Farmland Partners Inc.

Previous wording

Our primary strategic objective is to utilize our position as a leading institutional acquirer, owner and manager of high-quality farmland located in agricultural markets throughout North America to deliver strong risk adjusted returns to investors through a combination of cash dividends and asset appreciation. As of March 31, 2026, we owned farms with an aggregate of approximately 70,400 acres in Arkansas, California, Colorado, Illinois, Indiana, Louisiana, Missouri, Nebraska, South Carolina, Texas and West Virginia. In addition, as of March 31, 2026, we owned land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand. As of March 31, 2026, approximately 60% of our portfolio (by value) was used to grow primary crops, such as corn, soybeans, wheat, rice and cotton, and approximately 40% was used to produce specialty crops, such as almonds, pistachios, citrus, avocados, strawberries, and edible beans. We believe our portfolio gives investors the economic benefit of increasing global food demand in the face of growing scarcity of high-quality farmland and will continue to reflect the approximate allocation of

Current wording

Our primary strategic objective is to utilize our position as a leading institutional acquirer, owner and manager of high-quality farmland located in agricultural markets throughout North America to deliver strong risk adjusted returns to investors through a combination of cash dividends and asset appreciation. As of June 30, 2026, we owned farms with an aggregate of approximately 70,100 acres in Arkansas, California, Colorado, Illinois, Indiana, Louisiana, Missouri, Nebraska, South Carolina, Texas and West Virginia. In addition, as of June 30, 2026, we owned land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand. As of June 30, 2026, approximately 60% of our portfolio (by value) was used to grow primary crops, such as corn, soybeans, wheat, rice and cotton, and approximately 40% was used to produce specialty crops, such as almonds, pistachios, citrus, avocados, strawberries, and edible beans. We believe our portfolio gives investors the economic benefit of increasing global food demand in the face of growing scarcity of high-quality farmland and will continue to reflect the approximate allocation of

Previous wording

FPI was incorporated in Maryland on September 27, 2013, and is the sole member of the sole general partner of the Operating Partnership, which is a Delaware limited partnership that was formed on September 27, 2013. All of FPI’s assets are held by, and its operations are primarily conducted through, the Operating Partnership and its wholly owned subsidiaries. As of March 31, 2026, FPI owned 99.1% of the Common units and none of the Series A preferred units. See “Note 9—Stockholders’ Equity and Non-controlling Interests” within the notes to the consolidated financial statements included in this Quarterly Report on Form 10-Q for additional information regarding the non-controlling interests.

Current wording

FPI was incorporated in Maryland on September 27, 2013, and is the sole member of the sole general partner of the Operating Partnership, which is a Delaware limited partnership that was formed on September 27, 2013. All of FPI’s assets are held by, and its operations are primarily conducted through, the Operating Partnership and its wholly owned subsidiaries. As of June 30, 2026, FPI owned 99.3% of the Common units and none of the Series A preferred units. See “Note 9—Stockholders’ Equity and Non-controlling Interests” within the notes to the consolidated financial statements included in this Quarterly Report on Form 10-Q for additional information regarding the non-controlling interests.

Previous wording

We intend to continue acquiring additional farmland that we believe provides opportunities for risk-adjusted investment returns consistent with our primary strategic objective. We also intend to continue to selectively dispose of assets when we believe we can redeploy the proceeds from such sales in a manner that enhances stockholder returns. We also may acquire, and make loans secured by mortgages on, properties related to farming, such as grain storage facilities, grain elevators, feedlots, processing plants and distribution centers, as well as livestock farms or ranches. In addition, we engage directly in farming, and provide volume purchasing services to our tenant, through FPI Agribusiness Inc., our taxable REIT subsidiary (the “TRS” or “FPI Agribusiness”). As of March 31, 2026, the TRS directly operated 1,845 acres of farmland located in California.

Current wording

We intend to continue acquiring additional farmland that we believe provides opportunities for risk-adjusted investment returns consistent with our primary strategic objective. We also intend to continue to selectively dispose of assets when we believe we can redeploy the proceeds from such sales in a manner that enhances stockholder returns. We also may acquire, and make loans secured by mortgages on, properties related to farming, such as grain storage facilities, grain elevators, feedlots, processing plants and distribution centers, as well as livestock farms, ranches, and non-agricultural properties. In addition, we engage directly in farming, and provide volume purchasing services to our tenant, through FPI Agribusiness Inc., our taxable REIT subsidiary (the “TRS” or “FPI Agribusiness”). As of June 30, 2026, the TRS directly operated 1,818 acres of farmland located in California.

Previous wording

Despite advances in income, according to “The State of Food Security and Nutrition in the World 2025,” a report by the United Nations Food and Agriculture Organization, 2.3 billion people were facing moderate to severe food insecurity in 2024. In particular, the disruption in farming operations in Ukraine as a result of the ongoing war in Ukraine has stressed the food supply for many countries that depend on imports of agricultural products from the region, such as Egypt (wheat for food products) and China (corn for livestock). The Russian Federation is also a major exporter of fertilizers and trade restrictions have hampered the flow of fertilizers to countries dependent on imports from the Black Sea region. The conflict in Iran and the blockade of the Strait of Hormuz have also caused a major disruption in fertilizer exports from the region, as well as a significant increase in fuel prices. United States farmers, including our tenants, however, generally source the majority of fertilizers from the United States and Canada.

Current wording

Despite advances in income, according to “The State of Food Security and Nutrition in the World 2026,” a report by the United Nations Food and Agriculture Organization, 2.1 billion people were facing moderate to severe food insecurity in 2025. In particular, the disruption in farming operations in Ukraine as a result of the ongoing war in Ukraine has stressed the food supply for many countries that depend on imports of agricultural products from the region, such as Egypt (wheat for food products) and China (corn for livestock). The Russian Federation is also a major exporter of fertilizers and trade restrictions have hampered the flow of fertilizers to countries dependent on imports from the Black Sea region. The conflict in Iran and the blockade of the Strait of Hormuz have also caused a major disruption in fertilizer exports from the region, as well as a significant increase in fuel prices. United States farmers, including our tenants, however, generally source the majority of fertilizers from the United States and Canada.

Previous wording

We believe quality farmland in the United States has a near-zero vacancy rate as a result of the supply and demand fundamentals discussed above. We believe that due to the relatively high fixed costs associated with farming operations (including equipment, labor and knowledge), many farm operators choose to rent additional acres of farmland when it becomes available in order to allocate their fixed costs over additional acres. Our view is that rental rates for farmland are a function of farmland operators’ view of the long-term profitability of farmland, and that many farm operators will compete for farmland even during periods of decreased profitability due to the scarcity of farmland available to rent. Furthermore, because it is generally customary in the industry to provide the existing tenant with the opportunity to re-lease the land at the end of each lease term, we believe that many farm operators will rent additional land that becomes available in order to control the ability to farm that land in future periods. As a result, in our experience, many farm operators will aggressively pursue rental opportunities in their operable geographic area, even when the farmer anticipates lower profits returns or even short-term losses.

Current wording

We believe quality farmland in the United States has a near-zero vacancy rate as a result of the supply and demand fundamentals discussed above. We believe that due to the relatively high fixed costs associated with farming operations (including equipment, labor and knowledge), many farm operators choose to rent additional acres of farmland when it becomes available in order to allocate their fixed costs over additional acres. Our view is that rental rates for farmland are a function of farmland operators’ view of the long-term profitability of farmland, and that many farm operators will compete for farmland even during periods of decreased profitability due to the scarcity of farmland available to rent. Furthermore, because it is generally customary in the industry to provide the existing tenant with the opportunity to re-lease the land at the end of each lease term, we believe that many farm operators will rent additional land that becomes available in order to control the ability to farm that land in future periods. As a result, in our experience, many farm operators will aggressively pursue rental opportunities in their operable geographic area, even when the farmer anticipates lower returns or even short-term losses.

Previous wording

High levels of inflation prompted the Board of Governors of the United States Federal Reserve (the “Federal Reserve”) to increase the federal funds rate eleven times between March 2022 and July 2023, which led to a significant increase in market short- and long-term interest rates beginning in early 2022. This increase in rates significantly increased the cost of our floating rate debt and also significantly increased the cost of certain of our MetLife debt with interest rates that have been reset since the beginning of 2022. The Federal Reserve lowered the federal funds rate in September, November and December 2024 and in September, October and December 2025. We anticipate future rate cuts, if any, will have a favorable impact on the cost of debt for the Company moving forward. However, interest rates remain high relative to the recent past, and the Federal Reserve’s plans are subject to numerous uncertainties.

Current wording

High levels of inflation prompted the Board of Governors of the United States Federal Reserve (the “Federal Reserve”) to increase the federal funds rate eleven times between March 2022 and July 2023, which led to a significant increase in market short- and long-term interest rates beginning in early 2022. This increase in rates significantly increased the cost of our floating rate debt and also significantly increased the cost of certain of our MetLife debt with interest rates that have been reset since the beginning of 2022. The Federal Reserve lowered the federal funds rate in September, November and December 2024 and in September, October and December 2025. Since the beginning of 2026, the Federal Reserve has maintained the target range for the federal funds rate while indicating that future monetary policy decisions will depend on evolving economic conditions, including inflation, labor market conditions and other economic data. Future changes in benchmark interest rates, whether increases or decreases, could affect our borrowing costs, the borrowing costs of our tenants and the value of our farmland. However, interest rates remain elevated relative to the recent past, and the timing and magnitude of any future changes in monetary policy remain uncertain.

Previous wording

As of March 31, 2026, $134.9 million of our outstanding indebtedness was subject to interest rates that reset before maturity (excluding our floating rate debt). As of January 1, 2026, $26.2 million was subject to interest rates that reset in 2026. The weighted average interest rate of the indebtedness subject to interest rate resets in 2026 was 5.64%. As of March 31, 2026, $19.3 million had been reset at a weighted average interest rate of 5.19%.

Current wording

As of June 30, 2026, $134.9 million of our outstanding indebtedness was subject to interest rates that reset before maturity (excluding our floating rate debt). As of January 1, 2026, $26.2 million was subject to interest rates that reset in 2026. The weighted average interest rate of the indebtedness subject to interest rate resets in 2026 was 5.64%. As of June 30, 2026, all $26.2 million had been reset at a weighted average interest rate of 5.25%.

Previous wording

At March 31, 2026, $76.1 million, or 32.7%, of our debt had variable interest rates. The Company had an interest rate swap agreement with Rabobank for $4.9 million. The agreement expired on March 1, 2026 (see “Note 10—Hedge Accounting”).

Current wording

At June 30, 2026, $68.1 million, or 30.3%, of our debt had variable interest rates. The Company had an interest rate swap agreement with Rabobank for $4.9 million. The agreement expired on March 1, 2026 (see “Note 10—Hedge Accounting”).

Previous wording

While the ongoing uncertainty around terms of international trade, including the impact of tariffs on the export of U.S. soybeans to China and the wars in Ukraine and Iran and other geopolitical tensions, has introduced uncertainty around crop pricing and therefore farmer profitability, we believe that the significant role of U.S. crop production vis-a-vis global

Current wording

While the ongoing uncertainty around terms of international trade, including the impact of tariffs on the export of U.S. soybeans to China and the wars in Ukraine and Iran and other geopolitical tensions, has introduced uncertainty around crop pricing and therefore farmer profitability, we believe that the significant role of U.S. crop production vis-a-vis global food demand will generally lead to only temporary dislocations in crop supply chains for the major commodity crops, and therefore farmland values will not be significantly impacted.

Previous wording

Our net income for the three months ended March 31, 2026 was primarily affected by dispositions that occurred in 2025 and 2026, as well as lower proceeds from a solar lease arrangement with a tenant and crop sales and a higher provision for credit loss allowance, partially offset by higher interest income and lower cost of goods sold and general and administrative expenses.

Current wording

The reduction in our net income for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 was primarily the result of dispositions that occurred in 2025 and 2026, as well as lower crop sales, partially offset by higher interest income, and lower cost of goods sold, general and administrative expenses and impairment.

Previous wording

Depreciation, depletion and amortization decreased $0.3 million, or 22.4%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This decrease was a result of asset dispositions in 2025 and 2026 and a lower cost basis on assets impaired during the year ended December 31, 2025.

Current wording

Depreciation, depletion and amortization decreased $0.2 million, or 19.9%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This decrease was largely due to asset dispositions in 2025 and 2026 and a lower cost basis on assets impaired during the year ended December 31, 2025.

Previous wording

Property operating expenses decreased $0.3 million, or 17.8%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, resulting primarily from lower tax, repairs and maintenance, insurance and travel expenses primarily due to dispositions that occurred in 2025 and 2026.

Current wording

Property operating expenses decreased $0.2 million, or 11.1%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, resulting primarily from lower tax, repairs and maintenance and insurance primarily due to dispositions that occurred in 2025 and 2026.

Previous wording

Provision for credit loss allowance increased $1.8 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This increase was primarily the result of updated assumptions on the allowance for credit losses on loans under the FPI Loan Program and financing receivables.

Current wording

Provision for credit loss allowance increased $0.8 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This increase was primarily the result of updated assumptions on the allowance for credit losses and increases in principal balances on loans under the FPI Loan Program. See “Note 6—Loans and Financing Receivables” within the notes to the consolidated financial statements included in this Quarterly Report on Form 10-Q for additional information regarding the provision for credit loss allowance.

Previous wording

General and administrative expenses decreased $0.6 million, or 24.5%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, resulting primarily from lower compensation and travel expense due to the sale of MWA in November 2025.

Current wording

General and administrative expenses decreased $0.7 million, or 29.9%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, resulting primarily from lower compensation and travel expense due to the sale of MWA in November 2025.

Previous wording

Other income remained relatively flat at less than $0.1 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively.

Current wording

Other income remained relatively flat at $0.0 million and $0.1 million for the three months ended June 30, 2026 and 2025, respectively.

Previous wording

(Income) loss from equity method investment was negligible during the three months ended March 31, 2026 and remained relatively consistent compared to the three months ended March 31, 2025.

Current wording

Income from equity method investment was negligible during the three months ended June 30, 2026 and remained relatively consistent compared to the three months ended June 30, 2025.

Previous wording

(Gain) loss on disposition of assets, net decreased $1.0 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to the farmland value on properties sold relative to book value during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. During the three

Current wording

Gain on disposition of assets, net decreased $20.7 million, or 85.4%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to the farmland value on properties sold relative to book value during the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. During the three months ended June 30, 2026, we completed the disposition of one property for consideration of approximately $7.0 million and recognized a gain on sale of $3.5 million. We completed dispositions of 32 properties for aggregate consideration of $71.6 million and recognized an aggregate gain on sale of $24.2 million during the three months ended June 30, 2025.

Previous wording

Rental income decreased $0.7 million, or 9.7%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, resulting primarily from dispositions that occurred in 2025 and 2026 and lower proceeds from a solar lease arrangement with a tenant compared to the three months ended March 31, 2025, as the prior-year period included certain non-recurring amounts.

Current wording

Rental income decreased $1.0 million, or 7.6%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, resulting primarily from dispositions that occurred in 2025 and 2026 and lower proceeds from a solar lease arrangement with a tenant compared to the six months ended June 30, 2025, as the prior-year period included certain non-recurring amounts.

Previous wording

Other revenue increased $1.1 million, or 45.4%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This increase was due to additional interest income as a result of a higher average balance on loans under the FPI Loan Program and financing receivables as well as amortization of points and increased oil and gas royalties. These increases were partially offset by lower auction, brokerage and third-party management income due to the sale of MWA in the fourth quarter of 2025.

Current wording

Other revenue increased $1.2 million, or 24.8%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This increase was due to additional interest income as a result of a higher average balance on loans under the FPI Loan Program and financing receivables as well as amortization of points and increased oil and gas royalties. These increases were partially offset by lower auction, brokerage and third-party management income due to the sale of MWA in the fourth quarter of 2025.

Previous wording

Despite cuts in the federal funds rate by the Federal Reserve in September, November and December 2024 and in September, October and December 2025, interest rates remain high relative to the recent past. We expect to meet our liquidity needs through cash on hand, undrawn availability under our lines of credit ($114.4 million in availability as of March 31, 2026), operating cash flows, borrowings, proceeds from equity issuances and selective asset dispositions where such dispositions are deemed to be in the best interests of the Company. The Company also has an effective shelf-registration statement that it may use to issue equity or debt securities to raise capital from time to time.

Current wording

Despite cuts in the federal funds rate by the Federal Reserve in September, November and December 2024 and in September, October and December 2025, interest rates remain high relative to the recent past. We expect to meet our liquidity needs through cash on hand, undrawn availability under our lines of credit ($122.4 million in availability as of June 30, 2026), operating cash flows, borrowings, proceeds from equity issuances and selective asset dispositions where such dispositions are deemed to be in the best interests of the Company. The Company also has an effective shelf-registration statement that it may use to issue equity or debt securities to raise capital from time to time.

Previous wording

When material debt repayments are due within the following 12 months, we work with current and new lenders and other potential sources of capital sufficiently in advance of the debt maturity to ensure that all of our obligations are satisfied in a timely manner. We have a history of being able to refinance or extend our debt obligations to manage our debt maturities. Our ability to access the equity capital markets will depend on a number of factors as well, including general market conditions. As of March 31, 2026, we had $19.3 million in debt maturities due within the next 12 months.

Current wording

When material debt repayments are due within the following 12 months, we work with current and new lenders and other potential sources of capital sufficiently in advance of the debt maturity to ensure that all of our obligations are satisfied in a timely manner. We have a history of being able to refinance or extend our debt obligations to manage our debt maturities. Our ability to access the equity capital markets will depend on a number of factors as well, including general market conditions. As of June 30, 2026, we had $26.2 million in debt maturities due within the next 12 months.

Previous wording

During the three months ended March 31, 2026, we repurchased no shares of our common stock under our share repurchase program. As of March 31, 2026, we had authority to repurchase up to an aggregate of $17.9 million in additional shares of our common stock.

Current wording

During the six months ended June 30, 2026, we repurchased no shares of our common stock under our share repurchase program. As of June 30, 2026, we had authority to repurchase up to an aggregate of $17.9 million in additional shares of our common stock.

Previous wording

For further details relating to our consolidated indebtedness as of March 31, 2026, refer to “Note 7—Mortgage Notes, Line of Credit and Bonds Payable” included in the financial statement section of this Quarterly Report on Form 10-Q.

Current wording

For further details relating to our consolidated indebtedness as of June 30, 2026, refer to “Note 7—Mortgage Notes, Lines of Credit and Bonds Payable” included in the financial statement section of this Quarterly Report on Form 10-Q.

Previous wording

The following table summarizes our cash flows for the three months ended March 31, 2026 and 2025:

Current wording

The following table summarizes our cash flows for the six months ended June 30, 2026 and 2025:

Previous wording

As of March 31, 2026, we had $17.7 million of cash and cash equivalents compared to $21.7 million at March 31, 2025.

Current wording

As of June 30, 2026, we had $11.4 million of cash and cash equivalents compared to $51.1 million at June 30, 2025.

Previous wording

Net cash and cash equivalents provided by operating activities increased by $1.9 million primarily as a result of the following:

Current wording

Net cash and cash equivalents provided by operating activities increased by $1.0 million primarily as a result of the following:

Previous wording

Net cash and cash equivalents provided by investing activities increased by $11.9 million primarily as a result of the following:

Current wording

Net cash and cash equivalents provided by investing activities decreased by $46.6 million primarily as a result of the following:

Previous wording

Net cash and cash equivalents (used in) financing activities decreased by $51.4 million primarily as a result of the following:

Current wording

Net cash and cash equivalents (used in) financing activities decreased by $75.1 million primarily as a result of the following: