What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-05-11 compared with 2025-11-05 · 236 added, 247 removed, 361 unchanged (57% of the section changed)

4 unchanged sentences

These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our business, financial condition, liquidity, results of operations, funds from operations or prospects to be materially different from any future business, financial condition, liquidity, results of operations, funds from operations or prospects expressed or implied by such forward-looking statements.

For further information about these and other factors that could affect our future results, please see the captions titled “Forward-Looking Statements” and “Risk Factors” in this report, our Annual Report on Form 10-K for the year ended December 31, 2024 (the “Form 10-K”), and other filings we make with the SEC.

For further information about these and other factors that could affect our future results, please see the captions titled “Forward-Looking Statements” and “Risk Factors” in this report, our Annual Report on Form 10-K for the year ended December 31, 2025, as amended (the “Form 10-K”), and other filings we make with the SEC.

We caution readers not to place undue reliance on any such forward-looking statements, which are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made.

4 unchanged sentences

All references to “we,” “our,” “us” and the “Company” in this Quarterly Report mean Gladstone Land Corporation and its consolidated subsidiaries, except where it is made clear that the term refers only to Gladstone Land Corporation.

We are an externally-managed, agricultural real estate investment trust (“REIT”) that is primarily engaged in 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 an externally-managed, agricultural real estate investment trust (“REIT”) that is primarily engaged in 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”).

1 unchanged sentence

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

In addition, two of our properties (comprising four farms) are currently being directly operated.

In addition, two of our properties (consisting of four farms) are currently being directly operated.

We conduct substantially all of our activities through, and all of our properties are held, directly or indirectly, by Gladstone Land Limited Partnership (the “Operating Partnership”).

Gladstone Land Corporation controls the sole general partner of the Operating Partnership and currently owns, directly or indirectly, 100.0% of the units of limited partnership interest in the Operating Partnership (“OP Units”).

Gladstone Land Corporation controls the sole general partner of the Operating Partnership and currently owns all of the units of limited partnership interest in the Operating Partnership (“OP Units”).

In addition, we have elected for Gladstone Land Advisers, Inc.

3 unchanged sentences

Portfolio Diversificatio n

Our farmland portfolio currently consists of 148 farms leased to 85 d ifferent, unrelated third-party tenants who grow over 60 different types of crops on our farms.

Our farmland portfolio currently consists of 144 farms leased t o 81 differ ent, unrelated third-party tenants who grow over 60 different types of crops on our farms.

O ur investment focus is in farmland suitable for growing either fresh produce annual row crops (e.g., certain berries and vegetables) or certain permanent crops (e.g., almonds, blueberries, pistachios, and wine grapes), with an ancillary focus on farmland growing certain commodity crops (e.g., beans and corn).

The following table summarizes the different geographic locations (by state) of our farms owned as of and during the nine months ended September 30, 2025 and 2024 (dollars in thousands):

As of and For the Nine Months Ended September 30, 2025 As of and For the Nine Months Ended September 30, 2024

The following table summarizes the different geographic locations (by state) of our farms owned as of and during the three months ended March 31, 2026 and 2025 (dollars in thousands):

As of and For the Three Months Ended March 31, 2026 As of and For the Three Months Ended March 31, 2025

Revenue % of Total

3 unchanged sentences

Florida 18 10,412 10.5% 2,362 16.0% 20 13,090 12.7% 2,574 15.3%

Washington 6 2,520 2.5% 3,282 7.0% 6 2,520 2.2% 3,205 5.0%

Colorado 12 32,773 32.7% 1,787 3.8% 12 32,773 29.3% 1,984 3.1%

Arizona 6 6,320 6.3% 1,759 3.7% 6 6,320 5.6% 1,706 2.7%

Oregon 6 898 0.9% 1,278 2.7% 6 898 0.8% 1,650 2.6%

Nebraska 7 5,223 5.3% 355 2.4% 7 5,223 5.1% 289 1.7%

Colorado 10 31,448 31.9% 332 2.3% 12 32,773 31.8% 667 4.0%

Michigan 12 1,245 1.3% 276 1.9% 12 1,245 1.2% 276 1.6%

Texas 1 3,667 3.7% 143 1.0% 1 3,667 3.6% 125 0.8%

Oregon 6 898 0.9% 124 0.8% 6 898 0.9% 422 2.5%

Maryland 6 987 1.0% 121 0.8% 6 987 1.0% 120 0.7%

4 unchanged sentences

North Carolina — — —% — —% 2 310 0.3% — —%

Washington (2)

6 2,520 2.6% (75) (0.5)% 6 2,520 2.4% 1,089 6.5%

6 6,320 6.4% (1,135) (7.7)% 6 6,320 6.1% 579 3.5%

TOTALS 144 98,688 100.0% $ 14,795 100.0% 150 103,001 100.0% $ 16,803 100.0%

1 unchanged sentence

our farms are spread across six of these growing regions.

(2) During the three months ended March 31, 2026, we began recognizing lease revenues from two tenants (who collectively lease eight farms—four in Arizona, three in Washington, and one in Oregon) on a cash basis.

Negative revenue reflected above relates to the write-off of certain net deferred rent assets and uncollected receivables.

Most of our leases are on a triple-net basis, an arrangement under which, in addition to rent, the tenant is required to pay the related taxes, insurance costs, maintenance, and other operating costs.

2 unchanged sentences

(i) fixed base cash rents, (ii) fixed base cash rents, plus a variable component (referred to as “participation rents”) based on the gross revenues generated from the respective farms, or, to a lesser extent, (iii) no fixed base cash rents (or, in certain cases, a cash allowance to cover certain operating or capital costs), in exchange for a significantly higher share of participation rents.

Fixed base cash rent is generally payable to us in advance on an annual, semi-annual, or quarterly basis, with such rent typically subject to periodic escalation clauses as set forth within the lease, while participation rent is generally payable to us annually, with the majority of it coming in the fourth quarter of each fiscal year.

Currently, 87 of our farms are leased on a pure, triple-net basis, 42 farms are leased on a partial-net basis (with us, as landlord, responsible for all or a portion of the related property taxes), 3 farms are leased on a single-net basis (with us, as landlord, responsible for the related property taxes, as well as certain maintenance, repairs, or insurance costs), 4 farms are direct-operated by us through third-party management agreements, and 8 farms are vacant.

2 unchanged sentences

Agricultural leases are often shorter term in nature (relative to leases of other types of real estate assets), so in any given year, we may have multiple leases up for extension or renewal.

The following table summarizes the lease expirations by year for the farms owned and with leases in place as of September 30, 2025 (dollars in thousands):

The following table summarizes the lease expirations by year for the farms owned and with leases in place as of March 31, 2026 (dollars in thousands):

Year Number of

Leases (1)(5)

Expiring / Expired Leased Acreage % of Total

Acreage Lease Revenue for the

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026 % of Total

12 16,803 17.0% $ 1,976 13.4%

9 unchanged sentences

(1) Certain lease agreements encompass multiple farms.

(2) Includes three leases that were extended subsequent to September 30, 2025.

See “ Recent Developments—Portfolio Activity—Existing Properties—Leasing Activity ” below for a summary of certain recent leasing activity.

(3) Reflects the net impact of cash lease incentives we granted to tenants on certain of our farms in exchange for increasing the participation rent components in the respective leases, the results of which will not be known until the fourth quarter of 2025 or later.

(2) Primarily consists of ancillary leases (e.g., renewable energy leases;

2 unchanged sentences

etc.) with varying expirations on certain of our farms.

(5) Includes lease revenues of approximately $4.0 million from 10 farms for which the respective leases have expired and which are currently either vacant or direct-operated, and approximately $533,000 from 9 farms that were sold during the nine months ended September 30, 2025.

(3) Includes one lease that was renewed subsequent to March 31, 2026;

see below, under “ Recent Developments—Portfolio Activity—Existing Properties—Leasing Activity ,” for additional information on these and certain other lease renewals.

We are currently exploring a variety of options with certain of our 2026 lease expirations, including negotiating lease terms with existing and prospective new tenants and discussing sale options with prospective buyers.

In addition, while we seek to lease all properties under traditional leases that involve a certain level of fixed base rent, with respect to expirations on certain western permanent crop farms, we may decide to continue with an adjusted lease structure that involves a reduced base rent amount (or none) and/or, in certain cases, a cash lease incentive, in exchange for an increased level of participation rents, or we may decide to continue to operate certain of these properties ourselves via third-party management agreements.

