 2025, as noted above.

Includ ing closing costs, we recognized an aggregate net gain on these sales of approximately $ 1.6 million.

Investments in Unconsolidated Entities

1 unchanged sentence

In addition, in connection with the acquisition of certain farmland located in Umatilla County, Oregon, we also acquired partial ownership of a related limited liability company (the “Umatilla LLC”), the sole purpose of which is to own and maintain an irrigation system providing water to our and other neighboring properties.

As of September 30, 2025, our aggregate ownership interest in the Fresno LLC and the Umatilla LLC was 50.0 % and 20.5 %, respectively.

As of March 31, 2026, our aggregate ownership interest in the Fresno LLC and the Umatilla LLC was 50.0 % and 20.5 %, respectively.

As our investments in the Fresno LLC and Umatilla LLC are both deemed to constitute “significant influence,” we have accounted for these investments under the equity method.

We recorded an aggregate gain (loss) of approximately $ 58,000 and $( 128,000 ) during the three and nine months ended September 30, 2025 , respectively, and approximately $ 28,000 and $( 143,000 ) during the three and nine months ended September 30, 2024, respectively (included in Loss from investments in unconsolidated entities on our Condensed Consolidated Statements of Operations and Comprehensive Income), which represents our pro-rata share of the aggregate gain (loss) recognized by the Fresno LLC and Umatilla LLC.

As of September 30, 2025, and December 31, 2024, our combined ownership interest in the Fresno LLC and the Umatilla LLC had an aggregate carrying value of approximately $ 5.6 million and $ 5.7 million, respectively, and is included within Other assets, net on the accompanying Condensed Consolidated Balance Sheets.

During the three months ended March 31, 2026 and 2025, w e recorded an aggregate loss of approximately $ 191,000 and $ 136,000 , respectively (included in Loss from investments in unconsolidated entities on our Condensed Consolidated Statements of Operations and Comprehensive Income), which represents our pro-rata share of the aggregate loss recognized by the Fresno LLC and Umatilla LLC.

As of March 31, 2026, and December 31, 2025, our combined ownership interest in the Fresno LLC and the Umatilla LLC had an aggregate carrying value of approximately $ 5.6 million and $ 5.7 million, respectively, and is included within Other assets, net on the accompanying Condensed Consolidated Balance Sheets.

Portfolio Concentrations

As of September 30, 2025, our farms were leased to various different, unrelated third-party tenants, with certain tenants leasing more than one farm.

One unrelated third-party tenant (“Tenant A”) leases six of our farms under leases expiring in 2030 or later, and another third-party tenant (“Tenant B”) leases two of our farms under leases expiring in 2027.

During the nine

months ended September 30, 2025, aggregate lease revenue attributable to Tenant A and Tenant B accounted for approximately $ 5.6 million ( 12.0 %) and $ 4.7 million ( 10.1 %), respectively, of the total lease revenue.

As of March 31, 2026, our farms were leased to various different, unrelated third-party tenants, with certain tenants leasing more than one farm.

One unrelated third-party tenant (“Tenant A”) leases seven of our farms under leases expiring in 2027, and another third-party tenant (“Tenant B”) leases six of our farms under leases expiring in 2030 or later.

During the three months ended March 31, 2026, aggregate lease revenue attributable to Tenant A and Tenant B accounted for approximately $ 2.2 million ( 14.8 %) and $ 1.9 million ( 12.7 %), respectively, of our total lease revenue.

If either Tenant A or Tenant B fails to make rental payments or elects to terminate their leases prior to their expirations (and we cannot re-lease the farms on satisfactory terms), there could be a material adverse effect on our financial performance.

No other individual tenant represented greater than 10% of the total lease revenue recorded during the nine months ended September 30, 2025.

No other individual tenant represented greater than 10% of the total lease revenue recorded during the three months ended March 31, 2026.

Geographic Risk

Farms located in California and Florida accounted for approximately $ 28.8 million ( 61.5 %) and $ 6.8 million ( 14.6 %), respectively, of the total lease revenue recorded during the nine months ended September 30, 2025.

Farms located in California and Florida accounted for approximately $ 12.1 million ( 81.9 %) and $ 2.4 million ( 16.0 %), respectively, of the total lease revenue recorded during the three months ended March 31, 2026.

We seek to continue to further diversify geographically, as may be desirable or feasible.

If an unexpected natural disaster (such as an earthquake, wildfire, flood, or hurricane) occurs or climate change impacts the regions where our properties are located, there could be a material adverse effect on our financial performance and ability to continue our operations.

To date, none of our farms have been materially impacted by natural disasters, including the January 2025 wildfires that occurred in southern California.

To date, none of our farms have been materially impacted by natural disasters.

See “ —Southeastern U.S.

Hurricanes ” below for a discussion on damage caused on certain of our farms by the hurricanes that occurred in the Southeastern U.S.

Hurricanes ” below for a discussion of damage to certain farms caused by the hurricanes that occurred in the Southeastern U.S.

in September and October 2024.

Besides California and Florida, no other single state accounted for more than 10.0% of the total lease revenue recorded during the nine months ended September 30, 2025.

Besides California and Florida, no other single state accounted for more than 10.0% of the total lease revenue recorded during the three months ended March 31, 2026.

Southeastern U.S.

4 unchanged sentences

Certain of our other farms in the region suffered minor damage as a result of Hurricanes Helene and Milton, but none of our other farms were materially impacted.

We evaluate our entire portfolio each quarter for any impairment indicators and perform an impairment analysis on those select properties that have an indication of impairment.

If this analysis indicates that the carrying value may not be recoverable, an impairment loss is recorded in earnings equal to the amount by which the carrying value exceeds the fair value of the asset.

During the three months ended September 30, 2025 , as a result of shortening our assumed holding period, we recognized an impairment charge of approximately $ 316,000 on one property (encompassing two farms) located in St.

Lucie County, Florida, due to the estimated fair value being lower than the carrying value.

Our estimate of fair value was determined based on the expected sales price per an agreement entered into subsequent to September 30, 2025 .

During the three months ended September 30, 2024, we recognized an aggregate impairment charge of approximately $ 2.1 million on portions of four properties (encompassing a total of 11 farms) located in Allegan and Van Buren, Michigan, due to the estimated fair values being lower than the respective carrying values.

We evaluate our entire portfolio each quarter for any indicators of impairment and perform an impairment analysis on those properties that have an indication of impairment.

If this analysis indicates that the carrying value may not be recoverable, an

impairment loss is recorded in earnings equal to the amount by which the carrying value exceeds the fair value of the asset.

During the three months ended March 31, 2026 , we recognized an impairment charge of approximately $ 0.9 million on one property (consisting of two farms) in St.

Lucie County, Florida, to reduce the carrying value of the property to the agreed-upon purchase price pursuant to the related purchase and sale agreement .

We did no t record an impairment charge during the three months ended March 31, 2025 .

