What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2025-11-05 compared with 2025-08-07 · 170 added, 147 removed, 438 unchanged (42% of the section changed)

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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 and/or our Annual Report on Form 10-K for the year ended December 31, 2024 (the “Form 10-K”).

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.

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.

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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 occasionally 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 that include 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”).

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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 six months ended June 30, 2025 and 2024 (dollars in thousands):

As of and For the Six Months Ended June 30, 2025 As of and For the Six Months Ended June 30, 2024

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

Revenue % of Total

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

Arizona 6 6,320 6.1% 1,169 4.0% 6 6,320 5.6% 1,138 2.8%

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%

Michigan 12 1,245 1.2% 551 1.9% 9 7,782 7.0% 314 0.8%

Nebraska 7 5,223 5.2% 999 2.1% 9 7,782 7.0% 603 0.9%

Michigan 12 1,245 1.2% 829 1.8% 23 1,892 1.7% 746 1.2%

Texas 1 3,667 3.7% 405 0.9% 1 3,667 3.3% 344 0.5%

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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, 92 of our farms are leased on a pure, triple-net basis, 46 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, and 5 farms are vacant.

Currently, 93 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 6 farms are vacant.

Additionally, 24 of our farms are leased under agreements that include participation rents, though such leases often include a guarantee of a minimum amount of rental income.

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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 June 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 September 30, 2025 (dollars in thousands):

Year Number of

Leases (1)(5)

Expiring / Expired Leased Acreage % of Total

Acreage Lease Revenue for the

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

13 14,903 14.8% $ (1,391) (3)

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(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.

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

(4) Includes lease revenues of approximately $3.9 million from nine farms on which the respective leases expired and which are currently either direct-operated or vacant, approximately $526,000 from two farms that were held for sale at June 30, 2025, and are expected to be sold during the three months ending September 30, 2025, and approximately $7,000 from seven farms sold during the three months ended March 31, 2025 .

(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.

We are currently exploring a variety of options with certain of our 2025 lease expirations, including negotiating lease terms with existing and prospective new tenants and discussing sale options with prospective buyers.

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Impact of Inflation, Interest Rates, and Tariffs and Trade

According to t he U.S.

Bureau of Labor Statistics, the consumer price index (“CPI”) rose at an a nnual rate of 2.7% through June 30, 2025, continuing the downward trend from the inflation peak in mid-2022.

Food price increases have also slowed but remain elevated, with the overall food category rising at an annual rate of 3.0% over the same period.

Notably, over the past three years, food prices have risen by 11.3%, outpacing the overall CPI increase of 8.9%.

While high input costs remain a concern for farm operators, we believe these costs will be somewhat offset if food prices continue to match or exceed the inflation rate .

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%.

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.

Interest Rates

The Federal Reserve initiated a brief rate-cutting cycle in September 2024—its first in over four years—lowering the benchmark federal funds rate by a total of 100 basis points before pausing in December 2024.

Since then, stronger-than-anticipated economic data, particularly in the labor market and consumer spending, combined with ongoing uncertainty regarding the scope and impact of newly-imposed tariffs, have reignited inflationary concerns.

As a result, the Federal Reserve has held rates steady, and U.S.

Treasury yields have remained elevated, with the 10-year Treasury consistently trading above 4.4% in recent months.

Although earlier expectations called for multiple rate cuts in 2025, the timing and pace of any future monetary easing remain highly uncertain.

Continued volatility in the interest rate environment has sustained upward pressure on long-term financing costs, which may constrain our ability to pursue new farmland acquisitions on favorable terms.

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.

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 been largely insulated from the rise in interest rates in recent years, and we believe we are well-protected against the potential for prolonged elevated interest rates and future rate increases.

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

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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 affected sentiment in export-oriented crop markets, pricing for almonds and pistachios continues to be primarily driven by fundamental supply and demand dynamics.

The USDA’s most recent Almond Objective Forecast projects a larger-than-expected harvest for 2025, which initially exerted downward pressure on prices.

However, market pricing has since partially rebounded, and almond prices remain above levels observed at this time last year.

As we move into harvest, further clarity is expected regarding the forecast’s accuracy and its impact on overall pricing.

Pistachios continue to experience strong international demand, although limited inventory has constrained current market activity.

Demand for pistachio-based ingredients is also rising, driven by broader consumer trends and international market growth.

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 is projected to be the largest on record, fueled by an increase in bearing acreage.

While this expansion is expected to continue in the near term as existing plantings mature, the pace of new orchard development has slowed in recent years, a trend we expect will persist.

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.

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California Water Outlook

The 2024-2025 water year has followed a typical “La Niña” weather pattern, bringing above-average precipitation to Northern California and drier conditions in the southern part of the state.