In addition, while we seek to lease all properties under traditional leases that involve a certain level of fixed base rent, with respect to expirations on certain western permanent crop farms, we may also decide to proceed with a modified lease structure that involves a reduced base rent amount (or none) and/or, in certain cases, a cash lease incentive, in exchange for an increased level of participation rents, or we may decide to proceed to operate certain of these properties ourselves via third-party management agreements.

Regarding all vacancies and upcoming lease expirations, there can be no assurance that we will be able to renew the existing leases or execute new leases at rental rates favorable to us, if at all, or be able to find replacement tenants, if necessary.

Business Environment

Impact of Inflation, Interest Rates, and Tariffs and Trade

Macroeconomic and Agricultural Market Conditions

According to the U.S.

Bureau of Labor Statistics, the consumer price index (“CPI”) rose at an annual rate of 3.0% through September 30, 2025, continuing the downward trend from the inflation peak in mid-2022.

Food price increases have likewise slowed but remain elevated, with the overall food category up by 3.1% over the same period.

Notably, over the past four years, food prices have risen by 21.6%, outpacing the overall CPI increase of 18.4%.

Bureau of Labor Statistics, the Consumer Price Index (“CPI”) increased 3.3% over the 12-month period ended March 31, 2026, reflecting continued moderation from peak inflation levels observed in mid-2022.

Food prices also increased at a slower rate, with the overall food category up by 2.7% over the same period.

However, over the past four years, food prices have risen by 17.3%, outpacing the overall CPI increase of 14.9% and reflecting sustained longer-term inflationary pressures across many agricultural markets.

In addition, the U.S.

Department of Agriculture’s August 2025 Land Values Summary reported that nationwide farm real estate values increased 4.3% year-over-year, while cropland values rose 4.7%.

These data suggest that farmland values continue to appreciate, though at a more moderate pace than in prior years, with inflationary pressures continuing to be reflected in land valuations.

While elevated input costs remain a concern for farm operators, we believe these costs are being partially mitigated as long as food prices continue to match or exceed the broader inflation rate.

This data indicates that farmland values have continued to appreciate, although at a more moderate pace than in prior years.

While elevated input costs continue to impact farm operators, we believe these pressures are being partially offset in certain markets to the extent food prices keep pace with or exceed broader inflation trends.

Interest Rates

The Federal Reserve (the “Fed”) recently resumed monetary easing, lowering the target range for the federal funds rate by 25 basis points in each of September and October 2025, bringing the range to 3.75% to 4.00%.

These actions marked the first sustained rate-cutting phase since 2024 and reflected the Fed’s effort to support slowing economic growth while maintaining flexibility in response to persistent inflation pressures.

Benchmark yields have declined modestly in response, with the 10-year U.S.

Treasury yield recently fluctuating around 4.0%, compared with levels consistently above 4.4% earlier in the year.

Although borrowing costs have eased somewhat, credit availability remains selective, and long-term spreads continue to reflect lender caution.

The Federal Reserve (the “Fed”) resumed monetary easing in late 2025, lowering the target range for the federal funds rate by a total of 75 basis points during the fourth quarter of 2025, bringing the range to 3.50% to 3.75%.

The Fed maintained this target range at each of its meetings thus far in 2026, reflecting a continued data-dependent posture as inflation remained above the Fed’s longer-term 2% objective, economic uncertainty remained elevated, and geopolitical developments continued to weigh on the economic outlook.

Benchmark yields have increased from early-2026 levels, with the 10-year U.S.

Treasury yield recently fluctuating around 4.3% to 4.5%, compared with approximately 4.0% earlier in the year.

Although borrowing costs have eased from their 2025 highs, credit availability remains selective amid tighter lending standards and softer credit demand in certain markets.

As a result, while financing conditions have improved relative to a year ago, access to debt on favorable terms remains uneven and continues to limit our ability to pursue new farmland acquisitions.

Currently, over 99.9% of our borrowings are at fixed rates, and on a weighted-average basis, these rates are fixed at an effective interest rate of 3.39% for another 3.0 years.

As a result, our existing debt portfolio has remained largely insulated from recent interest rate volatility, and we believe we are well positioned to withstand a potential prolonged period of elevated interest rates.

Tariffs and Trade

Ongoing trade tensions and the implementation of new tariffs continue to introduce uncertainty into U.S.

agricultural exports markets.

Certain crops grown on our farms, including almonds and pistachios, are particularly exposed to these risks, as approximately 60% to 80% of U.S.-produced almonds and pistachios are exported annually.

In contrast, crops with strong domestic demand, such as fresh produce (including berries and vegetables), are generally less affected by trade-related disruptions.

Although international trade developments have influenced sentiment in export-oriented crop markets, pricing for almonds and pistachios continues to be primarily driven by underlying supply and demand fundamentals.

With the field harvest now complete, final 2025 almond production is expected to come in below initial industry forecasts, contributing to upward pricing pressure.

As a result, current almond prices are approximately 15% to 25% higher year-over-year.

While post-harvest hulling and processing activities remain underway, preliminary results indicate that production volumes on our farms have exceeded our initial internal expectations.

The crop is currently being marketed and sold, with first payments expected within the next three months and continuing through next fall.

Pistachios continue to experience strong demand, particularly in international markets.

Demand for pistachio-based ingredients is also increasing, supported by broader consumer trends and continued global market growth.

The 2025 U.S.

pistachio crop was initially expected to be a record crop;

however, current estimates indicate that it will fall short of those expectations and will instead be more in line with 2023 production levels.

We have completed harvest on several of our farms, and thus far, our yields have exceeded our internal projections.

The smaller-than-expected overall crop is contributing to upward pricing pressure, with current pistachio prices (for the 2024 crop) approximately 13% to 18% higher than the prior year (for the 2023 crop).

Prices were initially expected to be lower but have instead strengthened, supporting expectations that final 2025 crop pricing will be comparable to 2024 levels.

We continue to monitor tariff discussions and trade policy developments closely, but the full impact on crop prices and grower economics remains uncertain.

Prolonged disruptions to export markets could impact lease structures and participation rent levels on the affected farms.

Additionally, significant increases in tariffs or unfavorable trade terms for almonds or pistachios could lead to us allocating additional capital to support crop production under certain lease agreements, in exchange for higher participation rents.

Another key factor impacting export demand is the strength of the U.S.

A weaker dollar enhances the global competitiveness of U.S.

agricultural exports, which may help offset any adverse effects of tariffs and trade constraints and potentially drive increased demand for domestically-grown products.

Currently, over 99.9% of our borrowings bear interest at fixed rates, with a weighted-average effective interest rate of 3.41% and an average remaining term of 2.5 years.

As a result, changes in market interest rates have had a minimal impact on our interest expense in recent periods, and we believe our exposure to near-term interest rate volatility is limited.

Geopolitical, Trade, and Agricultural Market Conditions

The ongoing conflict in the Middle East, together with broader trade and tariff developments, continues to contribute to uncertainty in U.S.

agricultural export markets.

The conflict has disrupted certain global shipping routes and contributed to increased fertilizer prices, resulting in higher input costs for many growers.

However, fertilizer costs generally represent a smaller percentage of total operating costs for many of the crops grown on our farms compared to other crop types, and many growers on our farms had secured fertilizer supplies prior to recent price increases.

Certain crops grown on our farms, particularly almonds and pistachios, remain exposed to international trade conditions, as a significant portion of U.S.-produced almonds and pistachios is exported annually.

However, recent market stabilization and improving demand trends have provided more favorable near-term market conditions.

In contrast, crops with stronger domestic demand characteristics, including berries and vegetables, are generally less directly impacted by export market volatility, although they may still be affected by trade developments involving key North American trading partners, including Canada and Mexico.

Although international trade developments continue to influence sentiment in export-oriented crop markets, pricing for almonds and pistachios remains primarily driven by underlying supply and demand fundamentals.

Final almond production for the 2025 crop year has come in below initial industry forecasts, contributing to improved pricing conditions, and almond prices have generally trended higher, resulting in price levels that are stable yet profitable for growers.

In addition, production volumes on our farms exceeded our initial internal expectations.

Demand for pistachios also remains strong, particularly in international markets and for pistachio-based consumer products.