CROP INVENTORY AND CROP SALES

Crop Inventory

Through certain of our wholly-owned subsidiaries and pursuant to management agreements with third-party operators, we currently manage (i) a 2,409 -acre property (consisting of two farms) in Kern County, California, including 2,293 acres of almond and pistachio orchards, and (ii) a 165 -acre farm in Umatilla County, Oregon, including 135 acres of wine grape vineyards.

As of March 31, 2026, and December 31, 2025, we had incurred approximately $ 4.3 million and $ 1.7 million, respectively, of growing costs related to crops to be harvested during 2026.

These costs primarily relate to irrigation, pest management, fertilization, and labor and have been capitalized as crop inventory.

Crop inventory is stated at the lower of cost or net realizable value.

As the related crops are harvested and sold later in 2026 and throughout 2027, the associated costs will be recognized as cost of sales.

We expect to incur additional costs related to harvesting and post-harvest handling, which will likewise be expensed to the cost of sales as incurred.

Revenue from the sale of crops and the related cost of sales for the three months ended March 31, 2026, are shown in the following table (dollars in thousands):

Crop sales (1)(2)

Cost of sales (1)(3)

(1) Reflected as a line item on our accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.

(2) The majority of this revenue relates to a grower partner bonus associated with the 2025 pistachio crop, which was recognized when the amount became determinable and collectible.

The related growing costs for this crop were previously expensed during the three months ended December 31, 2025.

(3) Reflective of a change in estimate, as the actual water usage during the second half of 2025 was lower than previously estimated as of December 31, 2025.

In addition, during the three months ended March 31, 2026, we completed the harvest of an orange crop remaining on a farm in St.

Lucie County, Florida, following the early termination of the prior tenant’s lease.

Results from this activity are included in the table above.

We did not recognize any crop sales revenue or related costs during the three months ended March 31, 2025.

INVESTMENTS IN WATER ASSETS

Semitropic Water Storage District Banked Water

The following table sets forth the components of our investments in water assets as of March 31, 2026, and December 31, 2025 (dollars in thousands;

see the description that follows for certain defined terms and additional information on each component):

As of March 31, 2026 As of December 31, 2025

Acre-feet Cost Basis Acre-feet Cost Basis

SWSD banked water 48,309 $ 35,537 48,309 $ 35,537

WWD groundwater credits – 50/50 Program 2,660 746 2,660 746

WWD groundwater credits – Other agreements 4,604 892 4,563 884

BWSD banked water 76 15 — —

Long-term water assets 55,649 37,190 55,532 37,167

Deferred water assets (1)

Investments in water assets (2)

55,649 $ 41,697 55,532 $ 41,549

(1) The amount of water credits to be granted under these agreements is not yet known;

see “ —Deferred Water Assets ” below for additional information.

(2) As shown on the accompanying Condensed Consolidated Balance Sheets.

SWSD Banked Water

In connection with the acquisition of certain farmland located in Kern County, California, in 2021, we also acquired three contracts providing the right to purchase an aggregate of 45,000 acre-feet of banked water held by Semitropic Water Storage District (“SWSD”), a water storage district located in Kern County, California, at a fixed price.

At the time of acquisition, we allocated approximately $ 31.3 million of aggregate value to these contracts.

Subsequently in 2021, we executed all three contracts and purchased the full 45,000 acre-feet of banked water for an additional aggregate cost of approximately $ 2.8 million.

In addition, since the initial acquisition, additional contracts to purchase banked water held by SWSD were conveyed to us by one of our tenants as partial consideration for rent payments owed.

The following table summarizes the total acre-feet of banked water obtained through exercising these contracts as of September 30, 2025 (dollars in thousands):

Subsequently in 2021, we executed all three

contracts and purchased the full 45,000 acre-feet of banked water for an additional aggregate cost of approximately $ 2.8 million.

Since the initial acquisition, additional contracts to purchase banked water held by SWSD were conveyed to us by one of our tenants as partial consideration for rent payments owed.

The following table summarizes the total acre-feet of banked water obtained through the exercise of these contracts (dollars in thousands):

Period Acquired Acre-feet of Banked Water Available to Purchase per Contract Acre-feet of Banked Water Purchased (1)

1 unchanged sentence

Cost to Exercise Contract Total Carrying Value of Banked Water Purchased

Three months ended December 31, 2023 1,003 1,003 $ 401 $ 62 $ 463

Three months ended March 31, 2024 2,306 2,306 923 141 1,064

Fourth quarter of 2023 1,003 1,003 $ 401 $ 62 $ 463

First quarter of 2024 2,306 2,306 923 141 1,064

Total 3,309 3,309 $ 1,324 $ 203 $ 1,527

2 unchanged sentences

The straight-line impact of these receipts is included within Lease revenue, net on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.

All banked water acquired was recognized at cost, including the subsequent cost to execute the contracts and any administrative fees necessary to transfer the water to our banked water account.

As of September 30, 2025, the 48,309 acre-feet of banked water held by SWSD was recognized as a long-term water asset and had an aggregate carrying value of approximately $ 35.5 million.

Westlands Water District Groundwater Credits

In addition, from May 2023 through March 2024, we elected to participate in a groundwater recharge program established by Westlands Water District (“WWD”), a water district located in Fresno County, California.

Under the program, WWD paid for surplus surface water to be delivered to individual landowners’ properties with district-approved groundwater recharge facilities, also known as “water banks.” The landowner was allowed to keep 50 % of the net amount of groundwater credits generated under the program (after allowing for certain leave-behind and evaporative losses), and the remaining 50 % was used to recharge the aquifer and retained by WWD.

Delivery of water under this program was subject to surplus water availability at WWD’s discretion.

WWD terminated the program for the 2024 water year effective March 5, 2024.

As a result of the program, we recognized 2,660 acre-feet of water credits, which represents 50 % of the total net water credits generated and confirmed by WWD under the program.

As a result of being granted these water credits in exchange for transferring and storing this surplus water on behalf of WWD, we recognized approximately $ 0 and $ 453,000 of non-cash revenue during the three and nine months ended September 30, 2024, respectively, which represents the estimated fair value of the water credits obtained during the periods.

As of September 30, 2025, these water credits were recognized as a long-term water asset and had an aggregate carrying value of approximately $ 746,000 .

Other Groundwater Credits

Since 2023, we have also entered into various other agreements with third parties, including local water districts and private individuals, to (i) purchase water directly, (ii) acquire portions of other water districts’ surface water allocations in future years in which allocations are granted, or (iii) store surface water on behalf of others in our groundwater recharge facilities in exchange for a portion of the net groundwater credits generated and recognized by the respective water district.

Through September 30, 2025, we have obtained 4,563 acre-feet of water credits under these agreements, which have been recognized as a long-term water asset with an aggregate carrying value of approximately $ 884,000 .

During each of the three and nine months ended September 30, 2025, we recognized approximately $ 48,000 of revenue, representing the estimated fair value of water credits received in exchange for storing water on behalf of third parties (included within Other operating revenue on our Condensed Consolidated Statements of Operations and Comprehensive Income).

Total Long-term Water Assets

As of September 30, 2025, we owned a total of 55,532 acre-feet of long-term water assets, and our investments in these assets had an aggregate carrying value of approximately $ 37.2 million and are included within Investments in water assets on our Condensed Consolidated Balance Sheets.

