What changed in this filing

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Item 1. Financial Statements

2026-08-11 compared with 2026-05-11 · 247 added, 179 removed, 603 unchanged (41% of the section changed)

3 unchanged sentences

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

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Real estate, at cost $ 1,287,071 $ 1,297,013

2 unchanged sentences

Lease intangibles, net 2,934 3,129

Real estate and related assets held for sale, net 3,143 —

Cash and cash equivalents 22,551 27,177

7 unchanged sentences

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

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

0 shares authorized, issued, or outstanding as of June 30, 2026;

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

5 unchanged sentences

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

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

6,158,577 shares authorized, 5,658,577 shares issued and outstanding as of June 30, 2026;

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

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

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

9,788,546 shares authorized, 9,593,965 shares issued and outstanding as of June 30, 2026;

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

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

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

15,956,290 shares authorized, 210,726 shares issued and outstanding as of June 30, 2026;

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

Common stock, $ 0.001 par value;

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

68,096,587 shares authorized, 43,136,573 shares issued and outstanding as of June 30, 2026;

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

8 unchanged sentences

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

For the Three Months Ended March 31,

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

2026 2025 2026 2025

OPERATING REVENUES:

8 unchanged sentences

Base management fee 1,944 1,990 3,890 4,048

Capital gains fee — 188

Capital gains fee credit — ( 188 ) — —

Administration fee 724 572 1,443 1,213

6 unchanged sentences

Dividends declared on cumulative term preferred stock — ( 755 ) ( 243 ) ( 1,509 )

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

Gain (loss) on dispositions of real estate assets, net 438 ( 2,149 ) ( 21 ) 13,261

Property and casualty (loss) recovery, net ( 22 ) — ( 115 ) 137

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

Gain (loss) from investments in unconsolidated entities 73 ( 51 ) ( 117 ) ( 186 )

Total other (expense) income, net ( 4,150 ) ( 7,664 ) ( 8,405 ) 3,768

2 unchanged sentences

Gain on extinguishment of cumulative redeemable preferred stock, net 799 — 1,107 —

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

NET (LOSS) INCOME PER COMMON SHARE:

NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ ( 13,523 ) $ ( 13,880 ) $ ( 23,507 ) $ ( 4,774 )

NET LOSS PER COMMON SHARE:

Basic and diluted $ ( 0.32 ) $ ( 0.38 ) $ ( 0.56 ) $ ( 0.13 )

8 unchanged sentences

(In thousands, except share data)

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

Preferred Stock Series C

4 unchanged sentences

Comprehensive

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

Redemptions of Series B Preferred Stock, net ( 143,190 ) — — — — — — — ( 3,185 ) 203 — ( 2,982 )

Redemptions of Series C Preferred Stock, net — — ( 276,123 ) — — — — — ( 6,263 ) 603 — ( 5,660 )

Redemptions of Series E Preferred Stock, net — — — — ( 27,400 ) — — — ( 609 ) ( 7 ) — ( 616 )

Issuances of common stock, net — — — — — — 1,377,392 1 14,045 — — 14,046

Net loss — — — — — — — — — ( 8,460 ) — ( 8,460 )

Dividends—cumulative redeemable preferred stock — — — — — — — — — ( 5,862 ) — ( 5,862 )

Distributions—OP Units and common stock — — — — — — — — — ( 6,029 ) — ( 6,029 )

Comprehensive income attributable to the Company — — — — — — — — — — 349 349

Balance at June 30, 2026 5,658,577 $ 6 9,593,965 $ 10 210,726 $ — 43,136,573 $ 43 $ 908,539 $ ( 240,810 ) $ 5,323 $ 673,111

Six Months Ended June 30, 2026

Preferred Stock Series C

Preferred Stock Series E

Preferred Stock Common Stock Additional

Capital Distributions

Earnings Accumulated

Comprehensive

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

8 unchanged sentences

Comprehensive income attributable to the Company — — — — — — — — — — 427 427

Balance at June 30, 2026 5,658,577 $ 6 9,593,965 $ 10 210,726 $ — 43,136,573 $ 43 $ 908,539 $ ( 240,810 ) $ 5,323 $ 673,111

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

GLADSTONE LAND CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In thousands, except share data)