Although the 2025 U.S.

pistachio crop was initially expected to be a record crop, current estimates indicate production levels are likely to be more consistent with 2023 production levels.

The smaller-than-expected overall crop has contributed to improved pricing conditions, with pistachio prices strengthening relative to the prior year.

Production volumes on our farms also exceeded our initial internal projections.

We continue to monitor developments relating to the conflict in the Middle East, tariffs, and broader trade policy closely, although the ultimate impact on crop pricing, export demand, and grower economics remains uncertain.

Prolonged disruptions to export markets could adversely affect lease structures and participation rent levels on certain farms.

In addition, significant increases in tariffs or unfavorable trade conditions affecting almonds or pistachios could require us to allocate additional capital to support crop production under certain lease agreements in exchange for higher participation rents.

Another factor impacting export demand is the strength of the U.S.

A weaker dollar generally improves the competitiveness of U.S.

agricultural exports and may partially offset certain adverse effects of tariffs and trade-related constraints.

California Water Outlook

The 2025-2026 water year is just getting underway, and yet many farming areas of California have already received above-average rainfall for the month of October.

The UC Berkeley Central Sierra Snow Lab has even reported its first measurable snowfall of the season, marking a favorable start to the new water year.

Northern California remains largely free of drought designations, while portions of Southern California continue to experience varying degrees of drought.

Overall, after three consecutive years of average or above-average precipitation statewide, reservoir levels remain above historical norms, contributing to favorable surface water allocation expectations from both State and Federal water projects.

As a result, current expectations are that, even in the event of below-average precipitation, surface water allocations for the 2025-2026 water year will be in the range of 30% to 50%.

The sustained wet conditions have also positively impacted our permanent crop assets by contributing to groundwater recharge and improving root zone moisture content.

To date, we have not observed any signs of water-related stress in our permanent plantings, which appear healthy and in good condition for the upcoming growing season.

The 2025-2026 water year is approaching the end of its wet season, and current conditions reflect extremely low snowpack but generally average or better overall precipitation across much of the state.

While the season began with above-average precipitation, drier and warmer conditions during the latter portion of the winter significantly reduced snowpack levels across the Sierra Nevada.

However, reservoir storage levels remain well above historical norms, reflecting strong carryover storage following multiple years of average or above-average precipitation.

As of early May 2026, less than 5% of the state was subject to a drought designation, supporting relatively stable near-term surface water supply conditions.

Current expectations are that surface water allocations for the 2025-2026 water year will range from approximately 25% to 40%, subject to late-season hydrological conditions and regulatory requirements.

Sustained wet conditions in recent years have benefited our permanent crop assets by supporting groundwater recharge and improving root zone moisture content.

To date, we have not observed any significant water-related stress in our permanent plantings, which appear healthy and in good condition entering the 2026 growing season.

Meanwhile, the ongoing phased implementation of California’s Sustainable Groundwater Management Act (“SGMA”) continues to impose groundwater pumping restrictions across the state.

In response, we are actively evaluating and participating in supplemental water initiatives aimed at mitigating the impact of SGMA-related curtailments.

These initiatives include floodwater capture and storage projects, voluntary fallowing programs, and strategic investments in water infrastructure to ensure long-term access to reliable water supplies.

Periods of surplus surface water often result in increased availability of lower-cost water from purveyors, and we continue to monitor such opportunities as part of our long-term water procurement strategy.

We believe our farms are well-positioned for the 2026 growing season with respect to both groundwater and surface water availability.

In response, we are evaluating and participating in supplemental water initiatives intended to mitigate the impact of SGMA-related curtailments, including floodwater capture and storage projects, voluntary fallowing programs, and targeted investments in water infrastructure designed to support long-term access to reliable water supplies.

Periods of surplus surface water may also increase the availability of lower-cost water supplies from certain water purveyors, and we continue to monitor such opportunities as part of our long-term water strategy.

Based on current conditions, we believe our farms are generally well-positioned for the 2026 growing season with respect to both groundwater and surface water availability.

Recent Developments

Portfolio Activity—Existing Properties

Property Sales

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.

Leasing Activity

The following table summarizes certain leasing activity that has occurred on our existing properties since July 1, 2025, through the date of this filing (dollars in thousands, except for footnotes):

The following table summarizes certain leasing activity that has occurred on our existing properties since January 1, 2026, through the date of this filing (dollars in thousands, except for footnotes):

PRIOR LEASES NEW LEASES (1)

7 unchanged sentences

/ NN / N) (3)

CA 2 314 $ 992 0 2 / 0 / 0 $ 1,057 2.4 0 2 / 0 / 0

(1) In connection with certain of these leases, we committed to provide cash allowances or capital for certain operations and improvements on these farms, which are excluded in the figures above.

CA, CO, & FL 3 5,279 $ 1,485 0 1 / 1 / 1 $ 682 1.3 1 0 / 3 / 0

(1) In connection with certain new leases, we committed to provide cash allowances or capital for certain operations and improvements on these farms, which are excluded in the figures above.

See Note 3, “ Real Estate and Intangible Assets—Intangible Assets and Liabilities ,” within the accompanying notes to our condensed consolidated financial statements and “ Liquidity and Capital Resources—Operating Commitments and Obligations—Operating Obligations ” below for additional information on these and other commitments.

2 unchanged sentences

(3) “NNN” refers to leases under triple-net lease arrangements, “NN” refers to leases under partial-net lease arrangements, and “N” refers to leases under single-net lease arrangements, in each case, as described above under “ Leases—General .”

Crop Sales and Cost of Sales

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 bearing almond and pistachio orchards, and (ii) a 165-acre farm in Umatilla County, Oregon, including 135 acres of wine grape vineyards.

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.

During the three months ended March 31, 2026, we recognized an impairment charge of approximately $884,000 on one property (consisting of two farms) in St.

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

Vacant, Direct-operated, and Non-accrual Properties

We currently have six farms that are vacant, four farms that are being direct-operated through third-party management agreements, and seven farms (leased to four tenants) for which lease revenues are being recognized on a cash basis (due to our determination that full collection of the remaining contractual rent under these leases is not probable due to credit concerns with the respective tenants).

For the nine months ended September 30, 2025, we recognized approximately $3.9 million of lease revenue from these farms (including an early lease termination fee of approximately $2.4), compared to approximately $5.9 million for the prior-year period.

We currently have 8 farms that are wholly or partially vacant, 4 farms that are being direct-operated through third-party management agreements, and 11 farms leased to four tenants for which lease revenue is being recognized on a cash basis due to concerns regarding the collectibility of the remaining contractual lease payments.

For the three months ended March 31, 2026, we recognized approximately ($2.1) million of lease revenue related to these farms (primarily due to the reversal of previously recognized straight-line rent associated with certain tenants that were placed on non-accrual status during the quarter) and approximately $1.9 million of net profits from crop sales (see above, under “ —Crop Sales and Cost of Sales ”), compared to approximately $5.0 million of lease revenue for the prior-year period, which included an early lease termination fee of approximately $2.4 million.

We are evaluating both leasing and sale alternatives for each of these farms and are engaged in discussions with prospective tenants and buyers;

3 unchanged sentences

Financing Activity

Debt Activity—Loan Repayments

On July 24, 2025, we repaid a $10.4 million bond upon maturity.

The bond bore interest at a stated rate of 4.45%.

Debt Activity

Term Preferred Stock

On January 30, 2026, we redeemed all of our outstanding shares of our 5.00% Series D Cumulative Term Preferred Stock, par value $0.001 per share (the “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, which we delisted from Nasdaq on the date we redeemed all outstanding shares.

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 not currently have any borrowings outstanding under the Farm Credit Facility.

Equity Activity

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 our prior universal 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.

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 summarizes the activity under the ATM Program from July 1, 2025, through the date of this filing (dollars in thousands):

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”).

The 2026 ATM Program replaced the 2023 ATM Program (as defined in Note 10, “ Equity ,” within the accompanying notes to our condensed consolidated financial statements).

The following table summarizes the activity under the ATM Programs (including shares of common stock sold under both the 2023 ATM Program and the 2026 ATM Program) from January 1, 2026, through the date of this filing (dollars in thousands, except per-share amounts):

Number of Shares Sold Weighted-average

3 unchanged sentences

(1) Net of underwriting commissions.