In addition, we have invested approximately $ 1.5 million to construct and maintain groundwater recharge facilities on two of our farms, which is included within Real estate, at cost on our Condensed Consolidated Balance Sheets.

Through September 30, 2025, we have also invested an additional $ 4.4 million in the aggregate in connection with certain agreements that are expected to result in additional groundwater credits in the future;

however, the amount and timing of these credits, if any, is currently unknown and is dependent upon and subject to the recognition of such credits by the respective water districts, in their sole discretion.

Such costs are held in a deferred asset account (also included within Investments in water assets on our Condensed Consolidated Balance Sheets) until the related net water credits become estimable and are recognized by the respective water district, at which time the costs would be considered a long-term water asset within Investments in water assets.

We evaluate our entire portfolio each quarter for any impairment indicators and perform an impairment analysis on those select water assets that have an indication of impairment.

All banked water acquired was recognized at cost as a long-term water asset, including the subsequent cost to exercise the contracts and any administrative fees necessary to transfer the water to our banked water account.

WWD Groundwater Credits

50/50 Program

From May 2023 through March 2024, we participated in a groundwater recharge program established by Westlands Water District (“WWD”), a water district located in Fresno County, California (the “50/50 Program”).

Under the program, WWD funded the delivery of surplus surface water to properties owned by participating landowners with district-approved groundwater recharge facilities (also known as “water banks”).

Participating landowners were entitled to retain 50 % of the net groundwater credits generated from recharge activities under the program (after accounting for required leave-behind volumes and evaporative losses), with the remaining 50 % retained by WWD for aquifer recharge.

WWD terminated the program for the 2024 water year effective March 5, 2024, and has not renewed it.

As a result of the 50/50 Program, we recognized 2,660 acre-feet of water credits as a long-term water asset, representing 50 % of the total net water credits generated and confirmed by WWD under the program.

Other Agreements

Since 2023, we have entered into various agreements with third parties, including local water districts and private parties, to (i) purchase water directly, (ii) acquire portions of other water districts’ surface water allocations in future years in which allocations are granted, or (iii) store surface water on behalf of others in our groundwater recharge facilities in exchange for a portion of the net groundwater credits generated and recognized by the respective water district.

To date, water delivered under these agreements have been stored in our water bank located within the WWD service area, and the resulting water credits have been recognized as a long-term water asset at cost.

During the three months ended March 31, 2026 and 2025, we recognized revenue of approximately $ 8,000 and $ 0 , respectively, included within Other operating revenue on our Condensed Consolidated Statements of Operations and Comprehensive Income.

These amounts represent the estimated fair value of water credits received in exchange for storing water on behalf of third parties during the respective periods.

BWSD Banked Water

During the three months ended March 31, 2026, we entered into an agreement to purchase 76 acre-feet of banked water held by Belridge Water Storage District (“BWSD”), a water storage district located in Kern County, California, for approximately $ 15,000 .

This banked water was recognized at cost as a long-term water asset.

Deferred Water Assets

We have also invested in certain other programs and agreements that are expected to result in additional groundwater credits in the future;

however, the amount and timing of any such credits are currently unknown and are dependent upon, and subject to, recognition by the applicable water districts in their sole discretion.

The related costs are recorded in a deferred asset account (included within Investments in water assets on our Condensed Consolidated Balance Sheets) until the related net water credits become estimable and are recognized by the applicable water district, at which time such costs will be reclassified as long-term water assets (also within Investments in water assets on our Condensed Consolidated Balance Sheets).

We evaluate our entire portfolio of water assets each quarter for any impairment indicators and perform an impairment analysis on those select water assets that have an indication of impairment.

As of September 30, 2025, and December 31, 2024 , we concluded that none of our water assets were impaired.

Our borrowings as of September 30, 2025, and December 31, 2024, are summarized below (dollars in thousands):

Carrying Value as of As of September 30, 2025

September 30, 2025 December 31, 2024 Stated Interest

As of March 31, 2026, and December 31, 2025 , we concluded that no water assets were impaired.

Our borrowings as of March 31, 2026, and December 31, 2025, are summarized below (dollars in thousands):

Carrying Value as of As of March 31, 2026

March 31, 2026 December 31, 2025 Stated Interest

Maturity Dates

10 unchanged sentences

(1) Where applicable, stated interest rates are before interest patronage (as described below).

As of September 30, 2025, the above borrowings were collateralized by certain of our farms with an aggregate net book value of approximately $ 971.8 million.

The weighted-average stated interest rate charged on the above borrowings (excluding the impact of debt issuance costs and before any interest patronage, or refunded interest) was 3.81 % and 3.80 % for the three and nine months ended September 30, 2025, respectively, as compared to 3.83 % and 3.82 % for the three and nine months ended September 30, 2024, respectively .

As of March 31, 2026, the above borrowings were collateralized by certain of our farms with an aggregate net book value of approximately $ 954.5 million.

The weighted-average stated interest rate charged on the above borrowings (excluding the impact of debt issuance costs and before any interest patronage, or refunded interest) was 3.81 % for the three months ended March 31, 2026, as compared to 3.79 % for the three months ended March 31, 2025.

In addition, 20 25 interest patronage from our Farm Credit Notes Payable (as defined below) resulte d in a 21.0 % reduction (approximately 95 basis points) to the stated interest rates on such borrowings.

See below under “ —Farm Credit Notes Payable—Interest Patronage” for further discussion on interest patronage.

As of September 30, 2025, we were in compliance with all covenants applicable to the above borrowings.

As of March 31, 2026, we were in compliance with all covenants applicable to the above borrowings.

MetLife Facility

As amended, our credit facility with Metropolitan Life Insurance Company (“MetLife”) consists of $ 75.0 million of revolving equity lines of credit (the “MetLife Lines of Credit”), a $ 75.0 million long-term note payable (the “2020 MetLife Term Note”), and a $ 100.0 million long-term note payable (the “2022 MetLife Term Note,” and together with the MetLife Lines of Credit and the 2020 MetLife Term Note, the “MetLife Facility”).

The following table summarizes the pertinent terms of the MetLife Facility as of September 30, 2025 (dollars in thousands, except for footnotes):

The following table summarizes the pertinent terms of the MetLife Facility as of March 31, 2026 (dollars in thousands, except for footnotes):

Issuance Aggregate

9 unchanged sentences

Totals $ 250,000 $ 51,696 $ 198,304

(1) Based on the properties that were pledged as collateral under the MetLife Facility, as of September 30, 2025, the maximum additional amount we could draw under the facility was approximately $ 110.6 million.

(1) Based on the properties that were pledged as collateral under the MetLife Facility, as of March 31, 2026, the maximum additional amount we could draw under the facility was approximately $ 61.0 million.

(2) The interest rate on the MetLife Lines of Credit is subject to a minimum annualized rate of 2.50 %, plus an unused fee ranging from 0.10 % to 0.20 % on undrawn amounts (based on the balance drawn under each line of credit).

