UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~March~~June 3130, 2025

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-36405

FARMLAND PARTNERS INC.

(Exact Name of Registrant as Specified in its Charter)


Maryland		46-3769850
(State or Other Jurisdiction of Incorporation or Organization)		(IRS Employer Identification No.)

4600 South Syracuse Street, Suite 1450 Denver, Colorado		80237-2766
(Address of Principal Executive Offices)		(Zip Code)

(720) 452-3100

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	FPI	New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☒

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of ~~May~~July 218, 2025, 4544,~~990~~164,~~035~~368 shares of the Registrant’s common stock (4744,~~193~~913,~~374~~381 on a fully diluted basis, including 1749,~~203,339~~013 Common Units of limited partnership interests in the registrant’s operating partnership) were outstanding.

Table of Contents

Farmland Partners Inc.

FORM 10-Q FOR THE QUARTER ENDED

~~March~~June 3130, 2025

TABLE OF CONTENTS

9



PART I. FINANCIAL INFORMATION		Page

Item 1.	Financial Statements
	Consolidated Financial Statements
	Balance Sheets as of ~~March~~June 3130, 2025 (unaudited) and December 31, 2024	3
	Statements of Operations for the three and six months ended ~~March~~June 3130, 2025 and 2024 (unaudited)	4
	Statements of Comprehensive Income (Loss) for the three and six months ended ~~March~~June 3130, 2025 and 2024 (unaudited)	5
	Statements of Changes in Equity for the three and six months ended ~~March~~June 3130, 2025 and 2024 (unaudited)	6
	Statements of Cash Flows for the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024 (unaudited)	8
	Notes to Consolidated Financial Statements (unaudited)	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	33
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	4849
Item 4.	Controls and Procedures	4849

PART II. OTHER INFORMATION		4850

Item 1.	Legal Proceedings	4850
Item 1A.	Risk Factors	4950
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	4950
Item 3.	Defaults Upon Senior Securities	4951
Item 4.	Mine Safety Disclosures	5051
Item 5.	Other Information	5051
Item 6.	Exhibits	5051

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Farmland Partners Inc.

Consolidated Balance Sheets

As of ~~March~~June 3130, 2025 (Unaudited) and December 31, 2024

(in thousands, except par value and share data)


	~~March~~June 3130,		December 31,
	2025		2024
ASSETS
Land, at cost	$	~~644~~594,~~148~~507	$	645,592
Grain facilities		7,~~701~~476		7,714
Groundwater		118,~~033~~858		11,033
Irrigation improvements		2823,~~535~~532		28,890
Drainage improvements		87,~~243~~273		8,243
Permanent plantings		3927,~~684~~138		42,461
Other		3,~~942~~953		3,983
Construction in progress		1,~~499~~359		1,484
Real estate, at cost		~~744~~674,~~785~~096		749,400
Less accumulated depreciation		(3025,~~690~~525)		(31,557)
Total real estate, net		~~714~~648,~~095~~571		717,843
Deposits		11		—
Cash and cash equivalents		51,073		78,441
Cash and cash equivalents		21,650		78,441
Assets held for sale		23		61
Assets held for sale		25		61
Loans and financing receivables, net		64,066		55,305
Loans and financing receivables, net		58,954		55,305
Right of use asset, net		641		194
Right of use asset, net		167		194
Accounts receivable, net		470		3,199
Accounts receivable, net		2,758		3,199
Derivative asset		428		498
Derivative asset		230		498
Inventory		2,591		2,659
Inventory		2,871		2,659
Equity method investments		4,053		4,101
Equity method investments		4,050		4,101
Intangible assets, net		1,364		1,374
Intangible assets, net		1,369		1,374
Goodwill		2,706		2,706
Prepaid and other assets		~~1,579~~685		2,179
TOTAL ASSETS	$	~~810~~776,~~465~~671	$	868,560

LIABILITIES AND EQUITY
LIABILITIES
Mortgage notes and bonds payable, net	$	~~201~~192,~~803~~747	$	203,683
Lease liability		~~167~~641		194
Dividends payable		2,~~890~~763		57,253
Accrued interest		2,~~443~~326		3,062
Accrued property taxes		1,~~835~~224		1,650
Deferred revenue		~~6,198~~175		65
Accrued expenses		32,~~182~~795		6,096
Total liabilities		~~218~~202,~~518~~671		272,003

Commitments and contingencies (See Note 8)

Redeemable non-controlling interest in operating partnership, Series A preferred units		99100,~~743~~485		101,970

EQUITY
Common stock, $0.01 par value, 500,000,000 shares authorized; 45,990,036 shares issued and outstanding at March 31, 2025, and 45,931,827 shares issued and outstanding at December 31, 2024		460		459
Common stock, $0.01 par value, 500,000,000 shares authorized; 44,344,606 shares issued and outstanding at June 30, 2025, and 45,931,827 shares issued and outstanding at December 31, 2024		443		459
Additional paid in capital		~~551~~533,~~547~~422		551,994
Retained earnings		8996,~~648~~507		88,352
Cumulative dividends		(~~163~~165,~~169~~829)		(160,406)
Other comprehensive income		1,~~107~~068		1,512
Non-controlling interests in operating partnership		127,~~611~~904		12,676
Total equity		~~492~~473,~~204~~515		494,587

TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS IN OPERATING PARTNERSHIP AND EQUITY	$	~~810~~776,~~465~~671	$	868,560

See accompanying notes.

Table of Contents

Farmland Partners Inc.

