What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-08-11 compared with 2026-05-11 · 216 added, 144 removed, 453 unchanged (44% of the section changed)

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Portfolio Diversificatio n

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

Our farmland portfolio currently consists of 142 farms leased to 79 differ ent, unrelated third-party tenants who grow over 60 different types of crops on our farms.

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

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

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

The following table summarizes the different geographic locations (by state) of our farms owned as of and during the six months ended June 30, 2026 and 2025 (dollars in thousands):

As of and For the Six Months Ended June 30, 2026 As of and For the Six Months Ended June 30, 2025

Revenue % of Total

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63 34,845 35.3% $ 18,728 69.0% 63 34,845 33.8% $ 17,117 58.8%

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

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

18 10,412 10.5% 4,517 16.6% 20 13,090 12.7% 4,708 16.2%

Washington (3)

6 2,520 2.6% 1,643 6.1% 6 2,520 2.4% 2,181 7.5%

Colorado 10 31,448 31.9% 780 2.9% 12 32,773 31.8% 1,040 3.6%

6 898 0.9% 667 2.5% 6 898 0.9% 841 2.9%

Michigan 12 1,245 1.3% 552 2.0% 12 1,245 1.2% 551 1.9%

Texas 1 3,667 3.7% 287 1.1% 1 3,667 3.6% 265 0.9%

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

Maryland 6 987 1.0% 241 0.9% 6 987 1.0% 241 0.8%

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

Washington (2)

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

Nebraska 7 5,223 5.3% (174) (0.6)% 7 5,223 5.1% 644 2.2%

6 6,320 6.4% (428) (1.6)% 6 6,320 6.1% 1,169 4.0%

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

Total 144 98,688 100.0% $ 27,154 100.0% 150 103,001 100.0% $ 29,098 100.0%

(1) According to the California Chapter of the American Society of Farm Managers and Rural Appraisers, there are eight distinct growing regions within California;

our farms are spread across six of these growing regions.

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

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

See below under “ Recent Developments—Portfolio Activity—Existing Properties—Property Sale ” for additional information.

(3) During the six months ended June 30, 2026, we began recognizing lease revenues from two tenants (who collectively lease eight farms—four in Arizona, three in Washington, and one in Oregon) on a cash basis.

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

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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 March 31, 2026 (dollars in thousands):

The following table summarizes the lease expirations by year for the farms owned and with leases in place as of June 30, 2026 (dollars in thousands):

Year Number of

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(1) Certain lease agreements encompass multiple farms.

(2) Includes one lease that was renewed subsequent to June 30, 2026;

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

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

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

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

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

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

We are currently exploring a variety of options with certain of our 2026 lease expirations, including negotiating lease terms with existing and prospective tenants and evaluating potential disposition opportunities.

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

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According to the U.S.

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

Bureau of Labor Statistics, the Consumer Price Index (“CPI”) increased 3.5% over the 12-month period ended June 30, 2026, reflecting continued moderation from peak inflation levels observed in mid-2022.

Food prices also increased at a slower rate, with the overall food category up by 3.0% over the same period.

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

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

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

Interest Rates

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

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

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

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

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

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

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

The Fed has maintained this target range at each of its meetings in 2026, including its most recent meeting in July, reflecting a continued data-dependent approach as inflation has remained above the Fed’s longer-term 2% objective, economic uncertainty has persisted, and geopolitical developments have continued to weigh on the economic outlook.

Benchmark yields have increased during 2026, with the 10-year U.S.

Treasury yield recently above 4.5%, compared with approximately 4.0% earlier in the year.

Although borrowing costs remain below their 2025 highs, credit availability continues to be selective amid tighter lending standards and elevated market uncertainty.

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

Currently, approximately 95.7% of our borrowings bear interest at fixed rates, with a weighted-average effective interest rate of 3.45% and an average remaining term of 2.3 years.

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

Geopolitical, Trade, and Agricultural Market Conditions

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

agricultural export markets.

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

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

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

agricultural markets.

Despite this uncertainty, U.S.

export demand and pricing for certain tree

nuts have remained resilient, supporting improved grower economics.