2 unchanged sentences

In addition, through December 31, 2026, the 2020 MetLife Term Note and the 2022 MetLife Term Note are each subject to an unused fee ranging from 0.10 % to 0.20 % on undrawn amounts (based on the balance drawn under the respective note).

During the nine months ended September 30, 2025, we entered into a new loan agreement with MetLife, as summarized below (dollars in thousands):

Issuance Amount Maturity

Date Principal

Amortization Stated

Rate Interest Rate Terms

4/11/2025 $ 10,600 (1)

2/15/2030 28.6 years 6.31 % Fixed through 2/14/2028;

variable thereafter

(1) The majority of proceeds from this loan were used to repay a $ 10.3 million maturing loan that bore interest at 3.85 %.

Farmer Mac Facility

Through certain subsidiaries of our Operating Partnership, we have entered into a bond purchase agreement (the “Bond Purchase Agreement”) with Federal Agricultural Mortgage Corporation (“Farmer Mac”) and Farmer Mac Mortgage Securities Corporation (the “Bond Purchaser”) for a secured note purchase facility (the “Farmer Mac Facility”).

Through certain subsidiaries of our Operating Partnership, we have entered into a bond purchase agreement (the “Bond Purchase Agreement”) with Federal Agricultural Mortgage Corporation (“Farmer Mac”) and Farmer Mac Mortgage Securities Corporation for a secured note purchase facility (the “Farmer Mac Facility”).

As amended from time to time, the Farmer Mac Facility currently provides for bond issuances up to an aggregate amount of $ 225.0 million.

Pursuant to the Bond Purchase Agreement, as further amended on June 2, 2023, we may issue new bonds under the Farmer Mac Facility through December 31, 2026, and the final maturity date for new bonds issued under the facility will be the date that is ten years from the applicable issuance date.

We did not issue any new bonds under the Farmer Mac Facility during the nine months ended September 30, 2025.

As of September 30, 2025, we had approximately $ 22.3 million of bonds issued and outstanding under the Farmer Mac Facility.

We did not issue any new bonds under the Farmer Mac Facility during the three months ended March 31, 2026.

As of March 31, 2026, we had approximately $ 22.2 million of bonds issued and outstanding under the Farmer Mac Facility.

Farm Credit Notes Payable

From time to time since September 2014, through certain subsidiaries of our Operating Partnership, we have entered into various loan agreements (collectively, the “Farm Credit Notes Payable”) with various different Farm Credit associations (collectively, “Farm Credit”).

We did not enter into any new loan agreements with Farm Credit during the nine months ended September 30, 2025.

We did not enter into any new loan agreements with Farm Credit during the three months ended March 31, 2026.

Interest Patronage

Interest patronage, or refunded interest, on our borrowings from Farm Credit is generally recorded upon receipt and is included within Other income on our Condensed Consolidated Statements of Operations and Comprehensive Income.

Interest patronage, or refunded interest, on our borrowings from Farm Credit is generally recorded upon receipt and included in Other income in our Condensed Consolidated Statements of Operations and Comprehensive Income.

Receipt of interest patronage typically occurs in the first half of the calendar year following the calendar year in which the respective interest expense is accrued.

During the three months ended March 31, 2025, we recorded interest patronage of approximately $ 1.7 million related to interest accrued on the Farm Credit Notes Payable during the year ended December 31, 2024, and during the three months ended September 30, 2024, we received approximately $ 108,000 of interest patronage, as certain Farm Credit associations paid a portion of the 2024 interest patronage (which relates to interest accrued during 2024 but typically would be paid during the first half of 2025) early.

In total, 2024 interest patronage resulted in a 21.9 % reduction (approximately 101 basis points) to the interest rates on such borrowings.

Interest patronage is paid at Farm Credit’s discretio n, and we are therefore unable to estimate the amount of interest patronage to be received, if any, related to interest accrued during 2025 on our Farm Credit Notes Payable.

The following table provides certain information about interest patronage related to interest accrued on the Farm Credit Notes Payable during the three months ended March 31, 2025 and 2024 (dollars in thousands):

Received Reduction in Interest Rates

(basis points) (1)

2025 Interest Patronage (2)

2024 Interest Patronage (3)

(1) Presented as a reduction in the stated interest rates on such borrowings, shown on a weighted-average basis.

(2) Relates to interest accrued on the Farm Credit Notes Payable during calendar year 2025.

The full amount was recorded in the first quarter of 2026.

(3) Relates to interest accrued on the Farm Credit Notes Payable during calendar year 2024.

Of this amount, approximately $ 0.1 million was recorded in the third quarter of 2024, and approximately $ 1.7 million was recorded in the first quarter of 2025.

As of March 31, 2026, and December 31, 2025, the aggregate principal balance of the Farm Credit Notes Payable that were eligible for interest patronage was approximately $ 143.6 million and $ 144.9 million, respectively.

Debt Service – Aggregate Maturities

Scheduled principal payments of our aggregate notes and bonds payable as of September 30, 2025 , for the succeeding years are as follows (dollars in thousands):

Scheduled principal payments of our aggregate notes and bonds payable as of March 31, 2026 , for the succeeding years are as follows (dollars in thousands):

Period Scheduled Principal Payments

For the remaining three months ending December 31:

For the remaining nine months ending December 31:

2026 $ 11,178

For the fiscal years ending December 31:

7 unchanged sentences

These unobservable inputs are generally supported by little or no market activity and are based upon management’s estimates of assumptions that market participants would use in pricing the asset or liability.

As of September 30, 2025, the aggregate fair value of our notes and bonds payable was approximately $ 458.5 million, as compared to an aggregate carrying value (excluding unamortized related debt issuance costs) of approximately $ 482.2 million.

As of March 31, 2026, the aggregate fair value of our notes and bonds payable was approximately $ 453.5 million, as compared to an aggregate carrying value (excluding unamortized related debt issuance costs) of approximately $ 469.3 million.

The fair value of our notes and bonds payable is valued using Level 3 inputs under the hierarchy established by ASC 820-10 and is calculated based on a discounted cash flow analysis, using discount rates based on management’s estimates of market interest rates on debt with comparable terms.

Further, due to the revolving nature and variable interest rates applicable to the MetLife Lines of Credit, their aggregate fair value as of September 30, 2025, is deemed to approximate their aggregate carrying value of $ 200,000 .

Further, due to the revolving nature and variable interest rates applicable to the MetLife Lines of Credit, their aggregate fair value as of March 31, 2026, is deemed to approximate their aggregate carrying value of $ 16.7 million.

Interest Rate Swap Agreements

4 unchanged sentences

In accordance with the Financial Accounting Standards Board’s fair value measurement guidance, we have made an accounting policy election to measure the credit risk of our derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.

As of September 30, 2025 , our interest rate swaps were valued using Level 2 inputs.

As of March 31, 2026 , our interest rate swaps were valued using Level 2 inputs.

In addition, we have designated our interest rate swaps as cash flow hedges.

1 unchanged sentence

During the next 12 months, we estimate that an additional $ 1.3 million will be reclassified as a reduction to interest expense.

We had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of September 30, 2025 , and December 31, 2024 (dollars in thousands):

We had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of March 31, 2026 , and December 31, 2025 (dollars in thousands):

Period Number of Instruments Aggregate Notional Amount

As of September 30, 2025 4 $ 65,176

As of March 31, 2026 4 $ 63,484

As of December 31, 2025 4 63,904

The following table presents the fair value of our interest rate swaps as well as their classification on the Condensed Consolidated Balance Sheets as of September 30, 2025 , and December 31, 2024 (dollars in thousands):

The following table presents the fair value of our interest rate swaps as well as their classification on the Condensed Consolidated Balance Sheets as of March 31, 2026 , and December 31, 2025 (dollars in thousands):

Derivative Asset (Liability) Fair Value

Derivative Type Balance Sheet Location September 30, 2025 December 31, 2024

Derivative Type Balance Sheet Location March 31, 2026 December 31, 2025

Derivatives Designated as Hedging Instruments:

1 unchanged sentence

Total $ 4,974 $ 4,896

The following table presents the amount of (los s) income recognized in comprehensive (loss) income within our condensed consolidated financial statements for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands):

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2025 2024 2025 2024

The following table presents the amount of income (los s) recognized in comprehensive (loss) income within our condensed consolidated financial statements for the three months ended March 31, 2026 and 2025 (dollars in thousands):

For the Three Months Ended March 31,

Derivative in cash flow hedging relationship:

3 unchanged sentences

We have agreements with each of our derivative counterparties that contain a provision where if we default on any of our indebtedness, then we could also be declared in default on our derivative obligations.

As of September 30, 2025 , we did not have any derivatives in a net liability position, nor have we posted any collateral related to these agreements.

As of March 31, 2026 , we did not have any derivatives in a net liability position, nor have we posted any collateral related to these agreements.

CUMULATIVE TERM PREFERRED STOCK

1 unchanged sentence

As a result of this offering (including the underwriters’ exercise of their option to purchase additional shares to cover over-allotments), we issued a total of 2,415,000 shares of the Series D Term Preferred Stock for gross proceeds of approximately $ 60.4 million and net proceeds, after deducting underwriting discounts and offering expenses borne by us, of approximately $ 58.3 million.

The Series D Term Preferred Stock is traded under the ticker symbol “LANDM” on Nasdaq.

The shares of the Series D Term Preferred Stock have a mandatory redemption date of January 31, 2026, and are not convertible into our common stock or any other securities.

We may redeem the shares at a redemption price of $ 25.00 per share, plus any accumulated and unpaid dividends up to, but excluding, the date of redemption.

We incurred approximately $ 2.1 million in total offering costs related to this issuance, which have been recorded net of the Series D Term Preferred Stock as presented on the accompanying Condensed Consolidated Balance Sheets and are being amortized over the mandatory redemption period as a component of interest expense on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.

The Series D Term Preferred Stock is recorded as a liability on our accompanying Condensed Consolidated Balance Sheets in accordance with ASC 480, “Distinguishing Liabilities from Equity,” which states that mandatorily-redeemable financial instruments should be classified as liabilities.

In addition, the related dividend payments are treated similarly to interest expense on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.

As of September 30, 2025, the fair value of our Series D Term Preferred Stock was approximately $ 60.1 million, as compared to the carrying value (exclusive of unamortized offering costs) of approximately $ 60.4 million.

The fair value of our Series D Term Preferred Stock uses Level 1 inputs under the hierarchy established by ASC 820-10 and is calculated based on the closing per-share price on September 30, 2025, of $ 24.88 .

For information on the dividends declared by our Board of Directors and paid by us on the Series D Term Preferred Stock during the nine months ended September 30, 2025, see Note 9, “ Equity—Distributions .”

On January 30, 2026, we redeemed all of our outstanding shares of Series D Term Preferred Stock at a cash redemption price of $ 25.00 per share, plus all accrued and unpaid dividends to, but excluding, the redemption date.

In total, we paid approximately $ 60.6 million for the redemption of the Series D Term Preferred Stock.

Our Series D Term Preferred Stock was traded under the ticker symbol “LANDM” on Nasdaq until it was delisted on the date we redeemed all outstanding shares.

RELATED-PARTY TRANSACTIONS

5 unchanged sentences

Erich Hellmold, our co-general counsel and co-secretary, also serves in the same roles for our Adviser and Administrator.

John Sateri, our chief investment officer, also serves in the same role for our Adviser.

We have entered into an investment advisory agreement with our Adviser (the “Advisory Agreement”) and an administration agreement with our Administrator (the “Administration Agreement”).

22 unchanged sentences

Termination Fee

Pursuant to the Advisory Agreement, in the event of our termination of the agreement with our Adviser for any reason (with 120 days’ prior written notice and the vote of at least two-thirds of our independent directors), a termination fee would be payable to the Adviser equal to three times the sum of the average annual base management fee and incentive fee earned by the Adviser during the 24-month period prior to such termination.

Pursuant to the Advisory Agreement, in the event of our termination of the agreement with our Adviser for any reason (with 120 days’ prior written notice and the vote of at least two-thirds of our independent directors), a termination fee would be payable to the Adviser equal to three times the average annual base management fee and incentive fee earned by the Adviser during the 24-month period prior to such termination.

Administration Agreement

Pursuant to the Administration Agreement, we pay for our allocable portion of the Administrator’s expenses incurred while performing its obligations to us, including, but not limited to, rent and the salaries and benefits expenses of our Administrator’s employees, including our chief financial officer, treasurer, chief compliance officer, co-general counsels and co-secretaries (Mr.

LiCalsi also serves as our Administrator’s president, chief administrative officer, co-general counsel, and co-secretary), and their respective staffs.

Pursuant to the Administration Agreement, we pay for our allocable portion of the Administrator’s expenses incurred while performing its obligations to us, including, but not limited to, rent and the salaries and benefits expenses of our Administrator’s employees, including our chief financial officer, chief valuation officer, treasurer, chief compliance officer, chief administrative officer, chief investment officer, co-general counsels and co-secretaries, and their respective staffs.

As approved by our Board of Directors, our allocable portion of the Administrator’s expenses is generally derived by multiplying our Administrator’s total expenses by the approximate percentage of time the Administrator’s employees perform services for us in relation to their time spent performing services for all companies serviced by our Administrator under similar contractual agreements.

1 unchanged sentence

We have entered into an agreement with Gladstone Securities, LLC (“Gladstone Securities”), for it to act as our non-exclusive agent to assist us with arranging financing for our properties (the “Financing Arrangement Agreement”).

Gladstone Securities

is a privately-held broker-dealer and a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation.

Gladstone Securities is a privately-held broker-dealer and a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation.

Gladstone Securities is an affiliate of ours, as its parent company is owned and controlled by Mr.

6 unchanged sentences

The amount of the financing fee may be reduced or eliminated as determined by us and Gladstone Securities after taking into consideration various factors, including, but not limited to, the involvement of any unrelated third-party brokers and general market conditions.

