Farmland Partners Inc.

The following risk factor supplements the risk factors described under “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 20, 2025, and should be read in conjunction with the other risk factors presented in the Annual Report on Form 10-K.

Risk of ongoing federal government shutdown and potential further funding lapses.

As of the date of this report, the U.S. federal government is in a partial shutdown due to a lapse in congressional appropriations. This shutdown has resulted in furloughs of certain federal employees and the suspension or delay of various agency activities, including within the U.S. Department of Agriculture (“USDA”) and other agencies that administer programs relevant to U.S. agriculture and farmland ownership.

Because our business involves owning and leasing farmland, our tenants and our properties may be directly or indirectly affected by the suspension or delay of federal programs such as crop insurance processing, commodity and conservation program payments, disaster relief assistance and loan guarantees. Delays in these programs could impair the liquidity of our tenants, increase their credit risk, or adversely affect their ability to make rent payments when due. A prolonged or recurrent shutdown could also delay the release of key agricultural and economic data, impede agency approvals or inspections, and heighten uncertainty in agricultural markets.

Although prior shutdowns have typically been resolved within a few weeks and their overall economic impacts have been limited, there can be no assurance as to the duration or ultimate effects of the current shutdown or the possibility of additional funding lapses in the future. Management continues to monitor developments closely and to evaluate potential risks and mitigation measures.