Three Months Ended June 30, 2025

Preferred Stock Series C

Preferred Stock Series E

Preferred Stock Common Stock Additional

Capital Distributions

Earnings Accumulated

Comprehensive

Balance at March 31, 2025 5,840,889 $ 6 9,954,863 $ 10 251,636 $ — 36,184,658 $ 36 $ 854,037 $ ( 170,525 ) $ 6,314 $ 689,878

Three Months Ended March 31, 2025

Net loss — — — — — — — — — ( 7,878 ) — ( 7,878 )

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

Distributions—OP Units and common stock — — — — — — — — — ( 5,069 ) — ( 5,069 )

Comprehensive loss attributable to the Company — — — — — — — — — — ( 856 ) ( 856 )

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

Six Months Ended June 30, 2025

Preferred Stock Series C

11 unchanged sentences

Comprehensive loss attributable to the Company — — — — — — — — — — ( 2,174 ) ( 2,174 )

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

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

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

2 unchanged sentences

(In thousands)

For the Three Months Ended March 31,

For the Six Months Ended June 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

20 unchanged sentences

Capital expenditures on existing real estate assets ( 452 ) ( 4,617 )

Contributions to unconsolidated real estate entities ( 74 ) —

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

3 unchanged sentences

Repayments of lines of credit ( 45,300 ) ( 3,400 )

Borrowings from notes and bonds payable — 10,600

Repayments of notes and bonds payable ( 8,686 ) ( 38,567 )

12 unchanged sentences

Real estate additions included in Accounts payable and accrued expenses $ 719 $ 425

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

Financing fees included in Accounts payable and accrued expenses 94 45

7 unchanged sentences

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

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

As of June 30, 2026, we owned 144 farms totaling 98,688 acres across 14 states in the U.S.

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

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

In addition, as of June 30, 2026, two of our properties (comprising four farms) were being directly operated by us.

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

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

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

As of each of June 30, 2026, and December 31, 2025, the Company owned all of the outstanding OP Units.

Gladstone Land Advisers, Inc.

2 unchanged sentences

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

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

For the six months ended June 30, 2026, and for the tax year ended December 31, 2025, there was no taxable income or loss from Land Advisers, nor did we have any undistributed REIT taxable income.

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

8 unchanged sentences

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

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

The results of operations for the three and six months ended June 30, 2026, are not necessarily indicative of the results that may be expected for other interim periods or for the full fiscal year.

Use of Estimates

3 unchanged sentences

Reclassifications

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

Certain line items on the accompanying Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2025, have been reclassified to conform to the current period’s presentation.

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

2 unchanged sentences

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

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

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

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

1 unchanged sentence

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

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

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

Pretax (loss) income from foreclosure properties during the three and six months ended June 30, 2026, was approximately $( 529,000 ) and $ 247,000 , respectively.

Pretax loss from foreclosure properties during each of the three and six months ended June 30, 2025, was approximately $ 1.6 million.

We currently expect these properties to generate an overall tax loss for the year ending December 31, 2026;

accordingly, we did no t record any federal or state income tax expense (current or deferred) during the three or six months ended June 30, 2026 or 2025.

Segment Reporting

18 unchanged sentences

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

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

The following table summarizes certain information about the 144 farms we owned as of June 30, 2026 (dollars in thousands, except for footnotes):

of Farms Total

4 unchanged sentences

63 34,845 32,321 55,649 $ 799,641 $ 366,314

Florida 18 10,412 8,635 0 111,581 45,424

18 10,412 8,635 0 111,262 45,122

Washington 6 2,520 2,004 0 49,722 14,136

19 unchanged sentences

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

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

As of June 30, 2026, this investment had a net carrying value of approximately $ 917,000 and is included within Other assets, net on the accompanying Condensed Consolidated Balance Sheets.

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

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

As of June 30, 2026, these two ground leases had a net cost basis of approximately $ 594,000 and are included in Lease intangibles, net on the accompanying Condensed Consolidated Balance Sheets.

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

2 unchanged sentences

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

(6) Includes two farms that were sold subsequent to June 30, 2026.

See Note 13, “ Subsequent Events ” for additional information on the sale of these farms.

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

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

As of June 30, 2026, the aggregate net cost basis of these ground leases was zero .