Consolidated Statements of Operations

For the three and six months ended ~~March~~June 3130, 2025 and 2024

(Unaudited)

(in thousands, except per share amounts)


	For the Three Months Ended				For the Six Months Ended
	~~March~~June 3130,				June 30,
	2025		2024		2025		2024
OPERATING REVENUES:
Rental income	$	6,~~970~~024	$	109,~~207~~539	$	12,994	$	19,746
Crop sales		~~847~~1,439		~~660~~935		2,286		1,595
Other revenue		2,~~435~~497		~~1,123~~971		4,932		2,094
Total operating revenues		109,~~252~~960		11,~~990~~445		20,212		23,435

OPERATING EXPENSES
Depreciation, depletion and amortization		1,~~173~~130		1,~~481~~430		2,303		2,911
Property operating expenses		1,~~480~~606		1,~~798~~870		3,086		3,668
Cost of goods sold		~~664~~1,464		~~541~~761		2,128		1,302
Acquisition and due diligence costs		5(3)		27—		2		27
General and administrative expenses		2,~~621~~413		23,~~627~~737		5,034		6,364
Legal and accounting		~~444~~657		~~333~~407		1,101		740
Other operating expenses		12		36
Impairment of assets		16,821		—		16,821		—
Total operating expenses		6,399		6,843
Other operating expenses		5		—		17		36

Total operating expenses		24,093		8,205		30,492		15,048
OTHER (INCOME) EXPENSE:

Other (income)		(133)		(120)
OTHER (INCOME) EXPENSE:
(Income) loss from equity method investment		1		(77)
Other (income) expense		(123)		52		(256)		(68)
(Gain) loss on disposition of assets, net		(763)		86
(Income) from equity method investment		(3)		(18)		(2)		(95)
(Income) from forfeited deposits		—		(1,205)
(Gain) loss on disposition of assets, net		(24,228)		10		(24,991)		96
Interest expense		2,638		5,036
(Income) from forfeited deposits		—		—		—		(1,205)
Total other expense		1,743		3,720
Interest expense		2,437		5,249		5,075		10,285

Total other (income) expense		(21,917)		5,293		(20,174)		9,013
Net income before income tax expense		2,110		1,427


Net income (loss) before income tax (benefit) expense		7,784		(2,053)		9,894		(626)
Income tax expense		17		19


Income tax (benefit) expense		(8)		(1)		9		18
NET INCOME		2,093		1,408


NET INCOME (LOSS)		7,792		(2,052)		9,885		(644)
Net (income) attributable to non-controlling interests in operating partnership		(54)		(35)


Net (income) loss attributable to non-controlling interests in operating partnership		(190)		50		(244)		15
Net income attributable to the Company		2,039		1,373


Net income (loss) attributable to the Company		7,602		(2,002)		9,641		(629)
Dividend equivalent rights allocated to performance-based unvested restricted shares		(4)		(2)

Nonforfeitable distributions allocated to time-based unvested restricted shares		(20)		(22)
Dividend equivalent rights allocated to performance-based unvested restricted shares		(4)		(2)		(8)		(4)
Distributions on Series A Preferred Units		(743)		(743)
Nonforfeitable distributions allocated to time-based unvested restricted shares		(19)		(22)		(39)		(44)

Distributions on Series A Preferred Units		(743)		(743)		(1,486)		(1,486)
Net income available to common stockholders of Farmland Partners Inc.	$	1,272	$	606


Net income (loss) available to common stockholders of Farmland Partners Inc.	$	6,836	$	(2,769)	$	8,108	$	(2,163)
Basic and diluted per common share data:

Basic net income available to common stockholders	$	0.03	$	0.01
Basic and diluted per common share data:
Diluted net income available to common stockholders	$	0.03	$	0.01
Basic net income (loss) available to common stockholders	$	0.15	$	(0.06)	$	0.18	$	(0.05)
Basic weighted average common shares outstanding		45,590		47,704
Diluted net income (loss) available to common stockholders	$	0.14	$	(0.06)	$	0.18	$	(0.05)
Diluted weighted average common shares outstanding		45,590		47,704
Basic weighted average common shares outstanding		45,248		47,798		45,418		47,751
Dividends declared per common share	$	0.06	$	0.06
Diluted weighted average common shares outstanding		53,984		47,798		54,184		47,751
Dividends declared per common share	$	0.06	$	0.06	$	0.12	$	0.12

See accompanying notes.

Table of Contents

Farmland Partners Inc.

Consolidated Statements of Comprehensive Income (Loss)

For the three and six months ended ~~March~~June 3130, 2025 and 2024

(Unaudited)

(in thousands)


	For the Three Months Ended				For the Six Months Ended
	~~March~~June 3130,				June 30,
	2025		2024		2025		2024
Net income	$	2,093	$	1,408
Net income (loss)	$	7,792	$	(2,052)	$	9,885	$	(644)
Amortization of other comprehensive income		(97318)		—		(416)		—
Net change associated with current period hedging activities		(~~308~~39)		~~(215)~~44		(28)		(170)
Comprehensive income		1,688		1,193
Comprehensive income (loss)		7,435		(2,008)		9,441		(814)
Comprehensive (income) attributable to non-controlling interests		(54)		(35)
Comprehensive (income) loss attributable to non-controlling interests		(190)		50		(244)		15
Comprehensive income attributable to Farmland Partners Inc.	$	1,634	$	1,158
Comprehensive income (loss) attributable to Farmland Partners Inc.	$	7,245	$	(1,958)	$	9,197	$	(799)

See accompanying notes.

Table of Contents

Farmland Partners Inc.

Consolidated Statements of Changes in Equity and Other Comprehensive Income

For the three and six months ended ~~March~~June 3130, 2025 (Unaudited)

(in thousands)


	Stockholders’ Equity
	Common Stock											Non-controlling
				Additional						Other		Interests in
				Paid in		Retained		Cumulative		Comprehensive		Operating		Total
	Shares	Par Value		Capital		Earnings		Dividends		Income		Partnership		Equity
Balance at December 31, 2024	45,932	$	459	$	551,994	$	88,352	$	(160,406)	$	1,512	$	12,676	$	494,587
Net income	—		—		—		2,039		—		—		54		2,093
Grant of unvested restricted stock	145		2		—		—		—		—		—		2
Shares withheld for income taxes on vesting of equity-based compensation	(24)		—		(273)		—		—		—		—		(273)
Stock-based compensation	—		—		519		—		—		—		—		519
Dividends accrued and paid	—		—		—		(743)		(2,763)		—		(72)		(3,578)
Net change associated with current period hedging transactions	—		—		—		—		—		(405)		—		(405)
Common stock repurchased and cancellation of shares	(63)		(1)		(740)		—		—		—		—		(741)
Adjustments to non-controlling interests resulting from changes in ownership of operating partnership	—		—		47		—		—		—		(47)		—
Balance at March 31, 2025	45,990	$	460	$	551,547	$	89,648	$	(163,169)	$	1,107	$	12,611	$	492,204
Net income	—		—		—		7,602		—		—		190		7,792
Stock-based compensation	—		—		528		—		—		—		—		528
Dividends accrued and paid	—		—		—		(743)		(2,660)		—		(45)		(3,448)
Conversion of common units to shares of common stock	454		4		7,645		—		—		—		(7,649)		—
Net change associated with current period hedging transactions	—		—		—		—		—		(39)		—		(39)
Common stock repurchased and cancellation of shares	(2,099)		(21)		(23,501)		—		—		—		—		(23,522)
Adjustments to non-controlling interests resulting from changes in ownership of operating partnership	—		—		(2,797)		—		—		—		2,797		—
Balance at June 30, 2025	44,345	$	443	$	533,422	$	96,507	$	(165,829)	$	1,068	$	7,904	$	473,515

See accompanying notes.

Table of Contents

Farmland Partners Inc.

Consolidated Statements of Changes in Equity and Other Comprehensive Income

For the three and six months ended ~~March~~June 3130, 2024 (Unaudited)

(in thousands)


	Stockholders’ Equity
	Common Stock											Non-controlling
				Additional						Other		Interests in
				Paid in		Retained		Cumulative		Comprehensive		Operating		Total
	Shares	Par Value		Capital		Earnings		Dividends		Income		Partnership		Equity
Balance at December 31, 2023	48,003	$	482	$	577,237	$	31,411	$	(95,939)	$	2,691	$	12,958	$	528,840
Net income	—		—		—		1,373		—		—		35		1,408
Issuance of stock	3		—		34		—		—		—		—		34
Grant of unvested restricted stock	165		—		—		—		—		—		—		—
Shares withheld for income taxes on vesting of equity-based compensation	(16)		—		(177)		—		—		—		—		(177)
Stock-based compensation	—		—		491		—		—		—		—		491
Dividends accrued and paid	—		—		—		(743)		(2,891)		—		(72)		(3,706)
Net change associated with current period hedging transactions	—		—		—		—		—		(215)		—		(215)
Adjustments to non-controlling interests resulting from changes in ownership of operating partnership	—		—		47		—		—		—		(47)		—
Balance at March 31, 2024	48,155	$	482	$	577,632	$	32,041	$	(98,830)	$	2,476	$	12,874	$	526,675
Net (loss)	—		—		—		(2,002)		—		—		(50)		(2,052)
Grant of unvested restricted stock	12		—		—		—		—		—		—		—
Shares withheld for income taxes on vesting of equity-based compensation	—		(1)		—		—		—		—		—		(1)
Stock-based compensation	—		—		510		—		—		—		—		510
Dividends accrued and paid	—		—		—		(742)		(2,893)		—		(73)		(3,708)
Net change associated with current period hedging transactions	—		—		—		—		—		45		—		45
Adjustments to non-controlling interests resulting from changes in ownership of operating partnership	—		—		8		—		—		—		(8)		—
Balance at June 30, 2024	48,167	$	481	$	578,150	$	29,297	$	(101,723)	$	2,521	$	12,743	$	521,469

See accompanying notes.

Table of Contents

Farmland Partners Inc.

Consolidated Statements of Cash Flows

For the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024

(Unaudited)

(in thousands)


	For the ~~Three~~Six Months Ended
	~~March~~June 3130,
	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	2,093	$	1,408
Net income (loss)	$	9,885	$	(644)
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Depreciation, depletion and amortization		12,~~173~~303		12,~~481~~911
Amortization of deferred financing fees and discounts/premiums on debt		~~120~~223		~~184~~370
Amortization of net origination fees related to notes receivable		(~~586~~1,218)		(49)
Stock-based compensation		~~519~~1,047		~~491~~1,003
(Gain) loss on disposition of assets, net		(~~763~~24,991)		8696
(Income) from forfeited deposits		—		(1,205)
(Income) loss from equity method investment		1		(77)
(Income) from equity method investment		(2)		(95)
Current and expected credit losses		69		—(10)
Amortization of dedesignated interest rate swap		(97)		—
Impairment of assets		16,821		—
Amortization of dedesignated interest rate swap		(416)		—
Losses on modification and extinguishment of debt		23		55
Changes in operating assets and liabilities:
(Increase) Decrease in accounts receivable		~~659~~2,729		45,~~389~~003
(Increase) Decrease in interest receivable		(350)		(~~208~~10)
(Increase) Decrease in other assets		~~627~~1,662		12,~~175~~108
(Increase) Decrease in inventory		~~(212)~~68		(~~364~~686)
Increase (Decrease) in accrued interest		(~~619~~736)		(~~371~~45)
Increase (Decrease) in accrued expenses		(23,~~994~~234)		(32,~~453~~067)
Increase (Decrease) in deferred revenue		~~6,180~~323		~~7,739~~(866)
Increase (Decrease) in accrued property taxes		~~203~~(320)		~~626~~(101)
Net cash and cash equivalents provided by operating activities		64,~~370~~186		115,~~897~~808

CASH FLOWS FROM INVESTING ACTIVITIES
Real estate acquisitions		(6,501)		(16,255)
Real estate and other improvements		(60251)		(86873)
Distributions from equity method investees		50		161
Collections of principal on loans		4,~~290~~497		62490
Issuances of loans and financing receivables		(712,~~637~~059)		—(878)
Proceeds from sale of property		981,~~957~~556		1,~~621~~610
Net cash and cash equivalents provided by (used in) investing activities		9967,292		(1415,~~497~~745)

CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings from mortgage notes payable		—23,000		3072,~~001~~501
Repayments on mortgage notes payable		(234,~~000~~183)		(1042,~~134~~634)
Issuance of stock		—		34
Common stock repurchased		(~~741~~24,263)		—
Payment of debt issuance costs		—		(2093)
Payment of swap fees		(77126)		(~~109~~219)
Dividends on common stock		(5558,~~743~~503)		(1215,~~961~~850)
Shares withheld for income taxes on vesting of equity-based compensation		(273)		(~~177~~178)
Distributions on Series A preferred units		(2,970)		(2,970)
Distributions to non-controlling interests in operating partnership, common		(1,~~456~~528)		(~~325~~397)
Net cash and cash equivalents provided by (used in) financing activities		(6398,~~260~~846)		310,~~339~~194

Net increase (decrease) in cash and cash equivalents		(5627,~~791~~368)		~~739~~257
Cash and cash equivalents, beginning of period		78,441		5,489
Cash and cash equivalents, end of period	$	2151,~~650~~073	$	65,~~228~~746

Cash paid during period for interest	$	36,~~260~~002	$	510,~~574~~662
Cash paid during period for taxes	$	—	$	—

See accompanying notes.

Table of Contents

Farmland Partners Inc.

Consolidated Statements of Cash Flows (continued)

For the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024

(Unaudited)

(in thousands)


	For the ~~Three~~Six Months Ended
	~~March~~June 3130,
	2025		2024
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Dividend payable, common stock	$	2,~~818~~718	$	2,892
Dividend payable, common units	$	7245	$	72
Distributions payable, Series A preferred units	$	~~743~~1,485	$	~~743~~1,485
Additions to real estate improvements included in accrued expenses	$	~~285~~138	$	~~712~~94
Origination fees included in notes receivable	$	591	$	—15
Swap fees payable included in accrued interest	$	13146	$	36146
Prepaid property tax liability acquired in acquisitions	$	6	$	32
Right-of-use assets obtained in exchange for new operating lease liabilities	$	30	$	13
Conversion of common units to shares of common stock	$	7,649	$	—
Right-of-use assets obtained in exchange for new operating lease liabilities	$	656	$	13

See accompanying notes.

Table of Contents

Farmland Partners Inc.

Notes to Consolidated Financial Statements (Unaudited)

Note 1—Organization and Significant Accounting Policies

Organization

Farmland Partners Inc. (“FPI”), collectively with its subsidiaries, is an internally managed real estate company that owns and seeks to acquire high-quality farmland located in agricultural markets throughout North America. FPI was incorporated in Maryland on September 27, 2013. FPI elected to be taxed as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its short taxable year ended December 31, 2014.

FPI is the sole member of the sole general partner of Farmland Partners Operating Partnership, LP (the “Operating Partnership”), which was formed in Delaware on September 27, 2013. All of FPI’s assets are held by, and its operations are primarily conducted through, the Operating Partnership and the wholly owned subsidiaries of the Operating Partnership. As of ~~March~~June 3130, 2025, FPI owned a 97.45% interest in the Operating Partnership. See “Note 9—Stockholders’ Equity and Non-controlling Interests” for additional discussion regarding Class A Common units of limited partnership interest in the Operating Partnership (“Common units”) and Series A preferred units of limited partnership interest in the Operating Partnership (“Series A preferred units”). Unlike holders of FPI’s common stock, par value $0.01 per share (“common stock”), holders of the Operating Partnership’s Common units and Series A preferred units generally do not have voting rights or the power to direct the affairs of FPI. As the sole member of the sole general partner with control of the Operating Partnership, FPI is the primary beneficiary and therefore consolidates the Operating Partnership in accordance with accounting standards for consolidation of variable interest entities. As of ~~March~~June 3130, 2025, the Operating Partnership owned a 9.97% equity interest in an unconsolidated equity method investment that holds 11 properties.

References to the “Company,” “we,” “us,” or “our” mean collectively FPI and its consolidated subsidiaries, including the Operating Partnership.

As of ~~March~~June 3130, 2025, the Company owned a portfolio of approximately 9275,~~400~~900 acres of farmland, which is consolidated in these financial statements. In addition, as of ~~March~~June 3130, 2025, the Company owned land and buildings for four agriculture equipment dealerships in Ohio leased to Ag-Pro Ohio, LLC (“Ag Pro”) under the John Deere brand and served as property manager for approximately 4649,~~800~~600 acres of farmland (see “Note 6—Loans and Financing Receivables”).

On March 16, 2015, the Company formed FPI Agribusiness Inc., a wholly owned subsidiary (the “TRS” or “FPI Agribusiness”), as a taxable REIT subsidiary. We engage directly in farming, provide property management, auction, and brokerage ~~services~~ and volume purchasing services to our tenants through the TRS. As of ~~March~~June 3130, 2025, the TRS performed direct farming operations on 2,103 acres of farmland owned by the Company located in California.

All references to numbers and percent of acres within this report are unaudited.

Principles of Consolidation

The accompanying consolidated financial statements are presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of FPI and the Operating Partnership and any other entity in which FPI holds a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the presentation used in the current year. Such reclassifications had no effect on net income or total equity.

Interim Financial Information

The information in the accompanying consolidated financial statements of the Company as of ~~March~~June 3130, 2025 and for the three and six months ended ~~March~~June 3130, 2025 and 2024 is unaudited. The accompanying consolidated financial statements

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include adjustments based on management’s estimates (consisting of normal and recurring accruals), which the Company considers necessary for a fair presentation of the results for the periods. The financial information should be read in conjunction with the consolidated financial statements for the year ended December 31, 2024, included in the Company’s Annual Report on Form 10-K, which the Company filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 20, 2025. Operating results for the three and six months ended ~~March~~June 3130, 2025 are not necessarily indicative of actual operating results for the entire year ending December 31, 2025.

The consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the SEC for interim financial statements. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.

Use of Estimates

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates for a variety of reasons, including, without limitation, the impacts of public health crises, the war in Ukraine and the ongoing conflicts in the Middle East, substantially higher prices for oil and gas, tariffs or other changes in trade policy and substantially increased interest rates, and their effects on the domestic and global economies. We are unable to quantify the ultimate impact of these factors on our business.

Significant Accounting Policies

There have been no changes to the Company’s significant accounting policies disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Liquidity Policy

The Company manages its liquidity position and expected liquidity needs taking into consideration current cash balances, undrawn availability under its lines of credit ($~~167~~160.40 million as of ~~March~~June 3130, 2025), and reasonably expected cash receipts. The business model of the Company, and of real estate investment companies in general, utilizes debt as a structural source of financing. When debt becomes due, it is generally refinanced rather than repaid using the Company’s cash flow from operations. The Company has a history of being able to refinance its debt obligations prior to maturity. Furthermore, the Company also has a substantial portfolio of real estate assets and demonstrated ability to readily sell assets if necessary to fund any immediate liquidity needs. As of ~~March~~June 3130, 2025, the Company had $~~201~~192.87 million of mortgage and other debt against a portfolio of real estate assets with a net book value of $~~714~~648.16 million.

Accounts Receivable

Accounts receivable are presented at face value, net of the allowance for doubtful accounts. The allowance for doubtful accounts was $0.1 million and less than $0.1 million as of ~~March~~June 3130, 2025 and December 31, 2024, respectively. An allowance for doubtful accounts is recorded on the Consolidated Statements of Operations as a reduction to rental revenue if in relation to revenues recognized in the year, or as property operating expenses if in relation to revenue recognized in the prior years.

Inventory

Inventory consists of costs related to crops grown on farms directly operated by the TRS and is separated into growing crop inventory, harvested crop inventory or general inventory, as appropriate.

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As of ~~March~~June 3130, 2025 and December 31, 2024, inventory consisted of the following:


(in thousands)	~~March~~June 3130, 2025		December 31, 2024
Harvested crop	$	—1,441	$	414
Growing crop		21,~~871~~150		2,245
	$	2,~~871~~591	$	2,659

Goodwill and Intangible Assets

During the three and six months ended ~~March~~June 3130, 2025, the Company did not incur any impairment charges related to goodwill and intangible assets.

The Company recorded amortization of customer relationships of less than $0.1 million during each of the three and six months ended ~~March~~June 3130, 2025 and 2024.

Impairment of Real Estate Assets

During the three months ended June 30, 2025, the Company recorded an impairment in connection with certain properties in the West Coast region that the Company concluded have experienced a loss of value due to crop and water dynamics that are not recoverable in the short- or medium-term. The assets were written down to their estimated fair value. This is considered a Level 3 measurement under the fair value hierarchy. Level 3 measurements are defined as inputs to the valuation methodology that are unobservable, supported by little or no market activity and are significant to the fair value measurement. These assets were valued based upon a market assessment of similar properties. As a result, the Company recognized $16.8 million of impairment on real estate assets in the accompanying financial statements during the three and six months ended June 30, 2025.

Segment Reporting

The majority of the Company’s revenue is derived from owning and managing properties leased to tenants. All assets and operations of the Company are located in the United States. The Company’s chief operating decision makers (the “CODMs”) (Paul Pittman, Executive Chairman, and Luca Fabri, President and Chief Executive Officer) do not evaluate performance on a farm-specific or transactional basis and do not distinguish the Company’s principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company has identified a single operating segment which is the entire entity for reporting purposes in accordance with GAAP and no aggregation of segments is required.

The CODMs assess performance and make decisions regarding the allocation of resources on a consolidated basis using Adjusted Funds from Operations (“AFFO”) and AFFO per share, which are non-GAAP measures. The CODMs use AFFO and AFFO per share to monitor budget versus actual results and evaluate performance of the segment in deciding whether to repay indebtedness, repurchase shares, fund and maintain our assets and operations, acquire new properties that we believe are accretive to long-term value creation, make distributions to our stockholders and unitholders, and fund other general business needs.

As the single operating segment is the Company in its entirety and the accounting policies for this segment are the same as the Company’s accounting policies described ~~in Note 1—Organization and Significant Accounting Policies~~above, there are no differences between the measurements of the Company’s single operating segment and the consolidated financial statements. Therefore, information about the profit or loss, assets, investments, expenditures and all other significant items of the Company’s single reportable segment can be found on the Company’s consolidated financial statements or in the reconciliation of net income (loss) to AFFO and AFFO per share below. In addition, there are no changes from prior periods in the measurement methods used to determine segment information.

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	~~For the three months ended March 31,~~		For the three months ended June 30,				For the six months ended June 30,
(in thousands except per share amounts)	~~2025~~		~~2024~~2025		2024		2025		2024
Net income	$	2,093	$	1,408
Net income (loss)			$	7,792	$	(2,052)	$	9,885	$	(644)
(Gain) loss on disposition of assets, net		~~(763)~~		86(24,228)		10		(24,991)		96
Depreciation, depletion and amortization		~~1,173~~		1,~~481~~130		1,430		2,303		2,911
FFO (1)	$	2,503	$	2,975
Impairment of assets				16,821		—		16,821		—

FFO (1)			$	1,515	$	(612)	$	4,018	$	2,363
Stock-based compensation		519		525

Real estate related acquisition and due diligence costs		5		27
Stock-based compensation				528		512		1,047		1,037
Distributions on Series A Preferred Units		(743)		(743)
Real estate related acquisition and due diligence costs				(3)		—		2		27
AFFO (1)	$	2,284	$	2,784
Distributions on Series A Preferred Units				(743)		(743)		(1,486)		(1,486)

Severance expense				—		1,373		—		1,373
AFFO per diluted weighted average share data:
AFFO (1)			$	1,297	$	530	$	3,581	$	3,314

AFFO weighted average common shares		47,192		49,278
AFFO per diluted weighted average share data:

Net income available to common stockholders of Farmland Partners Inc.	$	0.03	$	0.01
AFFO weighted average common shares				46,765		49,379		46,972		49,325
Income available to redeemable non-controlling interest and non-controlling interest in operating partnership		0.03		0.03

Depreciation, depletion and amortization		0.02		0.03
Net income (loss) available to common stockholders of Farmland Partners Inc.			$	0.15	$	(0.06)	$	0.18	$	(0.05)
Stock-based compensation		0.01		0.01
Income available to redeemable non-controlling interest and non-controlling interest in operating partnership				0.03		0.02		0.03		0.04
(Gain) on disposition of assets, net		(0.02)		0.00
Depreciation, depletion and amortization				0.02		0.03		0.05		0.06
Distributions on Series A Preferred Units		(0.02)		(0.02)
Impairment of assets				0.36		0.00		0.36		0.00
AFFO per diluted weighted average share (1)	$	0.05	$	0.06
Stock-based compensation				0.01		0.01		0.02		0.02
(Gain) on disposition of assets, net				(0.52)		0.00		(0.53)		0.00
Distributions on Series A Preferred Units				(0.02)		(0.02)		(0.03)		(0.03)
Severance expense				0.00		0.03		0.00		0.03
AFFO per diluted weighted average share (1)			$	0.03	$	0.01	$	0.08	$	0.07

(1)The ~~three~~six months ended ~~March 31~~June 30, 2024 includes approximately $1.2 million of income from forfeited deposits due to the termination of a repurchase agreement. The ~~three~~six months ended ~~March 31~~June 30, 2025 includes approximately $1.0 million of income as a result of a solar lease arrangement with a tenant.

For more information about the Company’s revenue disaggregated by source and major customers, please refer to Note 2—Revenue Recognition and Note 3—Concentration Risk, respectively.

Recently Issued Accounting Standards

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Among other things, these amendments require that public business entities on an annual basis (i) disclose specific categories in the rate reconciliation, and (ii) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). The amendments require that all entities disclose on an annual basis (i) the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, (ii) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received), (iii) income (loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and (iv) income tax expense (benefit) from continuing operations disaggregated by federal, state, and foreign. The ASU is effective for public business entities for annual periods beginning after December 15, 2024. The Company is in the process of assessing the effect of this update on the consolidated financial statement disclosures.

The FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses in November 2024. The purpose of the ASU is to improve the disclosures about an entity’s expenses and to address requests from investors for more transparent information about certain types of expenses (including purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion) included within expense captions presented on the face of the income statement (such as cost of sales, SG&A, and research and development). The new standard requires these disclosures to be presented in tabular format within the notes to the financial statements and does not change the requirements for the presentation of expenses on the face of the income statement. The ASU is effective for public business entities for annual periods beginning after December 15, 2026. The Company is in the process of assessing the effect of this update on the consolidated financial statement disclosures.

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presentation of expenses on the face of the income statement. The ASU is effective for public business entities for annual periods beginning after December 15, 2026. The Company is in the process of assessing the effect of this update on the consolidated financial statement disclosures.

Note 2—Revenue Recognition

Fixed Rent: The majority of the Company’s leases provide for rent payments on an entirely or partially fixed basis. For the majority of its fixed farm rent leases, the Company receives at least 50% of the annual lease payment from tenants before crops are planted, generally during the first quarter of the year, with the remaining 50% of the lease payment due in the second half of the year generally after the crops are harvested. Rental income is recorded on a straight-line basis over the lease term. Certain of the Company’s leases provide for tenants to reimburse the Company for property taxes and other expenses. These tenant reimbursements and rent payments are treated as a single lease component because the timing and pattern of revenue recognition is the same. This means that rental income is equal in all periods of the lease, calculated by adding all expected lease payments (including increases within the lease) and dividing by the number of periods, despite the cash rents being received in lump sums at the specific times as described above. The lease term generally considers periods when a tenant: (1) may not terminate its lease obligation early; (2) may terminate its lease obligation early in exchange for a fee or penalty that the Company considers material enough such that termination would not be probable; (3) possesses renewal rights and the tenant’s failure to exercise such rights imposes a penalty on the tenant material enough such that renewal appears reasonably assured; or (4) possesses bargain renewal options for such periods. Payments received in advance are included in deferred revenue until they are earned.

Variable Rent: Certain of the Company’s leases provide for a rent payment determined as a percentage of the gross farm proceeds in their entirety or above a certain threshold. Revenue under leases providing for variable rent may be recorded at the guaranteed crop insurance minimums and recognized ratably over the lease term during the crop year. Upon notification from the grain or packing facility that a future contract for delivery of the harvest has been finalized or when the tenant has notified the Company of the total amount of gross farm proceeds, revenue is recognized for the excess of the actual gross farm proceeds and the previously recognized minimum guaranteed insurance.

Fixed Rent and Variable Rent: Certain of the Company’s leases provide for a minimum fixed rent plus variable rent based on gross farm revenue.

The following table presents rental income that is disaggregated by revenue source for the three and six months ended ~~March~~June 3130, 2025 and 2024:


	For the three months ended				For the six months ended
	~~March~~June 3130,				June 30,
(in thousands)	2025		2024	~~2024~~	2025			2024
Fixed Farm Rent	$	4,~~819~~932	$	8,~~624~~204	$	9,751	$	16,827
Solar, Wind and Recreation Rent		~~1,548~~291		~~653~~623		1,838		1,277
Tenant Reimbursements		~~603~~579		~~721~~679		1,182		1,400
Variable Rent		—222		~~209~~33		223		242
	$	6,~~970~~024	$	109,~~207~~539	$	12,994	$	19,746

The Company’s leases generally have terms ranging from one to three years, with some extending up to 40 years (e.g., renewable energy leases). Payments received in advance are included in deferred revenue until they are earned. As of ~~March~~June 3130, 2025 and December 31, 2024, the Company had $60.2 million and $0.1 million, respectively, in deferred revenue.

The majority of the Company’s revenue is derived from rental income. The Company elected an accounting policy to account for both its lease and non-lease components (specifically, tenant reimbursements) as a single lease component under Accounting Standards Codification (“ASC”) 842, Lease Accounting.

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The following sets forth a summary of rental income recognized during the three and six months ended ~~March~~June 3130, 2025 and 2024:


	Rental income recognized
		For the three months ended				For the six months ended
		~~March~~June 3130,				June 30,
(in thousands)		2025		2024	~~2024~~	2025			2024
Leases in effect at the beginning of the year		$	65,~~669~~553	$	98,~~136~~233	$	12,222	$	17,369
Leases entered into during the year			~~301~~471		1,~~071~~306		772		2,377
		$	6,~~970~~024	$	109,~~207~~539	$	12,994	$	19,746

Future minimum fixed rent payments from tenants under all non-cancelable leases in place as of ~~March~~June 3130, 2025, including lease advances when contractually due, but excluding crop share and tenant reimbursement of expenses, for the remainder of 2025 and each of the next four years and thereafter as of ~~March~~June 3130, 2025 are as follows:


(in thousands)	~~Future rental~~		Future rental
Year Ending December 31,	~~payments~~		payments
2025 (remaining nine months)	$	17,227
2025 (remaining six months)			$	10,309
2026		~~17,852~~		16,504
2027		~~13,490~~		12,636
2028		~~4,103~~		3,952
2029		~~3,896~~		3,758
Thereafter		~~44,311~~		41,093
	$	~~100,879~~	$	88,252

Since lease renewal periods are exercisable at the option of the lessee, the preceding table presents future minimum lease payments due during the initial lease term only.

Crop Sales: For farms directly operated through the TRS, the Company records revenue from the sale of harvested crops when the harvested crop has been contracted to be delivered to a grain or packing facility and title has transferred. During the three months ended June 30, 2025 and 2024, revenues from the sale of harvested crops recognized were $1.4 million and $0.9 million, respectively. Revenues from the sale of harvested crops recognized for the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024 were $02.83 million and $1.6 million, respectively. The cost of harvested crops sold was $1.5 million and $0.78 million, respectively, during the three months ended June 30, 2025 and 2024. During the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024, the cost of harvested crops sold was $02.71 million and $01.53 million, respectively. Harvested crops are recorded using the market price at the date the harvested crop is delivered to the grain or packing facility and title has transferred.

Other Revenue: Other revenue includes crop insurance proceeds, auction fees, brokerage fees, interest income, and property management income. Crop insurance proceeds are recognized when the amount is determinable and collectible. Crop insurance proceeds are generally received in lieu of crop sales on farms directly operated through the TRS. The Company generates auction revenue by contracting with a real estate owner to market and auction farm property. Successful bidders sign a purchase agreement immediately following the auction. Auction fee revenue is recognized upon completion of the auction. The Company generates real estate brokerage commissions by acting as a broker for real estate investors or owners seeking to buy or sell farm property. Revenue from brokerage fees is recognized upon completion of the transaction. Property management revenue is recognized over the term of the contract as services are being provided. The Company collects property management fees in advance of the commencement of property management activities on behalf of third parties and includes them in deferred revenue until they are earned over the life of the contract. Interest income is recognized on loans and financing receivables on an accrual basis over the life of the loans. Direct origination costs are netted against loan origination fees and are amortized over the life of the note using the straight-line method, which approximates the effective interest method, as an adjustment to interest income which is included as a component of other revenue in the Company’s Consolidated Statements of Operations for the three and six months ended ~~March~~June 3130, 2025 and 2024.

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The following table presents other revenue that is disaggregated by revenue source for the three and six months ended ~~March~~June 3130, 2025 and 2024:


	For the three months ended				For the six months ended
	~~March~~June 3130,				June 30,
(in thousands)	2025		2024	~~2024~~	2025			2024
Auction and brokerage fees	$	~~122~~151	$	~~282~~89	$	273	$	371
Crop insurance proceeds		35—		—		35		—
Property management income		~~270~~209		~~229~~259		479		488
Other (e.g., interest income)		2,~~008~~137		~~612~~623		4,145		1,235
	$	2,~~435~~497	$	~~1,123~~971	$	4,932	$	2,094

Note 3—Concentration Risk

Credit Risk

~~For~~Revenue for the three and six months ended ~~March~~June 3130, ~~2024,~~2025 is not necessarily indicative of actual revenue for the entire year ending December 31, 2025. The Company ~~had~~receives noa significant ~~tenants~~portion ~~representing~~of aits variable rental payments in the fourth quarter of each year, typically resulting in at least one tenant concentration of 10% or greater of revenue in that quarter and for the year. If a significant tenant fails to make rental ~~income~~payments to the Company or elects to terminate its leases, and the land cannot be re-leased on satisfactory terms, there may be a material adverse effect on the Company’s financial performance. For the three and six months ended ~~March~~June 3130, 2025 and 2024, the Company had ~~three tenants representing a~~ tenant ~~concentration~~concentrations of 10% or greater of rental income, as presented in the table below.


	Rental income recognized				~~Rental income~~	Approximate % of rental income		~~Approximate %~~
($ in thousands)					recognized			of rental income
	For the three months ended June 30,					For the three months ended June 30,
Tenant A					$	1,769			25.4	%
($ in thousands)	2025		2024			2025				2024
Tenant B					$	977			14.0	%
Tenant A	$	977	$	982			16.2	%			10.3	%
Tenant C					$	728			10.4	%
Tenant B	$	730	$	N/A			12.1	%			N/A
Tenant C	$	722	$	N/A			12.0	%			N/A

Revenue for the three months ended March 31, 2025 is not necessarily indicative of actual revenue for the entire year ending December 31, 2025. The Company receives a significant portion of its variable rental payments in the fourth quarter of each year, typically resulting in at least one tenant concentration of 10% or greater of revenue in that quarter and for the year. If a significant tenant fails to make rental payments to the Company or elects to terminate its leases, and the land cannot be re-leased on satisfactory terms, there may be a material adverse effect on the Company’s financial performance.


	Rental income recognized				Approximate % of rental income
	For the six months ended				For the six months ended
($ in thousands)	2025		2024		2025			2024
Tenant A	$	1,955	$	N/A		15.0	%		N/A
Tenant B	$	2,500	$	N/A		19.2	%		N/A
Tenant C	$	1,450	$	N/A		11.2	%		N/A

N/A = Revenue not 10% of rental income for the period noted above

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Geographic Risk

The following table summarizes the percentage of approximate total acres owned as of ~~March~~June 3130, 2025 and 2024, and the fixed and variable rent recorded by the Company for the three and six months ended ~~March~~June 3130, 2025 and 2024 by location of the farm:


	Approximate %				Rental Income (1)
	of total acres				For the three months ended				For the six months ended
	As of ~~March~~June 3130,				~~March~~June 3130,				June 30,
Location of Farm (2)	2025		2024		2025		2024		2025		2024
Corn Belt	4652.35	%	34.5	%	6168.31	%	4650.73	%	64.5	%	48.4	%
Delta and South	89.19	%	19.6	%	(15.4)	%	10.81	%	1.7	%	10.5	%
High Plains	229.67	%	16.2	%	7.90	%	6.48	%	7.5	%	6.6	%
Southeast	1113.04	%	21.4	%	3.13	%	2119.96	%	3.2	%	20.8	%
West Coast	1214.05	%	8.3	%	2916.12	%	1413.2	%	23.1	%	13.7	%
	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

⁽¹⁾

Due to regional disparities in the use of leases with variable rent and seasonal variations in the recognition of variable rent revenue, regional comparisons by rental income are not fully representative of each region’s income-producing capacity until a full year is taken into account.

(2) Corn Belt includes farms located in Illinois, Indiana, ~~Iowa,~~ Missouri, and eastern Nebraska ~~and Ohio~~. Delta and South includes farms located in Arkansas, ~~Louisiana~~ and ~~Mississippi~~Louisiana. High Plains includes farms located in Colorado, ~~Kansas~~ and Texas. Southeast includes farms located in ~~North Carolina,~~ South Carolina and West Virginia. West Coast includes farms located in California.

Note 4—Related Party Transactions

The Company did not have any related party transactions during the three and six months ended ~~March~~June 3130, 2025 and 2024.

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Note 5—Real Estate

During the ~~three~~six months ended ~~March~~June 3130, 2025, the Company completed acquisitions consisting of five properties in the Corn Belt region. Aggregate cash consideration for these acquisitions totaled $6.5 million. No intangible assets were acquired through these acquisitions.

During the ~~three~~six months ended ~~March~~June 3130, 2024, the Company completed acquisitions consisting of three properties in the Corn Belt region. Aggregate cash consideration for these acquisitions totaled $16.3 million. No intangible assets were acquired through these acquisitions.

During the ~~three~~six months ended ~~March~~June 3130, 2025, the Company completed dispositions consisting of ~~two~~34 properties in the Corn Belt, Delta and South, High Plains and West Coast regions. The Company received $1081.06 million in aggregate consideration, including $2.1 million in seller financing, and recognized an aggregate gain on sale of $025.80 million.

During the ~~three~~six months ended ~~March~~June 3130, 2024, the Company had no property dispositions.

During the three and six months ended ~~March~~June 3130, 2025 and 2024, the Company incurred an immaterial amount of costs related to acquisitions and due diligence.

Note 6—Loans and Financing Receivables

The Company offers an agricultural lending product focused on farmers as a complement to the Company’s business of acquiring and owning farmland and leasing it to farmers (the “FPI Loan Program”). Under the FPI Loan Program, the Company primarily makes loans to third-party farmers (both tenant and non-tenant) and landowners to provide financing for property acquisitions, working capital requirements, operational farming activities, farming infrastructure projects and for other farming, agricultural and other real estate related projects. The Company seeks to make loans that are collateralized by farm real estate or growing crops and in principal amounts of $1.0 million or more at fixed interest rates with maturities of up to six years. The Company expects the borrower to repay the loans in accordance with the loan agreements based on farming operations and access to other forms of capital, as permitted.

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In addition to loans made under the FPI Loan Program, the Company, on certain occasions, makes short-term loans to tenants secured by collateral other than real estate, such as growing crops, equipment or inventory, when the Company believes such loans will ensure the orderly completion of farming operations on a property owned by the Company for a given crop year and other credit is not available to the borrower.

On November 18, 2022, the Company acquired land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro (the seller), under the John Deere brand. In accordance with ASC 842, Lease Accounting, control is not considered to have transferred to the Company under GAAP and these transactions are accounted for as financing arrangements under ASC 310, Receivables, rather than as investments in real estate subject to operating leases. The leases mature in November 2037 and contain renewal options for periods up to 20 years from the original maturity date. The discount rate used for the transactions was 6.15%.

On December 18, 2024, the Company purchased a property in West Virginia in a sale leaseback transaction containing a repurchase option. The Company determined that the repurchase option is reasonably certain to be exercised and, therefore, the transaction meets the definition of a sales-type lease and is accounted for as a financing arrangement. The lease matures on December 31, 2029. The discount rate used for the transaction was 10.0%.

17As of June 30, 2025 and December 31, 2024, the Company held the following loans and financing receivables:

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As of March 31, 2025 and December 31, 2024, the Company held the following loans and financing receivables:

($ in thousands)

Outstanding as of

Maturity

Loan

Terms

~~March~~June 3130, 2025

December 31, 2024

Date

Loans under FPI Loan Program:

Mortgage Note (1)

Principal & interest due at maturity

—

207

12/7/2028

Mortgage Note (2)

Principal due at maturity & interest due quarterly

1,842

3/4/2026

Mortgage Note (3)

Principal due at maturity & interest due quarterly

1,800

11/17/2028

Mortgage Note (4)

Principal due at maturity & interest due monthly

500

67/3031/2025

Mortgage Note (5)

Principal & interest due at maturity

21,121

22,000

1/31/2026

Mortgage Note (5)

Principal & interest due at maturity

6,380

1/31/2026

Mortgage Note (5)

Principal & interest due at maturity

4,000

—

10/15/2025

Mortgage Note (6)

Principal due at maturity & interest due monthly

2,100

—

6/15/2026

Mortgage Note (7)

Principal due at maturity & interest due quarterly

2,716

—

4/1/2027

Total outstanding principal

3640,459

32,729

Sale-leaseback transactions accounted for as financing arrangements:

Financing Receivable, net (8)

Filing Compare · Farmland Partners Inc.