Northern California experienced multiple atmospheric river events during the winter, resulting in substantial rainfall and snowpack accumulation.

In contrast, portions of Southern California continue to experience varying degrees of drought.

This marks the third consecutive year of average or above-average precipitation statewide.

Notably, late-season storms extended peak snowpack accumulation beyond the historical April 1 benchmark, providing strong snowmelt runoff through the spring and into early summer.

Reservoir levels across the state remain above historical norms, contributing to favorable surface water allocations from both State and Federal water systems.

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.

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 well-positioned for the upcoming growing season.

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

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.

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.

We believe our farms are 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 April 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 July 1, 2025, through the date of this filing (dollars in thousands, except for footnotes):

PRIOR LEASES NEW LEASES (1)

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/ NN / N) (3)

CA & CO 4 17,508 $ 1,837 2 2 / 2 / 0 $ 2,006 9.4 2 2 / 2 / 0

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.

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Vacant, Direct-operated, and Non-accrual Properties

During all or a portion of the six months ended June 30, 2025, we had 17 farms that were either vacant, direct-operated through third-party management agreements, or on which lease revenues were recognized on a cash basis (due to credit issues with certain tenants leading us to determine that full collectability of the remaining rental payments under the respective leases was not probable).

During the six months ended June 30, 2025, we recorded lease revenue from these farms of approximately $3.5 million (including a lease termination fee of approximately $2.4 million and accelerated rental revenue of approximately $629,000 due to an early lease termination), as compared to approximately $3.9 million during the prior-year period.

During and since the six months ended June 30, 2025, we entered into new agreements on certain of these farms.

As such, currently, five farms remain vacant, four farms are direct-operated, and seven farms (leased to four different tenants) are on non-accrual status.

For the vacant and direct-operated farms, we are exploring both leasing and sale options and are in discussions with both potential tenants and buyers;

however, there can be no guarantee that we will be able to secure agreements at favorable terms, or at all.

Regarding the farms currently on non-accrual status, we continue to work with each of the tenants to resolve the outstanding rent amounts and will seek to reach agreements on the remaining payments where possible.

Such agreement, if one can be reached, may include placing the tenant on a payment plan, deferring a portion of the rent owed to us, or agreeing to terminate the lease.

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

however, there can be no assurance that we will be able to secure agreements on favorable terms, or at all.

With respect to the farms on non-accrual status, we continue to work with the respective tenants to resolve the outstanding rent amounts and, where possible, will seek to reach agreements on the remaining payments.

Such agreements may include establishing payment plans, deferring portions of rent due, or agreeing to terminate the leases.

Financing Activity

Debt Activity

From April 1, 2025, through the date of this filing, we entered into the following loan agreement (dollars in thousands):

Lender Date of

Issuance Amount Maturity

Date Principal

Amortization Stated

Rate Interest Rate Terms

MetLife 4/11/2025 $10,600 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%.

In connection with securing the above borrowings, Gladstone Securities LLC (“Gladstone Securities”), an affiliate of ours, earned total financing fees of approximately $15,000.

In addition, from April 1, 2025, through the date of this filing, we repaid approximately $20.7 million of maturing loans that, on a weighted-average basis, bore interest at a stated rate of 4.15%.

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%.

Equity Activity

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):

Number of Shares Sold Weighted-average

Offering Price

Per Share Gross Proceeds Net Proceeds (1)

1,082,175 $ 9.26 $ 10,023 $ 9,923

(1) Net of underwriting commissions.

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.

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

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.

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 six months ended June 30, 2025.

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

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 six months ended June 30, 2025 and 2024:

• We owned 150 farms as of June 30, 2025, that are considered our same-property portfolio.

Same-property occupancy (including farms that were direct-operated or on non-accrual status) decreased approximately 3.4% to 95.9% as of June 30, 2025, compared to 99.3% as of June 30, 2024.

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 June 30, 2025, we had 16 farms that were vacant, direct-operated, or on non-accrual status, as compared to 8 farms in the prior-year period.

▪ For the six months ended June 30, 2025, we had 17 farms that were vacant, direct-operated, or on non-accrual status, as compared to 9 farms in the prior-year period.

• From January 1, 2024, through June 30, 2025, we did not acquire any new farms and disposed of 19 farms.

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

For the Three Months Ended June 30,

▪ 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,

2025 2024 $ Change % Change

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Total lease revenue 17,736 22,571 (4,835) (21.4)%

Other operating revenue — 27 (27) (100.0)%

Other operating revenue 49 — 49 NM

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

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

Base management fee, net of capital gains fee credit 1,802 2,076 (274) (13.2)%

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 (loss) income $ (214) $ 7,864 $ (8,078) (102.7)%

For the Six Months Ended June 30,

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

For the Nine Months Ended September 30,

2025 2024 $ Change % Change

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Property operating expenses 3,753 3,476 277 8.0%

Base management fee, net of capital gains fee credit 4,048 4,233 (185) (4.4)%

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

Administration fee 1,863 1,839 24 1.3%

General and administrative expenses 1,760 1,992 (232) (11.6)%

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

Total operating expenses 38,930 42,123 (3,193) (7.6)%

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Lease revenue

The following table provides a summary of our lease revenues during the three and six months ended June 30, 2025 and 2024 (dollars in thousands):

For the Three Months Ended June 30, For the Six Months Ended June 30,

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

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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 through third party management agreements, 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 six months ended June 30, 2025 and 2024.

The decrease in lease revenues from participation rents was primarily attributable to the earlier recognition of amounts related to the 2023 harvest on certain farms, as additional information became available during the three months ended June 30, 2024.

This timing shift resulted in the accelerated recognition of certain revenue amounts into the first half of 2024.

This decrease was partially offset by increased cash collections from wine grape sales during the six months ended June 30, 2025.

We continue to anticipate increased participation rents in the second half of 2025 as a result of modifications to lease structures on certain farms.

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

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.

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.

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

Amounts recorded during the current-year periods include 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 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.

Other Operating Revenue

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

During the three and six months ended June 30, 2024, we recognized approximately $27,000 and $453,000, respectively, of non-cash revenue associated with the transfer and storing of surplus water on behalf of a government municipality using a groundwater recharge facility constructed on one of our farms.

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.

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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 six months ended June 30, 2025 and 2024 (dollars in thousands):

For the Three Months Ended June 30, For the Six Months Ended June 30,

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

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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), legal fees incurred in connection with rent collection and lease termination efforts, and legal and other costs related to setting up direct farming operations on certain of our farms.

During both the three and six months ended June 30, 2025, we also incurred additional legal fees and other costs in connection with protecting water rights on certain farms in California.

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

Other – 2025 compared to 2024

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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 period include 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 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.

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 six months ended June 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 and nine months ended September 30, 2025 and 2024 (dollars in thousands;

for further discussion on certain defined terms used below, refer to Note 7, “ Related-Party Transactions ,” within the accompanying notes to our condensed consolidated financial statements):

Quarter Ended Year to Date

March 31 June 30

March 31 June 30 September 30

2025 Fee Calculations:

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Total Incentive fee (3)

$ — $ — $ — $ —

Capital Gains Fee:

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Total Incentive fee (3)

$ — $ — $ 109 $ 109

Incentive fee waiver (3)

— — (109) (109)

Incentive fee, net $ — $ — $ — $ —

Total fees due to Adviser $ 2,157 $ 2,076 $ 2,070 $ 6,303

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(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.

During the second quarter of 2025, we incurred additional losses associated with the disposition of certain assets, resulting in a reversal of the capital gains fee recognized during the first quarter.

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.

The base management fee decreased primarily due to the disposition of 21 farms since December 31, 2023.

No incentive fee was earned by our Adviser during the three or six months ended June 30, 2025 or 2024, as our Pre-Incentive Fee FFO did not exceed the required hurdle rate in any period.

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

During the three months ended June 30, 2025, we incurred additional capital losses associated with the disposition of certain assets, resulting in a reversal of the capital gains fee recorded during the first 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 throughout the remainder of 2025 if and when we dispose of additional assets.

The administration fee paid to our Administrator increased primarily due to us using a higher overall share of our Administrator’s resources in relation to those used by affiliated companies serviced by our Administrator.

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.

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.

Other Operating Expenses

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

General and administrative expenses decreased during each of the three and six months ended June 30, 2025, primarily due to a decrease in professional fees (driven by lower consulting fees) and, for the three months ended June 30, 2025, a decrease in stockholder-related expenses related to the annual stockholders’ meeting.

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

For the Three Months Ended June 30,

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.

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 (loss) income $ (214) $ 7,864 $ (8,078) (102.7)%

Other (expense) income:

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

Other income (expense):

Other income 79 370 (291) (78.6)%

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

Loss on dispositions of real estate assets, net (2,149) (2,800) 651 (23.3)%

Property and casualty loss, net — (9) 9 (100.0)%

Loss from investments in unconsolidated entities (51) (85) 34 (40.0)%

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 loss (7,878) (823) (7,055) 857.2%

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 Six Months Ended June 30,

For the Nine Months Ended September 30,

2025 2024 $ Change % Change

Operating income $ 7,955 $ 21,997 $ (14,042) (63.8)%

Other (expense) income:

Other income (expense):

Other income 2,298 3,295 (997) (30.3)%

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

Property and casualty recovery (loss), net 137 (9) 146 (1,622.2)%

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

Loss from investments in unconsolidated entities (128) (143) 15 (10.5)%

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Net (loss) income attributable to common stockholders $ (8,689) $ (4,992) $ (3,697) 74.1%

Other (Expense) Income

NM = Not Meaningful

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.

Other 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).

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).

During the three months ended March 31, 2025, we recorded approximately $1.7 million of interest patronage from Farm Credit related to interest accrued during 2024, as compared to approximately $1.9 million of interest patronage recorded during the prior-year period that related to interest accrued during 2023.

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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 six months ended June 30, 2025, was approximately $499.8 million and $503.8 million, respectively, as compared to approximately $553.5 million and $555.5 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 six months ended June 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 six months ended June 30, 2025, we recorded a net capital gain, driven by the sale of five farms in Florida and two farms in Nebraska, which, after accounting for closing costs, resulted in an aggregate net gain of approximately $15.7 million.

During the six months ended June 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 six months ended June 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 six months ended June 30, 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.

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.

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 six months ended June 30, 2025, we recognized a loss from investments in unconsolidated entities of ours that convey water to certain of our farms of approximately $51,000 and $186,000, respectively, as compared to $85,000 and $171,000 for the respective prior-year periods.

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.

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.

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making dividend payments on our currently-designated preferred securities;

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

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.

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.

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.

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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 June 30, 2025 (dollars in thousands):

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):

Location(s) Farm

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or Accrued as of

June 30, 2025

September 30, 2025

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

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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 June 30, 2025, are as follows (dollars in thousands):

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):

Period Future Lease Payments (1)

For the remaining six months ending December 31:

For the remaining three months ending December 31:

For the fiscal years ending December 31:

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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 $53,000 during the three and six months ended June 30, 2025 , respectively, and approximately $26,000 and $52,000 during the three and six months ended June 30, 2024 , respectively.

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.

Cash Flow Resources

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

For the Six Months Ended June 30,

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,

2025 2024 $ Change % Change

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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 provided by operating activities decreased primarily due to the disposition of a large farm in Florida in January 2025 and a reduction in cash received from fixed lease payments, primarily attributable to the execution of certain lease agreements, pursuant to which we agreed to reduce or eliminate the fixed base rent amounts or, in certain instances, provided certain 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.

This decrease was partially offset by an increase in cash payments received for participation rents, as well as decreases in cash payments made for the acquisition of water assets, related-party fees, and interest payments made.

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.

Investing Activities

The change in cash from investing activities was primarily due to additional capital expenditures spent on certain of our farms during the current year, as well as slightly less proceeds received from property sales during the current year.

During the six months ended June 30, 2025, we sold five farms in Florida and two farms in Nebraska for aggregate net proceeds (after closing costs) of approximately $62.0 million.

During the six months ended June 30, 2024, we sold one farm in Florida for aggregate net proceeds (after closing costs) of approximately $64.0 million.

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.

Financing Activities

The change in cash from financing activities was primarily due to an increase in aggregate debt repayments of approximately $6.4 million, partially offset by a decrease in cash paid for redemptions of certain preferred securities of approximately $2.9 million.

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.

MetLife Facility

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Off-Balance Sheet Arrangements

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

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

NON-GAAP FINANCIAL INFORMATION

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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 six months ended June 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 June 30, For the Six Months Ended June 30,

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 (loss) income $ (7,878) $ (823) $ 7,230 $ 12,744

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

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

(6,002) (5,793) (18,006) (17,742)

Net (loss) income attributable to common stockholders $ (13,880) $ (6,654) $ (4,774) $ 795

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

Real estate and intangible depreciation and amortization 8,395 8,805 25,198 26,407

Losses (gains) on dispositions of real estate assets, net 2,149 2,800 (13,261) (7,473)

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

Impairment charges 316 2,106 316 2,106

Adjustments for unconsolidated entities (2)

FFO available to common stockholders $ 1,744 $ 5,970 $ 538 $ 16,932

Acquisition- and disposition-related credits, net (28) (11) (7) (13)

Other nonrecurring (receipts) charges, net (3)

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

Other nonrecurring charges (receipts), net (3)

— 288 (15) 349

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Amortization of debt issuance costs 220 221 801 687

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

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

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

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

(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, and (iii) the capital gains fee and subsequent adjustment recorded during the six months ended June 30, 2025, which is not due until after the end of the fiscal year and is subject to further adjustment throughout the remainder of the year.

(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.

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