Repurchase Program

On July 11, 2025, our Board of Directors approved a share repurchase program authorizing us to repurchase up to $20.0 million of our 6.00% Series B Cumulative Redeemable Preferred Stock, par value $0.001 per share (the “Series B Preferred Stock”) and up to $35.0 million of our 6.00% Series C Cumulative Redeemable Preferred Stock, par value $0.001 per share (the “Series C Preferred Stock”) (collectively, the “2025 Repurchase Program”).

The following table summarizes repurchase activity under the 2025 Repurchase Program from January 1, 2026, through the date of this filing (dollars in thousands, except per-share amounts):

Series B Preferred Stock:

Number of shares repurchased 88,999

Gross repurchase price (1)

Weighted-average repurchase price per share $ 20.49

Gain on repurchase $ 156

Series C Preferred Stock:

Number of shares repurchased 206,181

Gross repurchase price (1)

Weighted-average repurchase price per share $ 20.18

Gain on repurchase $ 516

(1) Inclusive of broker commissions.

See Note 10, “ Equity ,” within the accompanying notes to our condensed consolidated financial statements for further discussion on the 2025 Repurchase Program.

Our Adviser and Administrator

We are externally managed pursuant to contractual arrangements with our Adviser and our Administrator (both affiliates of ours), which collectively employ all of our personnel and pay their salaries, benefits, and general expenses directly.

The current investment advisory agreement with our Adviser (the “Advisory Agreement”) and the current administration agreement with

our Administrator (the “Administration Agreement”) were each approved unanimously by our Board of Directors, including, specifically, our independent directors.

The current investment advisory agreement with our Adviser (the “Advisory Agreement”) and the current administration agreement with our Administrator (the “Administration Agreement”) were each approved unanimously by our Board of Directors, including, specifically, our independent directors.

A summary of certain compensation terms within the Advisory Agreement and a summary of the Administration Agreement is below.

21 unchanged sentences

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, 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.

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.

2 unchanged sentences

generally accepted accounting principles (“GAAP”) requires management to make judgments that are subjective in nature to make certain estimates and assumptions.

of these accounting policies involves the exercise of judgment regarding the use of assumptions as to future uncertainties, and, as a result, actual results could materially differ from these estimates.

A summary of our significant accounting policies is provided in Note 2 to our consolidated financial statements in our Form 10-K.

There were no material changes to our critical accounting policies during the nine months ended September 30, 2025.

Application of these accounting policies involves the exercise of judgment regarding the use of assumptions as to future uncertainties, and, as a result, actual results could materially differ from these estimates.

A summary of our significant accounting policies is provided in Note 2, “ Summary of Significant Accounting Policies ,” to our consolidated financial statements in our Annual Report on Form 10-K.

There were no material changes to our critical accounting policies during the three months ended March 31, 2026.

RESULTS OF OPERATIONS

For the purposes of the following discussions on certain operating revenues and expenses, same-property basis represents properties we owned for the entirety of the respective comparative periods presented.

With regard to the comparison between both the three and nine months ended September 30, 2025 and 2024:

• We owned 148 farms as of September 30, 2025, that are considered our same-property portfolio.

Same-property occupancy (based on farmable acres and including farms that were direct-operated or on non-accrual status) decreased approximately 3.8% to 95.7% as of September 30, 2025, compared to 99.5% as of September 30, 2024.

◦ Included within our same-property portfolio are farms that were vacant, direct-operated, or on non-accrual status during all or a portion of the periods presented.

▪ For the three months ended September 30, 2025, we had 17 farms that were vacant, direct-operated, or on non-accrual status, as compared to 21 farms in the prior-year period.

▪ For the nine months ended September 30, 2025, we had 18 farms that were vacant, direct-operated, or on non-accrual status, as compared to 22 farms in the prior-year period.

• From January 1, 2024, through September 30, 2025, we did not acquire any new farms and disposed of 21 farms.

A comparison of results of components comprising our operating income for the three and nine months ended September 30, 2025 and 2024 is below (dollars in thousands):

For the Three Months Ended September 30,

With regard to the comparison between the three months ended March 31, 2026 and 2025:

• We owned 144 farms as of March 31, 2026, that are considered our same-property portfolio.

Same-property occupancy (based on farmable acres and including farms that were direct-operated or on non-accrual status) decreased approximately 1.0% to 94.9% as of March 31, 2026, compared to 95.9% as of March 31, 2025.

◦ Included within our same-property portfolio are farms that were wholly or partially vacant, direct-operated, or on non-accrual status during all or a portion of the periods presented.

For all or a portion of the three months ended March 31, 2026, we had 26 farms that were vacant, direct-operated, or on non-accrual status, as compared to 15 farms in the prior-year period.

• From January 1, 2025, through March 31, 2026, we did not acquire any new farms and disposed of 13 farms.

A comparison of results of components comprising our operating income for the three months ended March 31, 2026 and 2025 is below (dollars in thousands):

For the Three Months Ended March 31,

2026 2025 $ Change % Change

5 unchanged sentences

Total lease revenue 14,795 16,803 (2,008) (12.0)%

Other operating revenue 49 — 49 NM

Total operating revenues 17,785 22,571 (4,786) (21.2)%

Operating expenses:

Depreciation and amortization 8,395 8,805 (410) (4.7)%

Property operating expenses 1,383 1,380 3 0.2%

Base management and incentive fees, net of incentive fee waiver 1,992 2,070 (78) (3.8)%

Administration fee 650 683 (33) (4.8)%

General and administrative expenses 556 655 (99) (15.1)%

Impairment charge 316 2,106 (1,790) (85.0)%

Total operating expenses 13,292 15,699 (2,407) (15.3)%

Operating income $ 4,493 $ 6,872 $ (2,379) (34.6)%

For the Nine Months Ended September 30,

2025 2024 $ Change % Change

Operating revenues:

Lease revenues:

Fixed lease payments $ 38,326 $ 58,578 $ (20,252) (34.6)%

Variable lease payments – participation rents 5,971 4,625 1,346 29.1%

Variable lease payments – tenant reimbursements and other 158 464 (306) (65.9)%

Lease termination income, net 2,380 — 2,380 NM

Total lease revenues 46,835 63,667 (16,832) (26.4)%

Other operating revenues 50 453 (403) (89.0)

Crop Sales 1,749 — 1,749 NM

Other operating revenue 8 1 7 700.0%

Total operating revenues 16,552 16,804 (252) (1.5)%

2 unchanged sentences

Property operating expenses 2,117 1,128 989 87.7%

Base management and incentive fees, net of incentive fee waiver 6,040 6,303 (263) (4.2)%

Cost of sales (158) — (158) NM

Base management and capital gains fees 1,945 2,246 (301) (13.4)%

Administration fee 720 642 78 12.1%

General and administrative expenses 723 682 41 6.0%

Impairment charge 316 2,106 (1,790) (85.0)%

Impairment charge 884 — 884 NM

Total operating expenses 16,601 13,127 3,474 26.5%

3 unchanged sentences

Lease revenue

The following table provides a summary of our lease revenues 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 $ Change % Change 2025 2024 $ Change % Change

The following table provides a summary of our lease revenue during the three months ended March 31, 2026 and 2025 (dollars in thousands):

For the Three Months Ended March 31,

2026 2025 $ Change % Change

Same-property basis:

12 unchanged sentences

Same-property Basis – 2026 compared to 2025

Lease revenues from fixed lease payments decreased primarily due to the execution of certain lease agreements pursuant to which we agreed to reduce or eliminate the fixed base rent amounts or, in certain cases, provide the tenant with a cash lease incentive, in exchange for significantly increasing the participation rent components in the leases, the majority of which is expected to be realized in the fourth quarter of 2025.

The year-over-year decreases in lease revenues were further impacted by certain of our farms that were vacant, direct-operated, or on which lease revenues were recognized on a cash basis (rather than a straight-line basis), due to full collectability of future rental payments under the respective leases deemed not to be probable as a result of tenant credit issues during all or a portion of the three and nine months ended September 30, 2025 and 2024.

The increase in lease revenues from participation rents was primarily driven by the earlier recognition of amounts related to the 2024 harvest on certain farms, as additional information became available during the three months ended September 30, 2025, together with improved year-over-year pistachio pricing.

We continue to expect higher participation rent revenues in the fourth quarter of 2025 as a result of modifications to lease structures on certain farms.

During the nine months ended September 30, 2025, we received a lease termination payment from an outgoing tenant who leased three of our farms.

Lease revenues from fixed lease payments decreased primarily due to certain farms that were vacant, direct-operated, or for which lease revenue was recognized on a cash basis (rather than a straight-line basis) due to full collectability of future rental payments not being considered probable as a result of tenant credit issues.

One property (consisting of two farms) that was direct-operated during the current-year period (see “ —Crop Sales and Cost of Sales ” below for further discussion) was leased for the majority of the prior-year period.

In addition, during the three months ended March 31, 2026, we began recognizing lease revenues from two tenants (who collectively lease eight farms) on a cash basis.

The increase in lease revenues from participation rents was primarily attributable to a grower partner bonus associated with the 2025 pistachio crop, which was recognized when the amount became determinable and collectible.

During the three months ended March 31, 2025, we received a lease termination payment from an outgoing tenant who leased three of our farms.

After applying a portion of the amount towards certain outstanding receivables owed by the same tenant, we recognized additional lease revenue of approximately $2.4 million upon receipt.

1 unchanged sentence

Lease revenue from properties acquired or disposed of decreased due to the sale of 13 farms subsequent to December 31, 2024.

The fluctuations in tenant reimbursement revenue are primarily driven by payments made by certain tenants on our behalf (pursuant to the lease agreements) to unconsolidated entities of ours that convey water to the respective properties.

The fluctuations in tenant reimbursement and other revenue are primarily driven by payments made by certain tenants on our behalf (pursuant to the lease agreements) to unconsolidated entities of ours that convey water to the respective properties.

As such, the timing of tenant reimbursement revenue fluctuates as payments are made by our tenants.

Amounts recorded during the prior-year periods included increased reimbursements from certain tenants for costs to deliver water to their farms via a pipeline owned by an unconsolidated entity of ours.

Amounts recorded during the current-year period included increased reimbursements from certain tenants for costs to deliver water to their farms via a pipeline owned by an unconsolidated entity of ours.

Crop Sales and Cost of Sales

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.

See Note 4, “ Crop Inventory and Crop Sales ,” within the accompanying notes to our condensed consolidated financial statements for additional information.

Other Operating Revenue

Other operating revenue consists of non-lease revenue generated as a result of activities performed on certain of our properties.

In connection with the transfer and storing of surplus water on behalf of a third party using a groundwater recharge facility constructed on one of our farms, we recognized non-cash revenue of approximately $48,000 during each of the three and nine months ended September 30, 2025, and approximately $0 and $453,000 during the three and nine months ended September 30, 2024, respectively.

See Note 4, “I nvestments in Water Assets ,” within the accompanying notes to our condensed consolidated financial statements for further discussion.

See Note 5, “ Investments in Water Assets ,” within the accompanying notes to our condensed consolidated financial statements for further discussion.

Operating Expenses

Depreciation and amortization

Depreciation and amortization expense decreased primarily due to the disposition of certain assets, including the sale of 21 farms subsequent to December 31, 2023, and certain other assets reaching the end of their useful lives.

This decrease was partially offset by additional depreciation expense associated with new capital improvements made on certain of our farms.

Depreciation and amortization expense increased primarily due to the acceleration of depreciation associated with certain permanent plantings (as a result of shortened useful lives) during the three months ended March 31, 2026, as well as additional depreciation related to capital improvements made on certain of our farms.

The increase was partially offset by a lower depreciation resulting from the disposition of certain assets, including the sale of 13 farms subsequent to December 31, 2024.

Property operating expenses

Property operating expenses consist primarily of real estate taxes, repair and maintenance expenses, insurance premiums, and other miscellaneous operating expenses paid for certain of our properties.

The following table provides a summary of the property-operating expenses recorded 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 $ Change % Change 2025 2024 $ Change % Change

The following table provides a summary of the property operating expenses recorded during the three months ended March 31, 2026 and 2025 (dollars in thousands):

For the Three Months Ended March 31,

2026 2025 $ Change % Change

Same-property basis $ 1,734 $ 1,054 $ 680 64.5%

6 unchanged sentences

Same-property Basis – 2026 compared to 2025

Property operating expenses increased primarily due to additional costs incurred related to certain farms that were vacant, direct-operated, or on non-accrual status.

These costs included additional property taxes and other operating expenses for which the prior tenants were previously responsible.

Property operating expenses increased primarily due to costs incurred to provide supplemental water in accordance with a lease obligation on one of our farms and higher legal expenses related to protecting water rights on certain farms in California.

increase was also attributable to additional costs associated with certain farms that were vacant, direct-operated, or on non-accrual status, including property taxes and other operating expenses for which prior tenants had previously been responsible.

Other – 2026 compared to 2025

2 unchanged sentences

Such expenses will fluctuate commensurate with the timing and amount of miscellaneous operating costs incurred by the underlying entities.

Amounts recorded during the prior-year periods included additional costs to deliver water to certain of our farms via a pipeline owned by an unconsolidated entity of ours, which costs were reimbursed to us by our tenants.

Amounts recorded during the current-year period included additional costs to deliver water to certain of our farms via a pipeline owned by an unconsolidated entity of ours, which costs were reimbursed to us by our tenants.

Related-Party Fees

The following table provides the calculations of the base management, incentive, and capital gains fees (as applicable) due to our Adviser pursuant to the Advisory Agreement for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands;

The following table provides the calculations of the base management, incentive, and capital gains fees (as applicable) due to our Adviser pursuant to the Advisory Agreement for the three months ended March 31, 2026 and 2025 (dollars in thousands;

for further discussion on certain defined terms used below, refer to Note 8, “ Related-Party Transactions ,” within the accompanying notes to our condensed consolidated financial statements):

Quarter Ended Year to Date

March 31 June 30 September 30

2026 Fee Calculations:

1 unchanged sentence

Gross Tangible Real Estate (1)(2)

$ 1,372,260 $ 1,326,588 $ 1,327,849

Quarterly rate 0.150 %

3 unchanged sentences

Total Adjusted Common Equity (1)(2)

$ 318,209 $ 322,245 $ 303,296

First hurdle quarterly rate 1.750 %

3 unchanged sentences

Pre-Incentive Fee FFO (1)

$ 2,139 $ (3,346) $ 1,744

100% of Pre-Incentive Fee FFO in excess of first hurdle threshold, up to second hurdle threshold $ —

1 unchanged sentence

Total Incentive fee (3)

$ — $ — $ — $ —

Capital Gains Fee:

Aggregate net realized capital gains (1)

$ 5,443 $ 2,769 $ 3,848

Capital gains fee rate 15.0 % 15.0 % 15.0 %

Cumulative capital gains fee $ 816 $ 415 $ 577

Less capital gains fees recorded in prior periods (4)

$ (628) $ (628) $ (628)

Total Capital Gains Fee (3)(5)

$ 188 $ (188) $ — $ —

Total fees due to Adviser $ 1,945 $ 1,945

2 unchanged sentences

Gross Tangible Real Estate (1)(2)

$ 1,437,812 $ 1,384,228 $ 1,380,264

Quarterly rate 0.150 %

3 unchanged sentences

Total Adjusted Common Equity (1)(2)

$ 344,128 $ 346,578 $ 334,913

First hurdle quarterly rate 1.750 %

3 unchanged sentences

Pre-Incentive Fee FFO (1)

$ 5,988 $ 4,974 $ 5,970

100% of Pre-Incentive Fee FFO in excess of first hurdle threshold, up to second hurdle threshold $ —

1 unchanged sentence

Total Incentive fee (3)

$ — $ — $ 109 $ 109

Incentive fee waiver (3)

— — (109) (109)

Incentive fee, net $ — $ — $ — $ —

Capital Gains Fee:

Aggregate net realized capital gains (1)

Capital gains fee rate 15.0 %

Cumulative capital gains fee $ 816

Less capital gains fees recorded in prior periods (4)

Total Capital Gains Fee (3)(5)

Total fees due to Adviser $ 2,246 $ 2,246

4 unchanged sentences

however, the full amount of the fee was credited back to us via a voluntary and irrevocable waiver granted to us by our Adviser.

(5) The capital gains fee is due annually in arrears and is subject to further adjustment throughout the remainder of 2025 if and when we dispose of additional assets.

As of the third quarter of 2025, we incurred additional losses associated with the disposition of certain assets, resulting in zero capital gains fee recognized during the nine months ended September 30, 2025.

(5) The capital gains fee is due annually in arrears and is subject to further adjustment through the end of each fiscal year.

The base management fee decreased primarily due to the disposition of 13 farms since December 31, 2024.

No incentive fee was earned by our Adviser during the three or nine months ended September 30, 2025 , as our Pre-Incentive Fee FFO did not exceed the required hurdle rate in either period.

Our Adviser earned an incentive fee during the three months ended September 30, 2024;

however, our Adviser granted us a non-contractual, unconditional, and irrevocable waiver to be applied against the entire incentive fee earned in the third quarter of 2024.

No incentive fee was earned by our Adviser during either of the three months ended March 31, 2026 or 2025 , as our Pre-Incentive Fee FFO did not exceed the required hurdle rate in either period.

Our Adviser earned a capital gains fee during the three months ended March 31, 2025, driven by gains recognized on the sale of certain farms completed during the quarter.

The capital gains fee, net of any credits that may be granted by our Adviser, is due in arrears at the end of each fiscal year and is subject to further adjustment through the end of each fiscal year as additional assets are disposed of.

The changes in the administration fee were driven by our relative utilization of our Administrator’s resources compared with affiliated companies also serviced by our Administrator.

1 unchanged sentence

General and administrative expenses consist primarily of professional fees, director fees, stockholder-related expenses, overhead insurance, acquisition-related costs for investment opportunities no longer being pursued, and other miscellaneous expenses.

General and administrative expenses decreased for both the three and nine months ended September 30, 2025, primarily due to a decrease in professional fees, driven by a reduction in certain consulting services.

During the three months ended September 30, 2025, we recognized an impairment charge of approximately $316,000 on one property (encompassing two farms) located in St.

General and administrative expenses increased for the three months ended March 31, 2026, primarily due to higher professional fees.

During the three months ended March 31, 2026, we recognized an impairment charge of approximately $884,000 on one property (encompassing two farms) located in St.

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

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.

A comparison of results of other components contributing to net (loss) income attributable to common stockholders for the three and nine months ended September 30, 2025 and 2024 is below (dollars in thousands):

For the Three Months Ended September 30,

2025 2024 $ Change % Change

Operating income $ 4,493 $ 6,872 $ (2,379) (34.6)%

Other income (expense):

Other income 79 370 (291) (78.6)%

Interest expense (4,850) (5,402) 552 (10.2)%

Dividends declared on cumulative term preferred stock (755) (755) — —%

Gain (loss) on dispositions of real estate assets, net 3,062 (832) 3,894 NM

Property and casualty loss, net — (275) 275 NM

Gain from investments in unconsolidated entities 58 28 30 107.1%

Total other expense, net (2,406) (6,866) 4,460 (65.0)%

Net income 2,087 6 2,081 34,683.3%

Aggregate dividends declared on and gain recognized on extinguishment of cumulative redeemable preferred stock, net (6,002) (5,793) (209) 3.6%

Net loss attributable to common stockholders $ (3,915) $ (5,787) $ 1,872 (32.3)%

For the Nine Months Ended September 30,

A comparison of results of other components contributing to net (loss) income attributable to common stockholders for the three months ended March 31, 2026 and 2025 is below (dollars in thousands):

For the Three Months Ended March 31,

2026 2025 $ Change % Change

4 unchanged sentences

Dividends declared on cumulative term preferred stock (243) (755) 512 (67.8)%

Gain on dispositions of real estate assets, net 16,323 6,641 9,682 145.8%

Property and casualty recovery (loss), net 137 (284) 421 NM

(Loss) gain on dispositions of real estate assets, net (459) 15,410 (15,869) (103.0)%

Property and casualty (loss) recovery, net (93) 137 (230) (167.9)%

Loss from investments in unconsolidated entities (191) (136) (55) 40.4%

Total other income (expense), net 1,362 (9,247) 10,609 (114.7)%

Net income 9,317 12,750 (3,433) (26.9)%

Total other (expense) income, net (4,256) 11,431 (15,687) (137.2)%

Net (loss) income (4,305) 15,108 (19,413) (128.5)%

Aggregate dividends declared on and gain recognized on extinguishment of cumulative redeemable preferred stock, net (5,680) (6,002) 322 (5.4)%

2 unchanged sentences

Other Income (Expense)

Other income generally consists of interest patronage received from Farm Credit (as defined in Note 5, “ Borrowings ,” in the accompanying notes to our condensed consolidated financial statements) and interest earned on short-term investments.

income decreased primarily due to less interest earned on short-term investments and a decrease in interest patronage received from Farm Credit (primarily due to decreased borrowings from Farm Credit).

Other income generally consists of interest patronage received from Farm Credit (as defined in Note 6, “ Borrowings—Farm Credit Notes Payable ,” in the accompanying notes to our condensed consolidated financial statements) and interest earned on short-term investments.

Other income decreased primarily due to lower interest patronage received from Farm Credit (driven by reduced borrowings) and a decrease in interest earned on short-term investments.

During the three months ended March 31, 2026, we recorded approximately $1.4 million of interest patronage from Farm Credit related to interest accrued during 2025, as compared to approximately $1.7 million of interest patronage recorded during the prior-year period that related to interest accrued during 2024.

In addition, during the three months ended September 30, 2024, we received approximately $108,000 of interest patronage related to interest accrued during 2024, as certain Farm Credit associations paid a portion of the 2024 interest patronage (which would typically be paid during the first half of 2025) early.

In total, 2025 interest patronage resulted in a 21.0% reduction (approximately 95 basis points) to the interest rate of such borrowings.

Interest expense decreased primarily due to a decrease in overall borrowings.

The weighted-average principal balance of our aggregate borrowings (excluding our cumulative term preferred stock) outstanding for the three and nine months ended September 30, 2025, was approximately $486.0 million and $497.8 million, respectively, as compared to approximately $540.9 million and $550.6 million for the respective prior-year periods.

Excluding interest patronage received on certain of our Farm Credit borrowings and the impact of debt issuance costs, the weighted-average interest rate charged on our aggregate borrowings for the three and nine months ended September 30, 2025, was 3.81% and 3.80%, respectively, as compared to 3.83% and 3.82% for the respective prior-year periods.

During the nine months ended September 30, 2025, we recorded a net capital gain, driven by the sale of seven farms in Florida and two farms in Nebraska, which, after accounting for closing costs, resulted in an aggregate net gain of approximately $21.6 million.

During the nine months ended September 30, 2024, we recorded a net capital gain, driven by the sale of a large farm in Florida, which, after accounting for closing costs, resulted in a net gain of approximately $10.4 million.

These net gains were partially offset by losses recorded during each of the three and nine months ended September 30, 2025 and 2024, related to the removal of some permanent plantings and the disposal of certain irrigation and other improvements on certain of our farms.

The property and casualty recovery recorded during the nine months ended September 30, 2025, was the result of an adjustment to the original property and casualty loss recorded during the nine months ended September 30, 2024, due to damage caused to certain permanent plantings on a farm in Georgia due to Hurricane Helene.

Interest expense decreased primarily due to reduced overall borrowings.

The weighted-average principal balance of our aggregate borrowings (excluding our cumulative term preferred stock) outstanding for the three months ended March 31, 2026, was approximately $480.1 million, as compared to approximately $507.8 million for the prior-year period.

Excluding interest patronage received on certain of our Farm Credit borrowings and the impact of debt issuance costs, the weighted-average interest rate charged on our aggregate borrowings for the three months ended March 31, 2026, was 3.81%, as compared to 3.79% for the prior-year period.

During the three months ended March 31, 2026, we paid aggregate distributions on the Series D Term Preferred Stock of approximately $243,000, as compared to approximately $755,000 for the prior-year period.

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

During the three months ended March 31, 2026, we recorded a net capital loss, driven by the removal of permanent plantings and the disposal of irrigation and other improvements on certain of our farms.

During the three months ended March 31, 2025, we recorded a net capital gain, driven by the sale of three properties (encompassing seven farms), which, after accounting for closing costs, resulted in an aggregate net gain of approximately $15.8 million, partially offset by losses related to the disposal of permanent plantings and other improvements on certain farms.

The property and casualty loss recorded during the three months ended March 31, 2026, was the result of freeze damage to a portion of an orange grove in Florida.

The property and casualty recovery recorded during the three months ended March 31, 2025, was the result of an adjustment to the original property and casualty loss recorded during the year ended December 31, 2024, due to damage caused to certain permanent plantings on a farm in Georgia due to Hurricane Helene.

After further inspection of the property, it was determined that the damage was not as extensive as originally estimated, resulting in an adjustment to our original estimate.

During the three and nine months ended September 30, 2025, we recognized a gain (loss) from investments in unconsolidated entities of ours that convey water to certain of our farms of approximately $58,000 and $(128,000), respectively, as compared to $28,000 and $(143,000) for the respective prior-year periods.

During the three months ended March 31, 2026, we recognized a loss from investments in unconsolidated entities of ours that convey water to certain of our farms of approximately $191,000, as compared to $136,000 for the prior-year period.

The fluctuations in revenue and expense attributable to these unconsolidated entities is primarily driven by miscellaneous property operating costs incurred by these unconsolidated entities and the respective properties’ reimbursements of such costs incurred.

LIQUIDITY AND CAPITAL RESOURCES

Our current short- and long-term sources of funds include cash and cash equivalents, cash flows from operations, borrowings (including the undrawn commitments available under our credit facility with Metropolitan Life Insurance Company (“MetLife”)), and issuances of additional equity securities.

Our current available liquidity is approximately $171.6 million, consisting of approximately $25.2 million in cash on hand and, based on the current level of collateral pledged, approximately $146.3 million of availability under our credit facility with MetLife (subject to compliance with covenants) and other undrawn lines of credit, notes, or bonds.

Our current short- and long-term sources of funds include cash and cash equivalents, cash flows from operations, borrowings (including the undrawn commitments available under various credit facilities), and issuances of additional equity securities.

Our current available liquidity is approximately $149.0 million, consisting of approximately $10.7 million in cash on hand and, based on the current level of collateral pledged, approximately $138.3 million of availability under various credit facilities (subject to compliance with covenants).

In addition, we currently have certain properties recently valued at a total of approximately $112.0 million that are unencumbered and eligible to be pledged as collateral.

8 unchanged sentences

making distributions to common stockholders (including non-controlling OP Unitholders, if any) to maintain our qualification as a REIT;

and, as capital is available, funding capital improvements and, in certain situations, growing and operational costs on

existing farms, repurchasing shares of preferred stock, and funding new farmland and farm-related acquisitions consistent with our investment strategy.

and, as capital is available, funding capital improvements and, in certain situations, growing and operational costs on existing farms, repurchasing shares of preferred stock, and funding new farmland and farm-related acquisitions consistent with our investment strategy.

In the near term, we believe that our current and short-term cash resources will be sufficient to service our debt, fund our operating costs, pay dividends on our currently-designated preferred securities, and fund our distributions to common stockholders.

We expect to meet our long-term liquidity requirements through various sources of capital, including capacity under current lines of credit, long-term mortgage indebtedness and bond issuances, future equity issuances (including, but not limited to, shares of our 5.00% Series E Cumulative Redeemable Preferred Stock, par value $0.001 per share (the “Series E Preferred Stock”), OP Units through our Operating Partnership as consideration for future acquisitions, and shares of common stock through our ATM Program), and other secured and unsecured borrowings.

We expect to meet our long-term liquidity requirements through various sources of capital, including capacity under current lines of credit, long-term mortgage indebtedness and bond issuances, future equity issuances (including, but not limited to, OP Units through our Operating Partnership as consideration for future acquisitions and shares of common stock through our 2026 ATM Program), and other secured and unsecured borrowings.

As opportunities arise, we intend to use a significant portion of any future available liquidity to purchase additional farms and farm-related assets.

4 unchanged sentences

In connection with the execution of certain lease agreements, we have committed to provide capital improvements on certain of our farms.

Below is a summary of certain of those projects for which we have incurred or accrued costs as of September 30, 2025 (dollars in thousands):

Below is a summary of certain of those projects for which we have incurred or accrued costs as of March 31, 2026 (dollars in thousands):

Location(s) Farm

3 unchanged sentences

or Accrued as of

September 30, 2025

Monterey, CA 329 $ 1,100 (2) Q4 2025 $ 30

Ventura, CA 402 1,000 (2) Q4 2025 468

March 31, 2026

Hartley, TX 2,219 $ 1,300 (2) Q4 2030 $ 1,190

5 unchanged sentences

In connection with certain farms acquired through a leasehold interest, we assumed certain ground lease arrangements under which we are the lessee.

Future minimum lease payments due under the remaining non-cancelable terms of these leases as of September 30, 2025, are as follows (dollars in thousands):

Future minimum lease payments due under the remaining non-cancelable terms of these leases as of March 31, 2026, are as follows (dollars in thousands):

Period Future Lease Payments (1)

For the remaining three months ending December 31:

For the remaining nine months ending December 31:

For the fiscal years ending December 31:

5 unchanged sentences

The amounts shown above represent estimated amounts based on the lease rates currently in place.

As a result of these ground leases, we recorded lease expense of approximately $26,000 and $79,000 during the three and nine months ended September 30, 2025 , respectively, and approximately $27,000 and $79,000 during the three and nine months ended September 30, 2024 , respectively.

As a result of these ground leases, we recorded lease expense (included within Property operating expenses on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income) of approximately $26,000 for each of the three months ended March 31, 2026 and 2025.

Cash Flow Resources

The following table summarizes total net cash flows from operating, investing, and financing activities for the nine months ended September 30, 2025 and 2024 (dollars in thousands):

For the Nine Months Ended September 30,

The following table summarizes total net cash flows from operating, investing, and financing activities for the three months ended March 31, 2026 and 2025 (dollars in thousands):

For the Three Months Ended March 31,

2026 2025 $ Change % Change

5 unchanged sentences

Operating Activities

The majority of cash from operating activities is generated from the rental payments we receive from our tenants, which is first used to fund our property-level operating expenses, with any excess cash being primarily used for principal and interest payments on our borrowings, management fees to our Adviser, administrative fees to our Administrator, and other corporate-level expenses.

Cash from operating activities decreased primarily due to lower cash receipts resulting from the sale of nine farms completed to date in 2025 and from certain vacant or non-accrual properties, as well as the execution of certain lease agreements (pursuant to which we reduced or eliminated fixed base rent amounts or, in certain instances, provided cash allowances to tenants, in exchange for increasing the participation rent components in the leases, the results of which will not be known until the fourth quarter of 2025 or later).

The decrease was also attributable to additional cash payments for water acquisitions and increased costs incurred in connection with our direct farming operations on certain farms, which costs are currently capitalized as crop inventory.

These decreases were partially offset by higher cash receipts from participation rents, the receipt of a termination fee from an outgoing tenant on three of our farms, and lower interest payments made.

The majority of cash from operating activities is generated from the rental payments we receive from tenants, which is first used to fund our property-level operating expenses (including growing costs on direct-operated farms), with any excess cash being primarily used for principal and interest payments on our borrowings, management fees to our Adviser, administrative fees to our Administrator, and other corporate-level expenses.

Cash from operating activities increased primarily due to higher cash receipts from participation rents and crop sales, as well as a decrease in certain cash allowances paid to tenants in the current year (which were paid in exchange for increasing the participation rent components in the leases) and lower interest payments made.

These increases were partially offset by the receipt of a termination fee from an outgoing tenant on three of our farms recognized in the prior year.

Investing Activities

The change in cash from investing activities was primarily due to proceeds received from the sale of certain farms during the current year.

During the nine months ended September 30, 2025, we sold seven farms in Florida and two farms in Nebraska for aggregate net proceeds (after closing costs) of $82.5 million.

This was partially offset by an increase of $6.6 million in cash paid for capital improvements on existing farms during the current-year period.

The change in cash from investing activities was primarily due to proceeds received from the sale certain farms in Florida and Nebraska in the prior year, whereas we did not sell any farms during the three months ended March 31, 2026.

Financing Activities

The change in cash from financing activities was primarily due to an increase in aggregate net debt repayments of approximately $3.7 million, partially offset by a decrease in cash paid for redemptions of certain preferred securities of approximately $6.6 million.

The change in cash from financing activities was primarily due to the full redemption of our Series D Term Preferred Stock in January 2026 for approximately $60.4 million, partially offset by an increase in aggregate net borrowings of approximately $39.4 million and an increase in net proceeds received from common stock issuances of approximately $36.7 million.

MetLife Facility

As amended, our credit facility with MetLife currently consists of $75.0 million of revolving equity lines of credit and an aggregate of $175.0 million of term notes (the “MetLife Facility”).

We currently have $200,000 outstanding under the lines of credit and $35.6 million outstanding on the term notes.

We currently have $0.2 million outstanding under the lines of credit and approximately $35.0 million outstanding on the term notes.

While $214.8 million of the full commitment amount under the MetLife Facility remains undrawn, based on the level of collateral pledged, we currently have approximately $89.3 million of availability under the MetLife Facility.

3 unchanged sentences

To date, we have issued aggregate bonds of approximately $100.1 million under the Farmer Mac Facility.

Farm Credit and Other Lenders

Since September 2014, we have closed on multiple loans with various different Farm Credit associations (for additional information on these associations, see Note 5, “ Borrowings ,” within the accompanying notes to our condensed consolidated financial statements).

We also have borrowing relationships with several other agricultural lenders and are continuously reaching out to other lenders to establish prospective new relationships.

As such, we expect to enter into additional borrowing agreements with existing and new lenders in connection with certain potential new acquisitions in the future.

Farm Credit Facility

Our revolving line of credit with Farm Credit CFL provides for borrowings of up to $37.0 million and matures on April 1, 2030.

We currently have no amounts outstanding under the Farm Credit Facility, and, based on the current level of collateral pledged, the full $37.0 million remains available to us.

Other Lenders

We have established borrowing relationships with several other agricultural lenders and continue to seek additional relationships with new lenders.

Accordingly, we expect to enter into additional borrowing arrangements with both existing and new lenders, including in connection with currently unencumbered farms and potential future acquisitions.

Equity Capital

Our 2023 Registration Statement (as defined in Note 9, “ Equity—Registration Statement ,” within the accompanying notes to our condensed consolidated financial statements) 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 of such securities.

To date, we have issued approximately $4.4 million of Series E Preferred Stock and $16.9 million of common stock under the 2023 Registration Statement.

Our 2026 Registration Statement, which expires on April 22, 2029, 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 of such securities.

To date, we have issued approximately $3.0 million of common stock under the 2026 Registration Statement.

In addition, we have the ability to, and expect to in the future, issue OP Units to third parties as consideration in future property acquisitions.

Off-Balance Sheet Arrangements

As of September 30, 2025, we did not have any material off-balance sheet arrangements.

As of March 31, 2026, we did not have any material off-balance sheet arrangements.

NON-GAAP FINANCIAL INFORMATION

2 unchanged sentences

FFO, as defined by NAREIT, is net income (computed in accordance with GAAP), excluding gains or losses from sales of property and impairment losses on property, plus depreciation and amortization of real estate assets, and after adjustments for unconsolidated partnerships and joint ventures.

We further present core FFO (“CFFO”) and adjusted FFO (“AFFO”) as additional non-GAAP financial measures of our operational performance, as we believe both CFFO and AFFO improve comparability on a period-over-period basis and are more useful supplemental metrics for investors to use in assessing our operational performance on a more sustainable basis than FFO.

We believe that these additional performance metrics, along with the most directly-comparable GAAP measure, provide investors with helpful insight regarding how management measures our ongoing performance, as each of CFFO and AFFO (and their respective per-share amounts) are used by management and our Board of Directors, as appropriate, in assessing overall performance, as well as in certain decision-making analysis, including, but not limited to, the timing of acquisitions and potential equity raises (and the type of securities to offer in any such equity raises), the determination of any fee credits, and declarations of distributions on our common stock.

We further present core FFO (“CFFO”) and adjusted FFO (“AFFO”), each as described below, as additional non-GAAP financial measures of our operational performance, as we believe both CFFO and AFFO improve comparability on a period-over-period basis and are more useful supplemental metrics for investors to use in assessing our operational performance on a more sustainable basis than FFO.

of any fee credits, and declarations of distributions on our common stock.

The non-GAAP financial measures presented herein have limitations as analytical tools and should not be considered in isolation or as a substitute for an analysis of our results calculated in accordance with GAAP.

27 unchanged sentences

Diluted funds from operations (“Diluted FFO”), diluted core funds from operations (“Diluted CFFO”), and diluted adjusted funds from operations (“Diluted AFFO”) per share are FFO, CFFO, and AFFO, respectively, divided by the weighted-average number of total shares (including shares of our common stock and, if and when outstanding, OP Units held by non-controlling limited partners) outstanding on a fully-diluted basis during a period.

We believe that diluted earnings per share is the most directly-comparable GAAP measure to each of Diluted FFO, CFFO, and AFFO per share.

We believe that diluted earnings per share is the most

directly-comparable GAAP measure to each of Diluted FFO, CFFO, and AFFO per share.

Because many REITs provide Diluted FFO, CFFO, and AFFO per share information to the investment community, we believe these are useful supplemental measures when comparing us to other REITs.

We believe that FFO, CFFO, and AFFO and Diluted FFO, CFFO, and AFFO per share are useful to investors because they provide investors with a further context for evaluating our FFO, CFFO, and AFFO results in the same manner that investors use net income and EPS in evaluating net income.

The following table provides a reconciliation of our FFO, CFFO, and AFFO for the three and nine months ended September 30, 2025 and 2024 to the most directly-comparable GAAP measure, net income, and a computation of diluted FFO, CFFO, and AFFO per share, using the weighted-average number of total shares (including shares of our common stock and, if and when outstanding, OP Units held by non-controlling OP Unitholders) outstanding during the respective periods (dollars in thousands, except per-share amounts):

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

2025 2024 2025 2024

Net income $ 2,087 $ 6 $ 9,317 $ 12,750

The following table provides a reconciliation of our FFO, CFFO, and AFFO for the three months ended March 31, 2026 and 2025 to the most directly-comparable GAAP measure, net income, and a computation of diluted FFO, CFFO, and AFFO per share, using the weighted-average number of total shares (including shares of our common stock and, if and when outstanding, OP Units held by non-controlling OP Unitholders) outstanding during the respective periods (dollars in thousands, except per-share amounts):

For the Three Months Ended March 31,

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

Aggregate dividends declared on and gains on or charges related to extinguishment of cumulative redeemable preferred stock, net (1)

(5,680) (6,002)

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

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

Real estate and intangible depreciation and amortization 10,370 8,429

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

Losses (gains) on dispositions of real estate assets, net 459 (15,410)

Impairment charges 884 —

1 unchanged sentence

FFO available to common stockholders $ 1,787 $ 2,139

Acquisition- and disposition-related expenses (credits), net 2 10 (6) (3)

Other nonrecurring charges (receipts), net (3)

— 288 (15) 349

Acquisition- and disposition-related expenses, net 30 21

Other nonrecurring charges, net (3)

CFFO available to common stockholders $ 1,943 $ 2,333

2 unchanged sentences

Other non-cash (receipts) charges, net (4)

(114) (734) 64 (1,903)

AFFO available to common stockholders $ 3,104 $ 2,035

6 unchanged sentences

(2) Represents our pro-rata share of depreciation expense recorded in unconsolidated entities during the respective periods.

(4) Consists of (i) the net (gain) loss recognized as a result of shares of cumulative redeemable preferred stock that were redeemed, which were non-cash (gains) charges, (ii) our remaining pro-rata share of (income) loss recorded from investments in unconsolidated entities, and (iii) plus (less) net non-cash expense (income) recorded as a result of additional water assets used (received) in certain transactions.

(3) Consists primarily of (i) net property and casualty losses (recoveries) recorded and the cost of related repairs expensed as a result of damage to improvements on certain of our farms caused by certain non-recurring events, (ii) one-time legal costs incurred related to certain corporate organizational matters, (iii) costs incurred during the three months ended March 31, 2026, related to the redemption of our Series D Term Preferred Stock, and (iv) for 2025 only, the capital gains fee recorded during the three months ended March 31, 2025.

(4) Consists of (i) the net (gain) loss recognized as a result of shares of cumulative redeemable preferred stock that were redeemed, which were non-cash (gains) charges, (ii) our remaining pro-rata share of (income) loss recorded from investments in unconsolidated entities, and (iii) (less) plus net non-cash (income) expense recorded as a result of additional water assets (received) used in certain transactions.

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 2. Management’s Discussion and Analysis