Input cost inflation also remains a concern across crops and regions, particularly with respect to energy, fertilizer, and labor costs, and growers continue to pursue operating efficiencies to help protect profit margins.

In addition, ongoing negotiations regarding the Farm Bill and trade agreements with Canada and Mexico may create further uncertainty for producers making longer-term operating and investment decisions.

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

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

However, recent stabilization in export demand and improving pricing trends have provided more favorable near-term market conditions for tree nut growers.

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

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

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

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

Almond markets continue to experience strong demand across export markets, and current demand generally exceeds available supply.

While buyers have remained focused on meeting near-term needs, longer-term purchasing activity has remained limited.

These market dynamics have supported improved pricing, resulting in higher projected almond prices.

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

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

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

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

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

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

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

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

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

Yield projections for the 2026 crop have continued to decline, due in part to an early March heat event that affected pollination across California.

These factors, combined with continued strong demand, have supported higher projected prices, including a 67% increase in the initial base price for the 2026 crop compared with the 2025 crop.

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

Prolonged disruptions to export markets or significant increases in production costs could adversely affect lease structures and participation rent levels on certain farms.

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

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

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

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

Although the U.S.

dollar strengthened modestly during the second quarter of 2026, export demand remained resilient, reflecting the continued strength of underlying supply and demand fundamentals.

California Water Outlook

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

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

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

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

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

The 2025-2026 water year concluded with below-average snowpack but average-to-above-average precipitation in many areas where we own farms.

Reservoir storage remains above historical averages, supporting relatively stable near-term water supply conditions.

However, certain federal water allocations have remained below expectations, increasing the cost of supplemental water for some of our farms.

We have not experienced any material water shortages to date, although regulatory and conveyance constraints continue to affect the availability and cost of water in certain regions.

El Niño conditions have developed and are expected to persist through the remainder of 2026, which may increase the likelihood of additional precipitation during the coming winter, although the timing and amount of such precipitation remain uncertain.

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

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

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

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

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

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

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

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

Based on current conditions, we believe our farms are generally well positioned for the remainder of the 2026 growing season and into the 2027 growing season.

Recent Developments

Portfolio Activity—Existing Properties

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.

Leasing Activity

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

The following table summarizes certain leasing activity that has occurred on our existing properties since April 1, 2026, 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, & FL 3 5,279 $ 1,485 0 1 / 1 / 1 $ 682 1.3 1 0 / 3 / 0

AZ, CA, NE & OR 14 8,090 $ 4,296 2 6 / 6 / 0 $ 3,879 5.7 4 3 / 11 / 0

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

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

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

In addition, during the six months ended June 30, 2026, we completed the harvest of an orange crop remaining on a farm in St.

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

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

Crop sales (1)(2)

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

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

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

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

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

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

Results from this activity are included in the table above.

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

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

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

(2) This revenue relates to the 2025 crop year;

the majority of the related growing costs were previously recognized in the three months ended December 31, 2025.

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

During the three months ended June 30, 2026, we recognized an impairment charge of approximately $4.2 million on one property (consisting of four farms) in Yuma County, Arizona, to reduce its carrying value to the agreed-upon purchase price under the related purchase and sale agreement.

Vacant, Direct-operated, and Non-accrual Properties

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

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

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

We currently have 10 farms that are wholly or partially vacant, 4 farms that are being direct-operated by us through third-party management agreements, and 11 farms leased to four tenants for which lease revenue is being recognized on a cash basis due to concerns regarding the collectibility of the remaining contractual lease payments.

For the six months ended June 30, 2026, we recognized approximately $535,000 of lease revenue related to these farms and approximately $2.2 million of net profits from crop sales (see above, under “ —Crop Sales and Cost of Sales ”), compared to approximately $6.7 million of lease revenue for the prior-year period, which included an early lease termination fee of approximately $2.4 million.

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

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

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Debt Activity

Term Preferred Stock

On January 30, 2026, we redeemed all of our outstanding shares of our 5.00% Series D Cumulative Term Preferred Stock, par value $0.001 per share (the “Series D Term Preferred Stock”) at a cash redemption price of $25.00 per share, plus all accrued and unpaid dividends to, but excluding, the redemption date.

In total, we paid approximately $60.6 million for the redemption of the Series D Term Preferred Stock, which we delisted from Nasdaq on the date we redeemed all outstanding shares.

Loan Repayment

In July 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%.

Farm Credit Facility

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

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

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 remains available to us.

Equity Activity

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

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

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

Number of Shares Sold Weighted-average

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

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

The 2025 Repurchase Program expired on July 10, 2026.

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,” and together with the 2025 Repurchase Program, the “Repurchase Program”).

The 2026 Repurchase Program expires on July 14, 2027.

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

Series B Preferred Stock:

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(1) Inclusive of broker commissions.

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

See Notes 10, “ Equity ,” and 13, “ Subsequent Events ,” within the accompanying notes to our condensed consolidated financial statements for further discussion of the 2025 Repurchase Program and 2026 Repurchase Program, respectively.

Series E Redemptions

From April 1, 2026 through the date of this filing, 31,400 shares of our 5.00% Series E Cumulative Redeemable Preferred Stock, par value $0.001 per share (the “Series E Preferred Stock”) were tendered for optional redemption, which were satisfied with aggregate cash payments of approximately $707,000.

Our Adviser and Administrator

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(i) no incentive Fee in any calendar quarter in which the Pre-Incentive Fee FFO did not exceed the hurdle rate;

(ii) 100% of the Pre-Incentive Fee FFO with respect to that portion of such Pre-Incentive Fee FFO, if any, that exceeded the hurdle rate but was less than 2.1875% in any calendar quarter (8.75% annualized);

(ii) 100% of the Pre-Incentive Fee FFO with respect to that portion of such Pre-Incentive Fee FFO, if any, that

exceeded the hurdle rate but was less than 2.1875% in any calendar quarter (8.75% annualized);

and (iii) 20% of the amount of the Pre-Incentive Fee FFO, if any, that exceeds 2.1875% in any calendar quarter (8.75% annualized).

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

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

There were no material changes to our critical accounting policies during the six months ended June 30, 2026.

RESULTS OF OPERATIONS

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

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

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

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

With regard to the comparisons between the three and six months ended June 30, 2026 versus 2025:

• We owned 144 farms as of June 30, 2026, that are considered our same-property portfolio.

Same-property occupancy (based on farmable acres and including farms that were direct-operated or on non-accrual status) decreased approximately 0.5% to 95.4% as of June 30, 2026, compared to 95.9% as of June 30, 2025.

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

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

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

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

For the Three Months Ended March 31,

▪ For the three months ended June 30, 2026, we had 24 farms that were vacant, direct-operated, or on non-accrual status, as compared to 16 farms in the prior-year period.

▪ For the six months ended June 30, 2026, we had 26 farms that were vacant, direct-operated, or on non-accrual status, as compared to 17 farms in the prior-year period.

• From January 1, 2025, through June 30, 2026, we did not acquire any new farms and disposed of 13 farms.

A comparison of results of components comprising our operating income for the three and six months ended June 30, 2026 and 2025 is below (dollars in thousands):

For the Three Months Ended June 30,

2026 2025 $ Change % Change

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Crop Sales 333 — 333 NM

Other operating revenue 8 1 7 700.0%

Total operating revenues 12,692 12,296 396 3.2%

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Cost of sales (256) — (256) NM

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

Base management, net of capital gains fee credit 1,944 1,802 142 7.9%

Administration fee 724 572 152 26.6%

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Total operating expenses 17,002 12,510 4,492 35.9%

Operating income $ (49) $ 3,677 $ (3,726) (101.3)%

Operating loss $ (4,310) $ (214) $ (4,096) 1,914.0%

For the Six Months Ended June 30,

2026 2025 $ Change % Change

Operating revenues:

Lease revenues:

Fixed lease payments $ 21,654 $ 26,049 $ (4,395) (16.9)%

Variable lease payments – participation rents 5,071 606 4,465 736.8%

Variable lease payments – tenant reimbursements and other 429 63 366 581.0%

Lease termination income, net — 2,380 (2,380) (100.0)

Total lease revenues 27,154 29,098 (1,944) (6.7)%

Crop Sales 2,082 — 2,082 NM

Other operating revenues 8 1 7 700.0

Total operating revenues 29,244 29,099 145 0.5%

Operating expenses:

Depreciation and amortization 18,255 16,803 1,452 8.6%

Property operating expenses 3,722 2,370 1,352 57.0%

Cost of sales (414) — (414) NM

Base management fee 3,890 4,048 (158) (3.9)%

Administration fee 1,443 1,213 230 19.0%

General and administrative expenses 1,629 1,203 426 35.4%

Impairment charge 5,078 — 5,078 NM

Total operating expenses 33,603 25,637 7,966 31.1%

Operating (loss) income $ (4,359) $ 3,462 $ (7,821) (225.9)%

NM = Not Meaningful

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Lease revenue

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

For the Three Months Ended March 31,

2026 2025 $ Change % Change

The following table provides a summary of our lease revenue during 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 $ Change % Change 2026 2025 $ Change % Change

Same-property basis:

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Participation rents 201 142 59 41.5% 5,071 606 4,465 736.8%

Lease termination and other income 3 2,380 (2,377) NM

Lease termination and other income — — — NM 3 2,380 (2,377) NM

Total – Same-property basis 12,296 11,896 400 3.4% 26,728 28,294 (1,566) (5.5)%

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Same-property Basis – 2026 compared to 2025

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

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

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

Lease revenues from fixed lease payments decreased for the six months ended June 30, 2026, primarily due to certain farms that were vacant, direct-operated, or for which lease revenue was recognized on a cash basis (rather than a straight-line basis) due to full collectability of future rental payments not being considered probable as a result of tenant credit issues.

In addition, during the six months ended June 30, 2026, we began recognizing lease revenues from two tenants (who collectively lease eight farms) on a cash basis.

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

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

Participation rents during the six months ended June 30, 2025, were primarily attributable to cash collections from wine grape sales.

During the six months ended June 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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Crop Sales and Cost of Sales

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

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)

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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.

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

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

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

In connection with the transfer and storing of surplus water on behalf of a third party using a groundwater recharge facility constructed on one of our farms, we recognized non-cash revenue of approximately $8,000 during the three months ended March 31, 2026.

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

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Depreciation and amortization

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

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

Depreciation and amortization expense increased for the six months ended June 30, 2026, primarily due to the acceleration of depreciation associated with certain permanent plantings (as a result of shortened useful lives), as well as additional depreciation related to capital improvements made on certain of our farms.

The increase was partially offset by lower depreciation resulting from the disposition of certain assets, including the sale of 13 farms subsequent to December 31, 2024, and certain assets reaching the end of their useful lives during the three months ended June 30, 2026.

Property operating expenses

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

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

For the Three Months Ended March 31,

2026 2025 $ Change % Change

The following table provides a summary of the property operating expenses recorded during 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 $ Change % Change 2026 2025 $ Change % Change

Same-property basis $ 1,496 $ 1,180 $ 316 26.8% $ 3,239 $ 2,240 $ 999 44.6%

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

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

The increase was also attributable to additional costs associated with certain farms that were vacant, direct-operated, or on non-accrual status, including additional property taxes and other operating expenses that were previously the responsibility of the tenants, as well as legal fees incurred in connection with rent collection and lease termination efforts.

Other – 2026 compared to 2025

Property operating expenses on properties acquired or disposed of decreased due to the sale of 13 farms subsequent to December 31, 2024.

Property operating expenses on properties acquired or disposed of decreased for the six months ended June 30, 2026, due to the sale of 13 farms subsequent to December 31, 2024.

The fluctuations in tenant-reimbursed property operating expenses are primarily driven by miscellaneous property operating costs incurred by us in connection with our ownership interests in certain unconsolidated entities, for which our tenants are contractually obligated to reimburse us under the terms of the respective leases.

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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 months ended March 31, 2026 and 2025 (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 six months ended June 30, 2026 and 2025 (dollars in thousands;

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

Quarter Ended Year to Date

March 31 June 30

2026 Fee Calculations:

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Gross Tangible Real Estate (1)(2)

$ 1,297,013 $ 1,295,975

Quarterly rate 0.150 % 0.150 %

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Total Adjusted Common Equity (1)(2)

$ 304,141 $ 325,129

First hurdle quarterly rate 1.750 % 1.750 %

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Pre-Incentive Fee FFO (1)

$ 1,786 $ (1,930)

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

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Gross Tangible Real Estate (1)(2)

$ 1,372,260 $ 1,326,588

Quarterly rate 0.150 % 0.150 %

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Total Adjusted Common Equity (1)(2)

$ 318,209 $ 322,245

First hurdle quarterly rate 1.750 % 1.750 %

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Pre-Incentive Fee FFO (1)

$ 2,139 $ (3,346)

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

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Aggregate net realized capital gains (1)

$ 5,443 $ 2,769

Capital gains fee rate 15.0 % 15.0 %

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Less capital gains fees recorded in prior periods (4)

$ (628) $ (628)

Total Capital Gains Fee (3)(5)

$ 188 $ (188) $ —

Total fees due to Adviser $ 2,246 $ 1,802 $ 4,048

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

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 of 2025.

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

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

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

No incentive fee was earned by our Adviser during the three or six months ended June 30, 2026 or 2025 , as our Pre-Incentive Fee FFO did not exceed the required hurdle rate in any period.

Our Adviser earned a capital gains fee during the three months ended March 31, 2025, driven by the gains recognized on the sale of certain farms completed during the 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 through the end of each fiscal year as additional assets are disposed of.

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Other Operating Expenses

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

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

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

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

For the Three Months Ended March 31,

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

General and administrative expenses increased during each of the three and six months ended June 30, 2026, primarily due to higher professional fees, including the write-off of unallocated deferred costs associated with the universal shelf registration statement filed in 2023, which expired during the second quarter of 2026.

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) due to the estimated fair values being lower than their respective carrying values.

We did not recognize any impairment charges during the three or six months ended June 30, 2025.

A comparison of results of other components contributing to net loss attributable to common stockholders for the three and six months ended June 30, 2026 and 2025 is below (dollars in thousands):

For the Three Months Ended June 30,

2026 2025 $ Change % Change

Operating income $ (49) $ 3,677 $ (3,726) (101.3)%

Operating loss $ (4,310) $ (214) $ (4,096) 1,914.0%

Other income (expense):

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Dividends declared on cumulative term preferred stock — (755) 755 (100.0)%

Gain (loss) on dispositions of real estate assets, net 438 (2,149) 2,587 (120.4)%

Property and casualty loss, net (22) — (22) NM

Gain (loss) from investments in unconsolidated entities 73 (51) 124 (243.1)%

Total other expense, net (4,150) (7,664) 3,514 (45.9)%

Net loss (8,460) (7,878) (582) 7.4%

Aggregate dividends declared on and gain recognized on extinguishment of cumulative redeemable preferred stock, net (5,063) (6,002) 939 (15.6)%

Net loss attributable to common stockholders $ (13,523) $ (13,880) $ 357 (2.6)%

For the Six Months Ended June 30,

2026 2025 $ Change % Change

Operating (loss) income $ (4,359) $ 3,462 $ (7,821) (225.9)%

Other income (expense):

Other income 1,481 2,219 (738) (33.3)%

Interest expense (9,390) (10,154) 764 (7.5)%

Dividends declared on cumulative term preferred stock (243) (1,509) 1,266 (83.9)%

(Loss) gain on dispositions of real estate assets, net (21) 13,261 (13,282) (100.2)%

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

Property and casualty (loss) recovery, net (115) 137 (252) NM

Loss from investments in unconsolidated entities (117) (186) 69 (37.1)%

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Aggregate dividends declared on and gain recognized on extinguishment of cumulative redeemable preferred stock, net (10,743) (12,004) 1,261 (10.5)%

Net (loss) income attributable to common stockholders $ (9,985) $ 9,106 $ (19,091) (209.7)%

Net loss attributable to common stockholders $ (23,507) $ (4,774) $ (18,733) 392.4%

NM = Not Meaningful

Other Income (Expense)

Other (Expense) Income

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

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

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

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

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

Interest expense decreased primarily due to reduced overall borrowings.

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

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

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

The weighted-average principal balance of our aggregate borrowings (excluding our cumulative term preferred stock) outstanding for the three and six months ended June 30, 2026, was approximately $473.5 million and $476.8 million, respectively, as compared to approximately $499.8 million and $503.8 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, 2026, was 3.83% and 3.82%, respectively, as compared to 3.81% and 3.80% for the respective prior-year periods.

During the six months ended June 30, 2026, we paid aggregate distributions on the Series D Term Preferred Stock of approximately $243,000, as compared to approximately $1.5 million during the prior-year period.

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

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

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

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

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

During the six months ended June 30, 2026, we recorded a net capital loss, primarily driven by the removal of permanent plantings and the disposition of certain irrigation equipment and other farm improvements.

This loss was partially offset by a net gain recognized during the three months ended June 30, 2026, on the disposition of certain irrigation equipment and other farm improvements.

During the six months ended June 30, 2025, we recorded a net capital gain, primarily driven by the sale of five farms in Florida and two farms in Nebraska, resulting in an aggregate net gain of approximately $15.7 million.

This gain was partially offset by a loss recognized during the three months ended June 30, 2025, related to the removal of permanent plantings and the disposition of certain irrigation equipment and other farm improvements.

The property and casualty loss recorded during the six months ended June 30, 2026, was primarily the result of freeze damage to a portion of an orange grove in Florida.

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.

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

During the three and six months ended June 30, 2026, we recognized income (loss) from investments in unconsolidated entities of ours that convey water to certain of our farms of approximately $73,000 and $(117,000), respectively, as compared to $(51,000) and $(186,000) 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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In addition, we currently have certain properties recently valued at a total of approximately $112.0 million that are unencumbered and eligible to be pledged as collateral.

Over 99.9% of our borrowings are currently at fixed rates, and on a weighted-average basis, these rates are fixed at an effective interest rate of 3.41% for another 2.5 years.

Approximately 95.7% of our borrowings are currently at fixed rates, and on a weighted-average basis, these rates are fixed at an effective interest rate of 3.45% for another 2.3 years.

In addition, the weighted-average remaining term of our notes and bonds payable is approximately 6.1 years.

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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 March 31, 2026 (dollars in thousands):

Below is a summary of certain of those projects for which we have incurred or accrued costs as of June 30, 2026 (dollars in thousands):

Location(s) Farm

2 unchanged sentences

Net Amount Expended

or Accrued as of

March 31, 2026

or Accrued as of June 30, 2026

Monterey, CA 329 $ 1,100 (2)

Q4 2026 $ 252

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

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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 March 31, 2026, are as follows (dollars in thousands):

Future minimum lease payments due under the remaining non-cancelable terms of these leases as of June 30, 2026, are as follows (dollars in thousands):

Period Future Lease Payments (1)

For the remaining nine months ending December 31:

For the remaining six 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 (included within Property operating expenses on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income) of approximately $26,000 for each of the three months ended March 31, 2026 and 2025.

As a result of these ground leases, we recorded lease expense (included within Property operating expenses on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income) of approximately $26,000 and $53,000 for the three and six months ended June 30, 2026 and 2025, respectively.

Cash Flow Resources

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

For the Three Months Ended March 31,

The following table summarizes total net cash flows from operating, investing, and financing activities for the six months ended June 30, 2026 and 2025 (dollars in thousands):

For the Six Months Ended June 30,

2026 2025 $ Change % Change

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Investing Activities

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

The change in cash from investing activities was primarily due to proceeds received from the sale of certain farms in Florida and Nebraska in the prior year, whereas we did not sell any farms during the six months ended June 30, 2026.

Financing Activities

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

The change in cash from financing activities was primarily due to an increase in net proceeds from common stock issuances of approximately $50.8 million and an increase in aggregate net borrowings of approximately $43.6 million, partially offset by the redemption of all outstanding shares of our Series D Term Preferred Stock in January 2026 for approximately $60.4 million and cash paid to redeem certain preferred securities of approximately $12.0 million.

MetLife Facility

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Off-Balance Sheet Arrangements

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

As of June 30, 2026, we did not have any material off-balance sheet arrangements.

NON-GAAP FINANCIAL INFORMATION

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The National Association of Real Estate Investment Trusts (“NAREIT”) developed funds from operations (“FFO”) as a relative non-GAAP supplemental measure of operating performance of an equity REIT to recognize that income-producing real estate historically has not depreciated on the same basis as determined under GAAP.

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

FFO, as defined by NAREIT, is net income (computed in accordance with GAAP), excluding gains or losses from sales of property and impairment losses on property, plus

depreciation and amortization of real estate assets, and after adjustments for unconsolidated partnerships and joint ventures.

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

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

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

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

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We believe the foregoing adjustments aid our investors’ understanding of our ongoing operational performance.

FFO, CFFO and AFFO do not represent cash flows from operating activities in accordance with GAAP, which, unlike FFO, CFFO, and AFFO, generally reflects all cash effects of transactions and other events in the determination of net income, and should not be considered an alternative to net income as an indication of our performance or to cash flows from operations as a measure of liquidity or ability to make distributions.

measure of liquidity or ability to make distributions.

Comparisons of FFO, CFFO, and AFFO, using the NAREIT definition for FFO and the definitions above for CFFO and AFFO, to similarly-titled measures for other REITs may not necessarily be meaningful due to possible differences in the definitions used by such REITs.

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

We believe that diluted earnings per share is the most

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

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

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

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

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

For the Three Months Ended March 31,

The following table provides a reconciliation of our FFO, CFFO, and AFFO for the three and six months ended June 30, 2026 and 2025 to the most directly-comparable GAAP measure, net income, and a computation of diluted FFO, CFFO, and AFFO per share, using the weighted-average number of total shares (including shares of our common stock and, if and when outstanding, OP Units held by non-controlling OP Unitholders) outstanding during the respective periods (dollars in thousands, except per-share amounts):

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

2026 2025 2026 2025

Net (loss) income $ (8,460) $ (7,878) $ (12,764) $ 7,230

1 unchanged sentence

(5,063) (6,002) (10,743) (12,004)

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

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

Real estate and intangible depreciation and amortization 7,886 8,374 18,255 16,803

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

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

Impairment charges 4,194 — 5,078 —

1 unchanged sentence

FFO available to common stockholders $ (1,930) $ (3,346) $ (144) $ (1,207)

Acquisition- and disposition-related expenses, net 30 21

Other nonrecurring charges, net (3)

Acquisition- and disposition-related (credits) expenses, net (5) (28) 26 (7)

Other nonrecurring charges (receipts), net (3)

274 (188) 400 (15)

CFFO available to common stockholders $ (1,661) $ (3,562) $ 282 $ (1,229)

2 unchanged sentences

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

(823) 49 (1,006) 178

AFFO available to common stockholders $ (1,585) $ (3,450) $ 1,519 $ (1,415)

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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, (iii) costs incurred during the three months ended March 31, 2026, related to the redemption of our Series D Term Preferred Stock, and (iv) for 2025 only, the capital gains fee recorded during the three months ended March 31, 2025.

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

(3) Consists primarily of (i) for 2026 only, the write-off of certain unallocated costs related to a prior universal registration statement, (ii) 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, (iii) for 2026 only, costs incurred during the three months ended March 31, 2026, related to the redemption of our Series D Term Preferred Stock, (iv) one-time legal costs incurred related to certain corporate organizational matters, and (v) for 2025 only, the capital gains fee and subsequent adjustment recorded during the six months ended June 30, 2025, which was not due until after the end of the fiscal year and was 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