During the nine months ended September 30, 2025, we paid total financing fees to Gladstone securities of $ 15,000 .

We did not pay any financing fees to Gladstone Securities during the three months ended September 30, 2025, no r did we pay any financing fees during either of the three or nine months ended September 30, 2024.

Through September 30, 2025, the total amount of financing fees paid to Gladstone Securities represented approximately 0.14 % of the total financings secured since the Financing Arrangement Agreement has been in place.

We did not pay any financing fees to Gladstone Securities during either of the three months ended March 31, 2026 or 2025.

Through March 31, 2026, the total amount of financing fees paid to Gladstone Securities represented approximately 0.14 % of the total financings secured since the Financing Arrangement Agreement has been in place.

Dealer-Manager Agreement

We have entered into a dealer-manager agreement with Gladstone Securities (the “Dealer-Manager Agreement”), pursuant to which Gladstone Securities serves as our exclusive dealer-manager in connection with the offering of our 5.00 % Series E Cumulative Redeemable Preferred Stock, par value $ 0.001 per share (the “Series E Preferred Stock”).

Pursuant to the Dealer-Manager Agreement, Gladstone Securities provides certain sales, promotional, and marketing services to us in connection with the offering of the Series E Preferred Stock, and we generally paid or pay Gladstone Securities the following:

We had entered into a dealer-manager agreement with Gladstone Securities (the “Dealer-Manager Agreement”), pursuant to which Gladstone Securities served as our exclusive dealer-manager in connection with the offering of our 5.00 % Series E Cumulative Redeemable Preferred Stock, par value $ 0.001 per share (the “Series E Preferred Stock”), which expired on December 31, 2025.

Pursuant to the Dealer-Manager Agreement, Gladstone Securities provided certain sales, promotional, and marketing services to us in connection with the offering of the Series E Preferred Stock, and we generally paid Gladstone Securities the following:

i a selling commission of up to 7.0 % of the gross proceeds from sales in the offering (the “Selling Commissions”), and

ii a dealer-manager fee of 3.0 % of the gross proceeds from sales in the offering (the “Dealer-Manager Fees”).

Gladstone Securities may, in its sole discretion, remit all or a portion of the Selling Commissions and also reallow all or a portion of the Dealer-Manager Fees to participating broker-dealers and wholesalers in support of the offerings.

Gladstone Securities, in its sole discretion, was permitted to remit all or a portion of the Selling Commissions and also reallow all or a portion of the Dealer-Manager Fees to participating broker-dealers and wholesalers in support of the offerings.

The terms of the Dealer-Manager Agreement were approved by our Board of Directors, including its independent directors.

The following table summarizes the total Selling Commissions and Dealer-Manager Fees paid to Gladstone Securities during the three and nine months ended September 30, 2025 and 2024 (dollars in thousands):

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2025 2024 2025 2024

Series E Preferred Stock $ — $ 9 — 39

Total Selling Commissions and Dealer-Manager Fees $ — $ 9 $ — $ 39

Selling Commissions and Dealer-Manager Fees paid to Gladstone Securities are netted against the gross proceeds received from sales of the respective securities and are included within Additional paid-in capital on the accompanying Condensed Consolidated Balance Sheets.

No Selling Commissions or Dealer-Manager Fees were paid with respect to shares of the Series E Preferred Stock during either of the three months ended March 31, 2026 or 2025.

Selling Commissions and Dealer-Manager Fees paid to Gladstone Securities, if any, are netted against the gross proceeds received from sales of the respective securities and are included within Additional paid-in capital on the accompanying Condensed Consolidated Balance Sheets.

Related-Party Fees

The following table summarizes related-party fees paid or accrued for and reflected in our accompanying condensed consolidated financial statements (dollars in thousands):

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2025 2024 2025 2024

For the Three Months Ended March 31,

Base management fee (1)(2)

$ 1,945 $ 2,058

Incentive fee (1)(2)

Incentive fee waiver (2)

— ( 109 ) — ( 109 )

Capital gains fee (1)(2)

Total fees to our Adviser $ 1,945 $ 2,246

Administration fee (1)(2)

$ 650 $ 683 $ 1,863 $ 1,839

Selling Commissions and Dealer-Manager Fees (1)(3)

$ — $ 9 $ — $ 39

Financing fees (1)(4)

Total fees to Gladstone Securities $ — $ 9 $ 15 $ 39

(1) Pursuant to the agreements with the respective related-party entities, as discussed above.

(2) Reflected as a line item on our accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.

(3) Included within Additional paid-in capital on the accompanying Condensed Consolidated Balance Sheets.

(4) Included within Notes and bonds payable, net on the Condensed Consolidated Balance Sheets and amortized into Interest expense on the Condensed Consolidated Statements of Operations and Comprehensive Income.

Related-Party Fees Due

Amounts due to related parties on our accompanying Condensed Consolidated Balance Sheets as of September 30, 2025, and December 31, 2024, were as follows (dollars in thousands):

September 30, 2025 December 31, 2024

Amounts due to related parties on our accompanying Condensed Consolidated Balance Sheets as of March 31, 2026, and December 31, 2025, were as follows (dollars in thousands):

March 31, 2026 December 31, 2025

Base management fee $ 1,945 $ 1,967

4 unchanged sentences

Total due to Administrator 1,021 819

Total due to related parties (3)

Total due to related parties, net (3)

$ 3,122 $ 2,844

8 unchanged sentences

333-270901), with the SEC (the “2023 Registration Statement”).

The 2023 Registration Statement, which was declared effective by the SEC on April 13, 2023, permits us to issue up to an aggregate of $ 1.5 billion in securities consisting of common stock, preferred stock, warrants, debt securities, depository shares, subscription rights, and units, including through separate, concurrent offerings of two or more securities.

Through September 30, 2025, we have issued a total of 176,195 shares of Series E Preferred Stock for gross proceeds of approximately $ 4.4 million and 593,419 shares of common stock for gross proceeds of approximately $ 8.0 million under the 2023 Registration Statement.

The 2023 Registration Statement, which was declared effective by the SEC on April 13, 2023, and expired on April 12, 2026, permitted us to issue up to an aggregate of $ 1.5 billion in securities consisting of common stock, preferred stock, warrants, debt securities, depository shares, subscription rights, and units, including through separate or concurrent offerings of two or more securities.

Through March 31, 2026, we had issued a total of 176,595 shares of Series E Preferred Stock for gross proceeds of approximately $ 4.4 million and 6,045,199 shares of common stock for gross proceeds of approximately $ 61.0 million under the 2023 Registration Statement.

See Note 13, “ Subsequent Events ,” for information on a new universal shelf registration statement (the “2026 Registration Statement,” as defined therein) filed subsequent to March 31, 2026.

Equity Issuances

2 unchanged sentences

See Note 8, “Related-Party Transactions—Gladstone Securities—Dealer-Manager Agreement,” for a discussion of the commissions and fees to be paid to Gladstone Securities in connection with the Series E Offering.

No shares of the Series E Preferred Stock were sold during either of the three or nine months ended September 30, 2025.