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

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

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

March 31, 2026 December 31, 2025

As of June 30, 2026, this investment had a net carrying value of approximately $ 4.8 million and is included within Other assets, net on the accompanying Condensed Consolidated Balance Sheets.

The following table sets forth the components of our investments in tangible real estate assets as of June 30, 2026, and December 31, 2025 (dollars in thousands):

June 30, 2026 December 31, 2025

Land and land improvements $ 712,543 $ 717,407

6 unchanged sentences

Total real estate, net $ 1,072,333 $ 1,098,752

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

Real estate depreciation expense on these tangible assets was approximately $ 7.8 million and $ 18.1 million for the three and six months ended June 30, 2026, respectively, and approximately $ 8.3 million and $ 16.5 million for the three and six months ended June 30, 2025, respectively.

Intangible Assets and Liabilities

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

March 31, 2026 December 31, 2025

The following table summarizes the carrying values of certain lease intangible assets and the related accumulated amortization as of June 30, 2026, and December 31, 2025 (dollars in thousands):

June 30, 2026 December 31, 2025

Lease intangibles:

6 unchanged sentences

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

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

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

March 31, 2026 December 31, 2025

Total amortization expense related to these lease intangible assets was approximately $ 97,000 and $ 195,000 for the three and six months ended June 30, 2026, respectively, and approximately $ 106,000 and $ 254,000 for the three and six months ended June 30, 2025, respectively.

The following table summarizes the carrying values of certain lease intangible assets or liabilities (excluding those related to real estate held for sale) included in Other assets, net or Other liabilities, net, respectively, on the accompanying Condensed Consolidated Balance Sheets and the related accumulated amortization or accretion, respectively, as of June 30, 2026, and December 31, 2025 (dollars in thousands):

June 30, 2026 December 31, 2025

Intangible Asset or Liability Deferred

15 unchanged sentences

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

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

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

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

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

Total amortization related to above-market lease values was approximately $ 1,000 and $ 3,000 for the three and six months ended June 30, 2026, respectively, and approximately $ 19,000 and $ 38,000 for the three and six months ended June 30, 2025, respectively.

Total accretion related to below-market lease values was approximately $ 34,000 and $ 68,000 for the three and six months ended June 30, 2026, respectively, and approximately $ 34,000 and $ 68,000 for the three and six months ended June 30, 2025, respectively.

Total net amortization related to lease incentives and other deferred revenue, net was approximately $ 2.0 million and $ 4.0 million for the three and six months ended June 30, 2026, respectively, and approximately $ 2.9 million and $ 6.1 million for the three and six months ended June 30, 2025, respectively.

We did not acquire any new farms during the three or six months ended June 30, 2026 or 2025.

Property Sales

2026 Property Sales

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

We did not complete any farm sales during the three or six months ended June 30, 2026.

2025 Property Sales

3 unchanged sentences

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

Real Estate Held for Sale

As of June 30, 2026 , we had one property ( consisting of two farms) located in St.

Lucie County, Florida, classified as held for sale.

As of June 30, 2026, t his property had a net cost basis of approximately $ 3.1 million .

We did no t have any properties classified as held for sale as of December 31, 2025.

See Note 13, “ Subsequent Events ,” for information on the sale of this property.

Investments in Unconsolidated Entities

1 unchanged sentence

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

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

As of June 30, 2026, our aggregate ownership interest in the Fresno LLC and the Umatilla LLC was 50.0 % and 20.5 %, respectively.

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

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

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

W e recorded an agg regate gain (loss) of approximately $ 73,000 and $( 117,000 ) during the three and six months ended June 30, 2026, respectively, and approximately $( 51,000 ) and $( 186,000 ) during the three and six months ended June 30, 2025, respectively (included in Loss from investments in unconsolidated entities on our Condensed Consolidated Statements of Operations and Comprehensive Income), which represents our pro-rata share of the aggregate loss recognized by the Fresno LLC and Umatilla LLC.

As of each of June 30, 2026, and December 31, 2025, our combined ownership interest in the Fresno LLC and the Umatilla LLC had an aggregate carrying value of approximately $ 5.7 million, and is included within Other assets, net on the accompanying Condensed Consolidated Balance Sheets.

Portfolio Concentrations

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

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

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

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

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

As of June 30, 2026, our farms were leased to various different, unrelated third-party tenants, with certain tenants leasing more than one farm.

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

During the six months ended June 30, 2026, aggregate lease revenue attributable to Tenant A accounted for approximately $ 3.7 million ( 13.8 %) of our total lease revenue.

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

No other individual tenant represented greater than 10% of the total lease revenue recorded during the six months ended June 30, 2026.

Geographic Risk

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

Farms located in California and Florida accounted for approximately $ 18.7 million ( 69.0 %) and $ 4.5 million ( 16.6 %), respectively, of the total lease revenue recorded during the six months ended June 30, 2026.

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

4 unchanged sentences

in September and October 2024.

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

Besides California and Florida, no other single state accounted for more than 10.0% of our lease revenue recorded during the six months ended June 30, 2026.

Southeastern U.S.

In September and October 2024, Hurricanes Helene and Milton caused widespread destruction across many states in the Southeastern U.S., including areas where several of our farms are located.

As a result of Hurricane Helene in September 2024, one of our farms in Georgia suffered damage to certain permanent plantings on the farm.

At the time, we estimated the carrying value of such plantings to be approximately $ 275,000 , and during the three months ended September 30, 2024, we wrote down the carrying value of these plantings and also recorded a corresponding property and casualty loss.

During the three months ended March 31, 2025, after further inspection of the property, it was determined that the damage was not as extensive as originally estimated, and we recorded an adjustment to our original estimate, which is included within Property and casualty (loss) recovery, net on our Condensed Consolidated Statements of Operations and Comprehensive Income.

Statements of Operations and Comprehensive Income.

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

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

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

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

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

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

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

We evaluate our entire portfolio each quarter for any indicators of impairment and perform impairment analyses on those properties for which indicators of impairment have been identified.

If the analysis indicates that a property’s carrying value may not be recoverable, an impairment loss is recognized equal to the amount by which the carrying value exceeds the property’s fair value.

During the three and six months ended June 30, 2026 , we recognized aggregate impairment charges of approximately $ 4.2 million and $ 5.1 million, respectively, on two properties:

Lucie County, Florida (consisting of two farms) and one in Yuma County, Arizona (consisting of four farms).

The impairment charges were recorded to reduce the carrying values of these properties to their respective agreed-upon purchase prices pursuant to the related purchase and sale agreements .

We did no t record any impairment charges during the three and six months ended June 30, 2025 .

CROP INVENTORY AND CROP SALES

1 unchanged sentence

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

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

As of June 30, 2026, and December 31, 2025, we had incurred approximately $ 6.5 million and $ 1.7 million, respectively, of growing costs related to crops to be harvested during 2026.

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

1 unchanged sentence

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

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

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

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

Revenue from the sale of crops and the related cost of sales for the three and six months ended June 30, 2026, are shown in the following table (dollars in thousands):

Three Months Ended June 30, 2026 Six Months Ended June 30, 2026

Crop sales (1)(2)

$ 333 $ 2,082

Cost of sales (1)(3)

( 256 ) ( 414 )

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

1 unchanged sentence

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.

(3) Reflective of a change in estimate, as the actual water and utility usage during the 2025 crop year was lower than previously estimated.

In addition, during the six months ended June 30, 2026, we completed the harvest of the remaining orange crop 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.

The results of these operations are included in the table above.

We did not recognize any crop sales revenue or related costs during the three or six months ended June 30, 2025.

INVESTMENTS IN WATER ASSETS

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

The following table sets forth the components of our investments in water assets as of June 30, 2026, and December 31, 2025 (dollars in thousands;

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

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

As of June 30, 2026 As of December 31, 2025

Acre-feet Cost Basis Acre-feet Cost Basis

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

Subsequently in 2021, we executed all three

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

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

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

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(1) All contracts to purchase additional banked water were exercised in the same quarter in which the respective contract was conveyed to us.

(2) Represents noncash income received during the respective periods.

(2) Represents non-cash income received during the respective periods.

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

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

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

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

We recognized revenue related to certain of these agreements of approximately $ 0 and $ 8,000 during the three and six months ended June 30, 2026, respectively, and $ 0 during each of the three and six months ended June 30, 2025.

These amounts are included within Other operating revenue on

our Condensed Consolidated Statements of Operations and Comprehensive Income and represent the estimated fair value of water credits received in exchange for storing water on behalf of third parties during the respective periods.

BWSD Banked Water

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

During the six months ended June 30, 2026, we entered into an agreement to purchase 76 acre-feet of banked water held by Belridge Water Storage District (“BWSD”), a water storage district located in Kern County, California, for approximately $ 18,000 .

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

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

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

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

Carrying Value as of As of March 31, 2026

March 31, 2026 December 31, 2025 Stated Interest

As of June 30, 2026, and December 31, 2025 , we concluded that no water assets were impaired.

Our borrowings as of June 30, 2026, and December 31, 2025, are summarized below (dollars in thousands):

Carrying Value as of As of June 30, 2026

June 30, 2026 December 31, 2025 Stated Interest

Maturity Dates

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

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

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

As of June 30, 2026, the above borrowings were collateralized by certain of our farms with an aggregate net book value of approximately $ 959.4 million.

The weighted-average stated interest rate charged on the above borrowings (excluding the impact of debt issuance costs and before any interest patronage, or refunded interest) was 3.83 % and 3.82 % for the three and six months ended June 30, 2026, respectively, as compared to 3.81 % and 3.80 % for the three and six months ended June 30, 2025, respectively.

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

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

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

As of June 30, 2026, we were in compliance with all covenants applicable to the above borrowings.

MetLife Facility

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

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

The following table summarizes the pertinent terms of the MetLife Facility as of June 30, 2026 (dollars in thousands, except for footnotes):

Issuance Aggregate

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Totals $ 250,000 $ 56,096 $ 193,904

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

(1) Based on the properties that were pledged as collateral under the MetLife Facility, as of June 30, 2026, the maximum additional amount we could draw under the facility was approximately $ 68.4 million.

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

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

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

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

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

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

We did not issue any new bonds under the Farmer Mac Facility during the six months ended June 30, 2026.

As of June 30, 2026 , we had approximately $ 22.2 million of bonds issued and outstanding under the Farmer Mac Facility.

Farm Credit Notes Payable

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

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

We did not enter into any new mortgage loan agreements with Farm Credit during the six months ended June 30, 2026.

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.

As of June 30, 2026 , we had no amounts outstanding under the Farm Credit Facility, and, based on the level of collateral pledged, the full $ 37.0 million remained available to us.

Interest Patronage

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

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

The following table provides information about interest patronage recorded during the six months ended June 30, 2026 and 2025 related to interest accrued on the Farm Credit Notes Payable during 2025 and 2024, respectively (dollars in thousands):

Received Reduction in Interest Rates

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Interest patronage is paid at Farm Credit’s discretio n, and we are therefore unable to estimate the amount of interest patronage to be received, if any, related to interest accrued during 2026 on the Farm Credit Notes Payable.

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

As of June 30, 2026, and December 31, 2025, the aggregate principal balance of the Farm Credit Notes Payable that were eligible for interest patronage was approximately $ 142.3 million and $ 144.9 million, respectively.

Debt Service – Aggregate Maturities

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

Scheduled principal payments of our aggregate notes and bonds payable as of June 30, 2026, for the succeeding years are as follows (dollars in thousands):

Period Scheduled Principal Payments

For the remaining nine months ending December 31:

For the remaining six months ending December 31:

2026 $ 11,293

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Thereafter 83,143 (1)

(1) Subsequent to June 30, 2026, we repaid a $ 2.8 million loan that was scheduled to mature in 2047.

ASC 820, “Fair Value Measurement (Subtopic 820)” (“ASC 820”), provides a definition of fair value that focuses on the exchange (exit) price of an asset or liability in the principal, or most advantageous market, and prioritizes the use of market-based inputs to the valuation.

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

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

As of June 30, 2026, the aggregate fair value of our notes and bonds payable was approximately $ 449.3 million, as compared to an aggregate carrying value (excluding unamortized related debt issuance costs) of approximately $ 466.7 million.

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

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

Further, due to the revolving nature and variable interest rates applicable to the MetLife Lines of Credit, their aggregate fair value as of June 30, 2026, is deemed to approximate their aggregate carrying value of $ 21.1 million.

Interest Rate Swap Agreements

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

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

As of June 30, 2026, our interest rate swaps were valued using Level 2 inputs.

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

For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is initially recorded in Accumulated other comprehensive income on the accompanying Condensed Consolidated Balance Sheets and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects.

same period(s) affected by the hedged transaction.

During the next 12 months, we estimate that an additional $ 1.5 million will be reclassified as a reduction to interest expense.

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

We had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of June 30, 2026, and December 31, 2025 (dollars in thousands):

Period Number of Instruments Aggregate Notional Amount

As of March 31, 2026 4 $ 63,484

As of June 30, 2026 4 $ 62,213

As of December 31, 2025 4 63,904

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

The following table presents the fair value of our interest rate swaps as well as their classification on the Condensed Consolidated Balance Sheets as of June 30, 2026, and December 31, 2025 (dollars in thousands):

Derivative Asset (Liability) Fair Value

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

Derivative Type Balance Sheet Location June 30, 2026 December 31, 2025

Derivatives Designated as Hedging Instruments:

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Total $ 5,323 $ 4,896

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

For the Three Months Ended March 31,

The following table presents the amount of income (los s) recognized in comprehensive (loss) income within our condensed consolidated financial statements for the three and six months ended June 30, 2026 and 2025 (dollars in thousands):

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

2026 2025 2026 2025

Derivative in cash flow hedging relationship:

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

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

As of June 30, 2026, we did not have any derivatives in a net liability position, nor have we posted any collateral related to these agreements.

CUMULATIVE TERM PREFERRED STOCK

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

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

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

Protection Corporation.

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

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

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

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

We did not pay any financing fees to Gladstone Securities during either of the three or six months ended June 30, 2026.

During the three and six months ended June 30, 2025, we paid total financing fees to Gladstone Securities of $ 15,000 .

Through June 30, 2026, the total amount of financing fees paid to Gladstone Securities represented approximately 0.14 % of the total financings secured since the Financing Arrangement Agreement has been in place.

Dealer-Manager Agreement

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

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

No Selling Commissions or Dealer-Manager Fees were paid with respect to shares of the Series E Preferred Stock during the three or six months ended June 30, 2026 or 2025.

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

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

For the Three Months Ended March 31,

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

2026 2025 2026 2025

Base management fee (1)(2)

$ 1,944 $ 1,990 $ 3,890 $ 4,048

Capital gains fee (1)(2)

Capital gains fee credit (1)(2)(3)

— ( 188 ) — —

Total fees to our Adviser $ 1,944 $ 1,802 $ 3,890 $ 4,048

Administration fee (1)(2)

$ 724 $ 572 $ 1,443 $ 1,213

Financing fees (1)(4)

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

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

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

(3) 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 the fiscal year if and when we dispose of additional assets.

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

Related-Party Fees Due

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

March 31, 2026 December 31, 2025

Amounts due to related parties on our accompanying Condensed Consolidated Balance Sheets as of June 30, 2026, and December 31, 2025, were as follows (dollars in thousands):

June 30, 2026 December 31, 2025

Base management fee $ 1,944 $ 1,967

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

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

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

We issued a total of 176,595 shares of Series E Preferred Stock for gross proceeds of approximately $ 4.4 million and 7,122,591 shares of common stock for gross proceeds of approximately $ 72.2 million under the 2023 Registration Statement.

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

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

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

Through June 30, 2026, we have issued a total of 300,000 shares of common stock for gross proceeds of approximately $ 3.0 million under the 2026 Registration Statement.

Equity Issuances

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On November 9, 2022, we filed a prospectus supplement with the SEC for a continuous public offering (the “Series E Offering”) of up to 8,000,000 shares of our Series E Preferred Stock on a “reasonable best efforts” basis through Gladstone Securities at an offering price of $ 25.00 per share.

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

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

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

Three Months Ended March 31,

See Note 8, “Related-Party Transactions—Gladstone Securities—Dealer-Manager Agreement,” for a discussion of the commissions and fees paid to Gladstone Securities in connection with the Series E Offering, which expired on December 31, 2025.

No shares of the Series E Preferred Stock were sold during the three or six months ended June 30, 2026 or 2025.

The following table provides information on shares of Series E Preferred Stock tendered for optional redemption and satisfied with cash payments during the three and six months ended June 30, 2026 and 2025 (dollars in thousands):

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Number of shares redeemed 27,400 — 37,760 800

Settlement payment $ 616 $ — $ 864 $ 18

The Series E Offering expired on December 31, 2025.

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

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

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

Three Months Ended March 31,

On April 24, 2026, we entered into new equity distribution agreements with Virtu Americas LLC and Lucid Capital Markets, LLC (each also a “Sales Agent”), to replace the 2023 ATM Program and that currently permit us to sell shares of our common stock having an aggregate offering price of up to $ 500.0 million (the “2026 ATM Program,” and together with the 2023 ATM Program, the “ATM Program” ).

The following table provides information on shares of common stock under the ATM Program during the three and six months ended June 30, 2026 (dollars in thousands, except per-share amounts):

Three Months Ended

June 30, 2026 Six Months Ended June 30, 2026

Number of shares sold 1,377,392 5,121,655

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Net proceeds (1)

$ 14,056 $ 50,806

(1) Net of underwriting commissions.

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

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

We did no t sell any shares of common stock under the ATM Program during either of the three or six months ended June 30, 2025.

Repurchase Program

On May 17, 2024, 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 “2024 Repurchase Program”).

The Board’s authorization of the 2024 Repurchase Program expired on May 17, 2025.

The Board’s authorization of the 2025 Repurchase Program may be suspended at any time, does not obligate us to acquire any particular amount of securities, and expires on July 10, 2026.

The Board of Directors’ authorization of the 2024 Repurchase Program expired on May 17, 2025.

On July 11, 2025, our Board of Directors approved a new share repurchase program authorizing us to repurchase up to $ 20.0 million of our Series B Preferred Stock and up to $ 35.0 million of our Series C Preferred Stock (collectively, the “2025 Repurchase Program,” and together with the 2024 Repurchase Program and the 2026 Repurchase Program (as defined in Note 13, “ Subsequent Events ”), the “Repurchase Program”).

The Board of Directors’ authorization of the 2025 Repurchase Program expired on July 10, 2026.

The Board of Directors’ authorization of the Repurchase Program may be suspended at any time and does not obligate us to acquire any particular amount of securities.

Under the Repurchase Program, repurchases are intended to be implemented through open market transactions on U.S.

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

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

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

Three Months Ended March 31, 2026

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

The following table summarizes repurchase activity under the Repurchase Program during the three and six months ended June 30, 2026 (dollars in thousands, except per-share amounts):

Three Months Ended June 30, 2026 Six Months Ended June 30, 2026

Series B Preferred Stock:

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Gross repurchase price (1)

$ 2,982 $ 3,767

Weighted-average repurchase price per share $ 20.83 $ 20.66

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Gross repurchase price (1)

$ 5,660 $ 7,343

Weighted-average repurchase price per share $ 20.50 $ 20.34

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

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

See Note 13, “ Subsequent Events ,” for repurchase activity completed subsequent to June 30, 2026.

Non-Controlling Interests in Operating Partnership

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

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

As of both June 30, 2026, and December 31, 2025, we owned 100.0 % of the outstanding OP Units.

Distributions

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

Three Months Ended March 31,

The per-share distributions to preferred and common stockholders declared by our Board of Directors during the three and six months ended June 30, 2026 and 2025 are reflected in the table below.

Three Months Ended June 30, Six Months Ended June 30,

Issuance 2026 2025 2026 2025

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LEASE REVENUE

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

Three Months Ended March 31,

The following table sets forth the components of our lease revenue for the three and six months ended June 30, 2026 and 2025 (dollars in thousands, except for footnotes):

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Fixed lease payments (1)

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Variable lease payments (2)

264 175 5,500 3,049

Lease revenue, net (3)

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

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

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

During the three and six months ended June 30, 2026, we recorded participation rents of approximately $ 201,000 and $ 5.1 million, respectively, reimbursements of certain property operating expenses by tenants of approximately $ 63,000 and $ 426,000 , respectively, and late fees of approximately $ 0 and $ 3,000 , respectively.

During the three and six months ended June 30, 2025, we recorded participation rents of approximately $ 142,000 and $ 606,000 , respectively, and reimbursements of certain property operating expenses by tenants of approximately $ 33,000 and $ 63,000 , respectively, and lease termination fee income of approximately $ 0 and $ 2.4 million, respectively.

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

EARNINGS PER SHARE OF COMMON STOCK

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

The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2026 and 2025, computed using the weighted average number of common shares outstanding during the respective periods.

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

Three Months Ended March 31,

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

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Net loss attributable to common stockholders $ ( 13,523 ) $ ( 13,880 ) $ ( 23,507 ) $ ( 4,774 )

Weighted average shares of common stock outstanding – basic and diluted 42,911,176 36,184,658 41,889,429 36,184,658

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

Loss per common share – basic and diluted $ ( 0.32 ) $ ( 0.38 ) $ ( 0.56 ) $ ( 0.13 )

SUBSEQUENT EVENTS

Farm Credit Facility

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

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

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

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

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

Registration Statement

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

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

At-the-Market Program

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

Equity Issuances

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

Type of Issuance Number of

Shares Sold Weighted Average Offering Price

Per Share Gross Proceeds Net Proceeds (1)

Common Stock – ATM Programs (2)

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

(1) Net of underwriting discounts and commissions.

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

Property Sale

In July 2026, we completed the sale of two farms in Florida totaling 617 gross acres for an aggregate sales price of approximately $ 3.2 million.

Including closing costs, we recognized a net loss on the sale of approximately $ 159,000 .

Loan Repayment

Subsequent to June 30, 2026, we repaid a $ 2.8 million loan that bore interest at a fixed, stated rate of 4.13 % and an effective interest rate (after interest patronage, where applicable) of 3.51 %.

Repurchase Program

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

On July 14, 2026, our Board of Directors approved a share repurchase program authorizing us to repurchase up to $ 20.0 million of our Series B Preferred Stock and up to $ 35.0 million of our Series C Preferred Stock (collectively, the “2026 Repurchase Program”).

The Board’s authorization of the 2026 Repurchase Program, which expires on July 14, 2027, may be suspended at any time and does not obligate us to acquire any particular amount of securities.

Under the Repurchase Program, repurchases are intended to be implemented through open market transactions on U.S.

exchanges and/or privately-negotiated transactions facilitated by a third-party broker acting as agent for us in accordance with applicable securities laws.

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

The following table summarizes repurchase activity under the Repurchase Program subsequent to June 30, 2026 (dollars in thousands, except per-share amounts):

Series B Preferred Stock:

10 unchanged sentences

Distributions

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

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

Issuance Record Date Payment Date Distribution per Share

Series B Preferred Stock:

April 24, 2026 April 30, 2026 $ 0.125

May 20, 2026 May 29, 2026 0.125

June 23, 2026 June 30, 2026 0.125

July 24, 2026 July 31, 2026 $ 0.125

August 18, 2026 August 31, 2026 0.125

September 21, 2026 September 30, 2026 0.125

Total Series B Preferred Stock Distributions:

Series C Preferred Stock:

April 24, 2026 April 30, 2026 $ 0.125

May 20, 2026 May 29, 2026 0.125

June 23, 2026 June 30, 2026 0.125

July 24, 2026 July 31, 2026 $ 0.125

August 18, 2026 August 31, 2026 0.125

September 21, 2026 September 30, 2026 0.125

Total Series C Preferred Stock Distributions:

Series E Preferred Stock:

April 27, 2026 May 5, 2026 $ 0.104167

May 27, 2026 June 5, 2026 0.104167

June 25, 2026 July 2, 2026 0.104167

July 28, 2026 August 5, 2026 $ 0.104167

August 26, 2026 September 4, 2026 0.104167

September 25, 2026 October 5, 2026 0.104167

Total Series E Preferred Stock Distributions:

Common Stock:

April 24, 2026 April 30, 2026 $ 0.0467

May 20, 2026 May 29, 2026 0.0467

June 23, 2026 June 30, 2026 0.0467

July 24, 2026 July 31, 2026 $ 0.0467

August 18, 2026 August 31, 2026 0.0467

September 21, 2026 September 30, 2026 0.0467

Total Common Stock Distributions $ 0.1401

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

What changed 10-Q

Item 1. Financial Statements