Farmland Partners Inc.

Stockholders and the Board of Directors of Farmland Partners Inc.

Denver, Colorado

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheet of Farmland Partners Inc. (the "Company") as of December 31, 2025, the related consolidated statements of operations, comprehensive income, equity, and cash flows, and the related notes and schedule (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provided a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Impairment of Real Estate Assets for Certain Properties

During the year ended December 31, 2025, the Company recognized impairment of certain real estate assets of $17.8 million. As described in Note 1, Organization and Significant Accounting Policies, the Company evaluates its real estate assets for impairment indicators whenever events bring recoverability of the carrying value of one or more assets into question. If such events are present, the Company estimates the total undiscounted cash flows of the asset, including proceeds from disposition, and compares them to the net book value of the asset. If this evaluation indicates the carrying value is not recoverable, an impairment loss is recorded in earnings equal to the amount by which the carrying value exceeds the estimated fair value of the asset. During the year ended December 31, 2025, due to crop and water dynamics as discussed in Note 1, impairment indicators arose for certain real estate properties, and management performed an analysis to determine cost recoverability and measure the resulting impairment.

The principal considerations for our determination that auditing management’s evaluation of impairment of real estate assets for these properties is a critical audit matter are that there was a high degree of auditor judgment, subjectivity, and effort necessary to evaluate management's estimated cash flows of the affected properties, which is driven by estimated proceeds from disposition. Additionally, we utilized individuals with specialized skills and knowledge to evaluate external market data in connection with our procedures.

Our audit procedures related to this matter included the following:

/s/Crowe LLP

We have served as the Company's auditor since 2025.

Los Angeles, California

February 19, 2026

To the Stockholders and Board of Directors

Farmland Partners Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheet of Farmland Partners Inc. (the “Company”) as of December 31, 2024; the related consolidated statements of operations, comprehensive income, equity, and cash flows the year ended December 31, 2024; and the related notes and schedule (collectively referred to as the “financial statements”). In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and the results of its operations and its cash flows for the year ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

The Company's management is responsible for these financial statements. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (the “PCAOB”) and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ Plante & Moran, PLLC

We served as the Company’s auditor from 2018 through 2025.

Denver, Colorado

February 20, 2025