The following table provides information on sales of our Series E Preferred Stock during the three and nine months ended September 30, 2024 (dollars in thousands, except per-share amounts):

Three Months Ended September 30, Nine Months Ended September 30,

Number of shares sold 3,595 15,735

Weighted-average offering price per share $ 24.89 $ 24.98

Gross proceeds $ 89 $ 393

Net proceeds (1)

(1) Net of Selling Commissions, Dealer-Manager Fees, and underwriting discounts.

In addition, during the three and nine months ended September 30, 2025, 600 shares and 1,400 shares, respectively, of Series E Preferred Stock were tendered for optional redemption, which we satisfied with aggregate cash payments of approximately $ 13,000 and $ 31,000 , respectively.

No shares of the Series E Preferred Stock were tendered for optional redemption during either of the three or nine months ended September 30, 2024 .

The Series E Offering will terminate on the date (the “Series E Termination Date”) that is the earlier of (i) December 31, 2025 (unless terminated or extended by our Board of Directors) and (ii) the date on which all 8,000,000 shares of Series E Preferred Stock offered in the Series E Offering are sold.

There is currently no public market for our shares of Series E Preferred Stock.

We intend to apply to list the Series E Preferred Stock on Nasdaq or another national securities exchange within one calendar year of the Series E Termination Date;

however, there can be no assurance that a listing will be achieved in such timeframe, or at all.

No shares of the Series E Preferred Stock were sold during either of the three months ended March 31, 2026 or 2025.

The following table provides information on shares of Series E Preferred Stock tendered for optional redemption and satisfied with cash payments during the three months ended March 31, 2026 and 2025 (dollars in thousands):

Three Months Ended March 31,

Number of shares redeemed 10,360 800

Settlement payment $ 248 $ 18

The Series E Offering expired on December 31, 2025.

Exclusive of redemptions, the Series E Offering resulted in total gross proceeds of approximately $ 6.3 million and net proceeds, after deducting Selling Commissions, Dealer-Manager Fees, and offering expenses payable by us, of approximately $ 5.7 million.

In conjunction with the termination of the Series E Offering, during the three months ended December 31, 2025, we expensed approximately $ 547,000 of unamortized deferred offering costs.

Common Stock—At-the-Market Program

We have entered into equity distribution agreements (commonly referred to as “at-the-market agreements”) with Virtu Americas LLC and Ladenburg & Co.

(each a “Sales Agent”), that, as amended, currently permit us to issue and sell, from time to time and through the Sales Agents, shares of our common stock having an aggregate offering price of up to $ 500.0 million (the “ATM Program”).

The following table provides information on shares of common stock sold under the ATM Program during the three and nine months ended September 30, 2025 (dollars in thousands, except per-share amounts):

Three and Nine Months Ended September 30,

We had entered into equity distribution agreements (commonly referred to as “at-the-market agreements”) with Virtu Americas LLC and Ladenburg & Co.

(each a “Sales Agent”), that, as amended, permitted us to issue and sell, from time to time and through the Sales Agents, shares of our common stock having an aggregate offering price of up to $ 500.0 million (the “2023 ATM Program”).

The following table provides information on shares of common stock sold under the 2023 ATM Program during the three months ended March 31, 2026 (dollars in thousands, except per-share amounts):

Three Months Ended March 31,

Number of shares sold 3,744,263

3 unchanged sentences

(1) Net of underwriting commissions.

We did no t sell any shares of common stock under the ATM Program during either of the three or nine months ended September 30, 2024.

See Note 12, “ Subsequent Events ,” for equity issuances completed subsequent to September 30, 2024.

We did no t sell any shares of common stock under the 2023 ATM Program during the three months ended March 31, 2025.

See Note 13, “ Subsequent Events ,” for equity issuances completed subsequent to March 31, 2026, and for information on new at-the-market agreements entered into subsequent to March 31, 2026.

Repurchase Program

6 unchanged sentences

Any repurchases will be made during applicable trading window periods or pursuant to Rule 10b5-1 trading plans.

No shares of Series B Preferred Stock or Series C Preferred Stock were repurchased under the 2025 Repurchase Program during either of the three or nine months ended September 30, 2025.

The following table summarizes repurchase activity under the 2024 Repurchase Program during the three and nine months ended September 30, 2024 (dollars in thousands, except per-share amounts):

Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024

No shares of Series B Preferred Stock or Series C Preferred Stock were repurchased under the 2024 Repurchase Program during the three months ended March 31, 2025.

The following table summarizes repurchase activity under the 2025 Repurchase Program during the three months ended March 31, 2026 (dollars in thousands, except per-share amounts):

Three Months Ended March 31, 2026

Series B Preferred Stock:

1 unchanged sentence

Gross repurchase price (1)

$ 1,296 $ 2,429

Weighted-average repurchase price per share $ 20.07

3 unchanged sentences

Gross repurchase price (1)

$ 2,440 $ 4,201

Weighted-average repurchase price per share $ 19.85

1 unchanged sentence

(1) Inclusive of broker commissions.

(2) The gain on the repurchase of cumulative redeemable preferred stock is included within Gain (loss) on extinguishment of cumulative redeemable preferred stock, net on our accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.

(2) The gain on the repurchase of cumulative redeemable preferred stock is included within Gain on extinguishment of cumulative redeemable preferred stock, net on our accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.

See Note 13, “ Subsequent Events ,” for repurchase activity completed subsequent to March 31, 2026.

Non-Controlling Interests in Operating Partnership

We consolidate our Operating Partnership, which is a majority-owned partnership.

As of both September 30, 2025, and December 31, 2024, we owned 100.0 % of the outstanding OP Units.

As of both March 31, 2026, and December 31, 2025, we owned 100.0 % of the outstanding OP Units.

Distributions

The per-share distributions to preferred and common stockholders declared by our Board of Directors during the three and nine months ended September 30, 2025 and 2024 are reflected in the table below.

Three Months Ended September 30, Nine Months Ended September 30,

The per-share distributions to preferred and common stockholders declared by our Board of Directors during the three months ended March 31, 2026 and 2025 are reflected in the table below.

Three Months Ended March 31,

Issuance 2026 2025

5 unchanged sentences

Common Stock 0.1401 0.1401

(1) Dividends are treated similar to interest expense on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.

LEASE REVENUES

The following table sets forth the components of our lease revenue for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands, except for footnotes):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

(1) Dividends are treated similarly to interest expense on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.

(2) The Series D Term Preferred Stock was redeemed in full on January 30, 2026.

LEASE REVENUE

The following table sets forth the components of our lease revenue for the three months ended March 31, 2026 and 2025 (dollars in thousands, except for footnotes):

Three Months Ended March 31,

Fixed lease payments (1)

1 unchanged sentence

Variable lease payments (2)

5,458 3,658 8,509 5,089

Lease revenue, net (3)

3 unchanged sentences

Participation rents are generally recognized when all contingencies have been resolved and when actual results become known or estimable, enabling us to estimate and/or measure our share of such gross revenues.

During the three and nine months ended September 30, 2025, we recorded participation rents of approximately $ 5.4 million and $ 6.0 million, respectively, reimbursements of certain property operating expenses by tenants of approximately $ 94,000 and $ 158,000 , respectively, and late fees of approximately $ 0 and $ 2,000 , respectively.

During the three months ended March 31, 2026 and 2025, we recorded participation rents of approximately $ 4.9 million and $ 465,000 , respectively, reimbursements of certain property operating expenses by tenants of approximately $ 363,000 and $ 31,000 , respectively, and late fees of approximately $ 3,000 and $ 2,000 , respectively.

In addition, during the three months ended March 31, 2025, we recorded a lease termination fee of approximately $ 2.4 million.

During the three and nine months ended September 30, 2024, we recorded participation rents of approximately $ 3.5 million and $ 4.6 million, respectively, reimbursements of certain property operating expenses by tenants of approximately $ 142,000 and $ 453,000 , respectively, and late fees of approximately $ 4,000 and $ 11,000 , respectively.

(3) Reflected as a line item on our accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.

EARNINGS PER SHARE OF COMMON STOCK

The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2025 and 2024, computed using the weighted average number of common shares outstanding during the respective periods.

The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2026 and 2025, computed using the weighted average number of common shares outstanding during the respective periods.

(Dollars in thousands, except per-share amounts):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Net loss attributable to common stockholders $ ( 3,915 ) $ ( 5,787 ) $ ( 8,689 ) $ ( 4,992 )

Three Months Ended March 31,

Net (loss) income attributable to common stockholders $ ( 9,985 ) $ 9,106

Weighted average shares of common stock outstanding – basic and diluted 40,856,330 36,184,658

Loss per common share – basic and diluted $ ( 0.11 ) $ ( 0.16 ) $ ( 0.24 ) $ ( 0.14 )

(Loss) income per common share – basic and diluted $ ( 0.24 ) $ 0.25

SUBSEQUENT EVENTS

Financing Activity

Equity Activity—Equity Issuances

The following table provides information on equity sales that occurred subsequent to September 30, 2025 (dollars in thousands, except per-share amounts):

Farm Credit Facility

On April 27, 2026, we entered into a new revolving line of credit with Farm Credit of Central Florida, ACA (“Farm Credit CFL”) that provides for borrowings of up to $ 37.0 million (the “Farm Credit Facility”).

The Farm Credit Facility matures on April 1, 2030, and borrowings thereunder bear interest at a variable rate equal to the prime rate less 0.50 %, prior to the effect of any interest patronage.

The Farm Credit Facility also includes an unused commitment fee of 0.15 % per annum on the undrawn portion.

Availability under the Farm Credit Facility is subject to a maximum loan-to-value ratio of 60 % of the value of the pledged collateral, and amounts owed under the Farm Credit Facility are guaranteed by us and each of our subsidiaries that owns a property pledged as collateral pursuant to the loan documents.

In connection with entering into the Farm Credit Facility, we incurred total closing costs of approximately $ 226,000 .

We do no t currently have any borrowings outstanding under the Farm Credit Facility.

Registration Statement

On April 7, 2026, we filed a universal registration statement on Form S-3, as amended (File No.

333-294917), with the SEC (the “2026 Registration Statement”) to replace the 2023 Registration Statement.

The 2026 Registration Statement, which was declared effective by the SEC on April 23, 2026, permits us to issue up to an aggregate of $ 1.0 billion in securities consisting of common stock, preferred stock, warrants, debt securities, depository shares, subscription rights, and units, including through separate or concurrent offerings of two or more securities.

At-the-Market Program

On April 24, 2026, we entered into equity distribution agreements with Virtu Americas LLC and Lucid Capital Markets, LLC (each a “Sales Agent”), that currently permit us to issue and sell, from time to time and through the Sales Agents, shares of our common stock having an aggregate offering price of up to $ 500.0 million (the “2026 ATM Program”).

Equity Issuances

The following table provides information on equity sales that occurred subsequent to March 31, 2026 (dollars in thousands, except per-share amounts):

Type of Issuance Number of

1 unchanged sentence

Per Share Gross Proceeds Net Proceeds (1)

Common Stock – ATM Program $ 959,432 $ 9.26 $ 8,884 $ 8,795

Common Stock – ATM Programs (2)

1,377,392 $ 10.33 $ 14,229 $ 14,056

(1) Net of underwriting discounts and commissions.

(2) Includes shares of common stock sold under the 2023 ATM Program and the 2026 ATM Program.

Repurchase Program

The following table summarizes repurchase activity under the 2025 Repurchase Program subsequent to March 31, 2026 (dollars in thousands, except per-share amounts):

Series B Preferred Stock:

Number of shares repurchased 49,877

Gross repurchase price (1)

Weighted-average repurchase price per share $ 20.83

Gain on repurchase $ 71

Series C Preferred Stock:

Number of shares repurchased 121,406

Gross repurchase price (1)

Weighted-average repurchase price per share $ 20.41

Gain on repurchase $ 276

(1) Inclusive of broker commissions.

Distributions

On October 14, 2025, our Board of Directors declared the following monthly cash distributions to holders of our preferred and common stock:

On April 14, 2026, our Board of Directors declared the following monthly cash distributions to holders of our preferred and common stock:

Issuance Record Date Payment Date Distribution per Share

Series B Preferred Stock:

October 24, 2025 October 31, 2025 $ 0.125

November 17, 2025 November 26, 2025 0.125

December 22, 2025 December 31, 2025 0.125

April 24, 2026 April 30, 2026 $ 0.125

May 20, 2026 May 29, 2026 0.125

June 23, 2026 June 30, 2026 0.125

Total Series B Preferred Stock Distributions:

Series C Preferred Stock:

October 24, 2025 October 31, 2025 $ 0.125

November 17, 2025 November 26, 2025 0.125

December 22, 2025 December 31, 2025 0.125

April 24, 2026 April 30, 2026 $ 0.125

May 20, 2026 May 29, 2026 0.125

June 23, 2026 June 30, 2026 0.125

Total Series C Preferred Stock Distributions:

Series D Term Preferred Stock:

October 24, 2025 October 31, 2025 $ 0.104167

November 17, 2025 November 26, 2025 0.104167

December 22, 2025 December 31, 2025 0.104167

Total Series D Term Preferred Stock Distributions:

Series E Preferred Stock:

October 27, 2025 November 5, 2025 $ 0.104167

November 25, 2025 December 5, 2025 0.104167

December 29, 2025 January 5, 2026 0.104167

April 27, 2026 May 5, 2026 $ 0.104167

May 27, 2026 June 5, 2026 0.104167

June 25, 2026 July 2, 2026 0.104167

Total Series E Preferred Stock Distributions:

Common Stock:

October 24, 2025 October 31, 2025 $ 0.0467

November 17, 2025 November 26, 2025 0.0467

December 22, 2025 December 31, 2025 0.0467

April 24, 2026 April 30, 2026 $ 0.0467

May 20, 2026 May 29, 2026 0.0467

June 23, 2026 June 30, 2026 0.0467

Total Common Stock Distributions $ 0.1401

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements