Core Viewpoint - The recent non-binding takeout offer for Plymouth Industrial signifies a growing trend in M&A activity within the real estate sector, driven by favorable market conditions and significant valuation disparities among REITs [1][6]. Group 1: M&A Activity Drivers - The median REIT is currently trading at 81.8% of NAV, with some REITs as low as 46% and others at 198%, creating opportunities for accretive M&A transactions [1][6]. - Strong fundamentals in REITs are evident, with 60.7% of REITs beating earnings in Q2 2025, indicating robust performance in the sector [5][6]. - There is ample capital available for acquisitions, with private equity firms and publicly traded REITs well-capitalized following the reopening of equity and debt markets post-pandemic [6][7]. Group 2: Sector-Specific Transaction Volume - Industrial REITs have been particularly active, acquiring 90 properties in 2025 for a total of $3.94 billion [8]. - In the shopping center sector, Blackstone's buyout of ROIC and 86 individual property purchases by shopping center REITs totaling $2.39 billion highlight increased M&A interest [9]. - The multifamily sector has seen significant activity, with Equity Residential acquiring a portfolio from Blackstone for $964 million and BSR REIT selling to Avalon Bay for $618 million, alongside $2.7 billion in individual asset purchases [10]. Group 3: Targeted REITs for Acquisition - Whitestone REIT is a potential target due to its trading at $12.91, significantly below its NAV of $17.88, despite strong asset performance [12][17]. - Centerspace is trading at 73.9% of NAV, with a unique portfolio that is outperforming in its markets, making it an attractive acquisition target [18][19]. - Kite Realty is noted for its large discount to NAV and strong cash flows, presenting an opportunity for accretive acquisitions [21][23]. - Farmland Partners is strategically selling assets to buy back stock, potentially leading to a full company sale in the future [24][25]. - Armada Hoffler is trading at a substantial discount to NAV, with a market price of $7.15 compared to an NAV of $12.49, indicating a significant acquisition opportunity [25][30].

PART I. FINANCIAL INFORMATION Presents the company's unaudited consolidated financial statements and detailed explanatory notes for the reporting periods [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements of Farmland Partners Inc. for the periods ended June 30, 2025, and December 31, 2024 (for balance sheet) or June 30, 2024 (for income statements and cash flows), along with detailed notes explaining the company's organization, accounting policies, revenue recognition, risk concentrations, real estate activities, loan programs, debt structure, commitments, equity, hedge accounting, and income taxes [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Presents the company's financial position, including assets, liabilities, and equity, at specific reporting dates ASSETS (in thousands) | ASSETS (in thousands) | June 30, 2025 | December 31, 2024 | | :---------------------- | :------------ | :---------------- | | Total real estate, net | $648,571 | $717,843 | | Cash and cash equivalents | $51,073 | $78,441 | | Loans and financing receivables, net | $64,066 | $55,305 | | TOTAL ASSETS | $776,671 | $868,560 | LIABILITIES AND EQUITY (in thousands) | LIABILITIES AND EQUITY (in thousands) | June 30, 2025 | December 31, 2024 | | :------------------------------------ | :------------ | :---------------- | | Mortgage notes and bonds payable, net | $192,747 | $203,683 | | Total liabilities | $202,671 | $272,003 | | Redeemable non-controlling interest in operating partnership, Series A preferred units | $100,485 | $101,970 | | Total equity | $473,515 | $494,587 | | TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS IN OPERATING PARTNERSHIP AND EQUITY | $776,671 | $868,560 | - Total assets decreased by **$91.89 million** from December 31, 2024, to June 30, 2025, primarily driven by a reduction in net real estate and cash, partially offset by an increase in loans and financing receivables[11](index=11&type=chunk) - Total liabilities decreased by **$69.33 million**, mainly due to a reduction in mortgage notes and bonds payable and dividends payable[11](index=11&type=chunk) [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Details the company's revenues, expenses, and net income or loss over the specified reporting periods OPERATING REVENUES (in thousands) | OPERATING REVENUES (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Rental income | $6,024 | $9,539 | $12,994 | $19,746 | | Crop sales | $1,439 | $935 | $2,286 | $1,595 | | Other revenue | $2,497 | $971 | $4,932 | $2,094 | | **Total operating revenues** | **$9,960** | **$11,445** | **$20,212** | **$23,435** | OPERATING EXPENSES (in thousands) | OPERATING EXPENSES (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Impairment of assets | $16,821 | $0 | $16,821 | $0 | | **Total operating expenses** | **$24,093** | **$8,205** | **$30,492** | **$15,048** | OTHER (INCOME) EXPENSE (in thousands) | OTHER (INCOME) EXPENSE (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | (Gain) loss on disposition of assets, net | $(24,228) | $10 | $(24,991) | $96 | | Interest expense | $2,437 | $5,249 | $5,075 | $10,285 | NET INCOME (LOSS) (in thousands) | NET INCOME (LOSS) (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | **NET INCOME (LOSS)** | **$7,792** | **$(2,052)** | **$9,885** | **$(644)** | | Net income (loss) available to common stockholders of Farmland Partners Inc. | $6,836 | $(2,769) | $8,108 | $(2,163) | | Basic net income (loss) available to common stockholders (per share) | $0.15 | $(0.06) | $0.18 | $(0.05) | | Diluted net income (loss) available to common stockholders (per share) | $0.14 | $(0.06) | $0.18 | $(0.05) | - Net income for the three months ended June 30, 2025, was **$7.79 million**, a significant improvement from a net loss of **$2.05 million** in the prior-year period, primarily driven by a substantial gain on asset dispositions and lower interest expense, despite a decrease in rental income and an impairment charge[14](index=14&type=chunk) - For the six months ended June 30, 2025, net income was **$9.89 million**, compared to a net loss of **$0.64 million** in the same period last year, influenced by similar factors[14](index=14&type=chunk) [Consolidated Statements of Comprehensive Income (Loss)](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Reports net income or loss alongside other comprehensive income or loss for the reporting periods (in thousands) | (in thousands) | For the Three Months Ended June 30, 2025 | For the Three Months Ended June 30, 2024 | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | | :--------------- | :--------------------------------------- | :--------------------------------------- | :------------------------------------- | :------------------------------------- | | Net income (loss) | $7,792 | $(2,052) | $9,885 | $(644) | | Comprehensive income (loss) | $7,435 | $(2,008) | $9,441 | $(814) | | Comprehensive income (loss) attributable to Farmland Partners Inc. | $7,245 | $(1,958) | $9,197 | $(799) | - Comprehensive income attributable to Farmland Partners Inc. significantly improved to **$7.25 million** for the three months ended June 30, 2025, from a loss of **$1.96 million** in the prior year, and to **$9.20 million** for the six months, from a loss of **$0.80 million**[17](index=17&type=chunk) [Consolidated Statements of Changes in Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) Outlines the movements in the company's equity accounts over the specified reporting periods (in thousands) | (in thousands) | Balance at December 31, 2024 | Balance at June 30, 2025 | | :--------------- | :--------------------------- | :----------------------- | | Total Equity | $494,587 | $473,515 | Key Changes (6 Months Ended June 30, 2025) | Key Changes (6 Months Ended June 30, 2025) | Amount (in thousands) | | :--------------------------------------- | :-------------------- | | Net income | $9,641 | | Dividends accrued and paid | $(6,208) | | Common stock repurchased and cancellation of shares | $(24,263) | | Conversion of common units to shares of common stock | $0 (net effect) | - Total equity decreased from **$494.59 million** at December 31, 2024, to **$473.52 million** at June 30, 2025, primarily due to common stock repurchases and dividends paid, partially offset by net income[19](index=19&

Financial Data and Key Metrics Changes - For Q2 2025, net income was $7.8 million or $0.15 per share, an increase from the same period in 2024, primarily due to gains on the sale of 32 properties and lower general and administrative costs [21][22] - Adjusted Funds from Operations (AFFO) was $1.3 million or $0.03 per share, higher than the same period in 2024, positively impacted by lower interest expenses and increased interest income [22][23] - Year-to-date net income was $9.9 million or $0.18 per share, also higher than the prior year, driven by 34 property dispositions and significant debt reductions [22][23] Business Line Data and Key Metrics Changes - The gain on asset dispositions was higher due to the sale of 34 properties in 2025, resulting in a net gain of $25 million compared to a loss in 2024 [23] - Fixed farm rent decreased due to property dispositions, while solar, wind, and recreation revenues increased due to a solar revenue-sharing arrangement [25][26] Market Data and Key Metrics Changes - Land values in the Midwest remained strong, contributing to gains from asset sales [5] - California faced challenges, leading to write-downs on several farms due to water issues and regulatory concerns [6][20] Company Strategy and Development Direction - The company is focused on long-term investments and is cautious about acquisitions, preferring to buy back stock and reduce debt [30][31] - The strategy includes exiting markets with long-term concerns, such as Colorado, while concentrating on stable regions like the Midwest [5][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in farmland as a reliable long-term investment despite short-term challenges in specific regions [19][20] - The company anticipates continued demand for farmland as an asset class, supported by high-net-worth individuals investing in this sector [18][19] Other Important Information - The company recorded impairments totaling $16.8 million on two farms in California, primarily due to regulatory water access issues [20][21] - The company has undrawn capacity on lines of credit of approximately $160 million as of June 30, 2025, with no debt subject to interest rate resets [24] Q&A Session Summary Question: How much more can the company sell in 2025 given the multiyear disposition program? - The company has four more transactions planned and is relying on the safe harbor based on seven transactions rather than the dollar amount [28] Question: Will the company need to pay a special dividend at the end of the year? - It is difficult to predict as it depends on the dynamics between GAAP accounting and tax accounting [29] Question: How is the company thinking about acquisitions versus repaying debt and buying back stock? - The company is disciplined in its acquisition strategy and is currently more focused on stock buybacks [30][31] Question: What is driving the increase in legal and accounting guidance? - An ongoing tenant dispute in Louisiana is driving the increase in legal and accounting expenses [33][34] Question: What are the thoughts on the preferred units eligible for conversion? - The company is unlikely to convert preferred units into shares and plans to pay them off with cash from asset sales or borrowings [35] Question: What is the outlook on variable payments and crop sales? - Variable payments increased due to improved crop yield expectations, while crop sales were adjusted based on crop type performance [37][56] Question: Are there any other farms at risk of water access issues? - Currently, there are no immediate needs for further write-downs, but the regulatory environment remains a concern [62] Question: How is the company utilizing its cash balance? - The company is optimizing its cash balance for stock repurchases and debt repayment while currently earning a positive spread on cash [67][68]

Financial Performance - Farmland Partners Inc recorded net income of $7792 thousand, or $015 per share, for the three months ended June 30, 2025, compared to a net loss of $2052 thousand, or $(006) per share, for the same period in 2024[10] - AFFO for the quarter was $1297 thousand, or $003 per share, compared to $530 thousand, or $001 per share, in 2024, representing a 1447% increase[10, 12] - For the six months ended June 30, 2025, the company's AFFO was $3581 thousand, or $008 per share, compared to $3314 thousand, or $007 per share, in 2024, an increase of 81%[12] - Total operating revenues for the quarter were $9960 thousand, a 130% decrease compared to $11445 thousand in 2024[12] - Net Operating Income (NOI) for the quarter decreased by 218% to $6890 thousand from $8814 thousand in 2024[12] Asset Transactions and Capital Management - The company completed dispositions of 32 properties for an aggregate consideration of $716 million, recognizing a gain on sale of $242 million during the quarter[10] - During the six months ended June 30, 2025, the company completed 34 property dispositions for approximately $816 million, recognizing a gain on sale of $250 million[17] - The company repurchased 2099756 shares of its common stock at a weighted average price of $1119 per share during the quarter[10] - Subsequent to June 30, 2025, the company repurchased 181989 shares of common stock at a weighted average price of $1148 per share and made repayments of $230 million against its lines of credit[10] Balance Sheet and Liquidity - The company had total debt outstanding of approximately $1934 million as of June 30, 2025, compared to $2046 million at December 31, 2024[17] - As of June 30, 2025, the company had access to liquidity of $2111 million, including $511 million in cash and $1600 million in undrawn credit facilities[17]

Financial Performance - Farmland Partners (FPI) reported quarterly funds from operations (FFO) of $0.03 per share, missing the Zacks Consensus Estimate of $0.04 per share, but an improvement from $0.01 per share a year ago [1] - The quarterly report indicates an FFO surprise of -25.00%, with a previous quarter's FFO of $0.05 per share also missing expectations of $0.06 per share, resulting in a -16.67% surprise [2] - The company posted revenues of $9.96 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.91%, but down from $11.44 million year-over-year [3] Market Performance - Farmland Partners shares have declined approximately 4% since the beginning of the year, contrasting with the S&P 500's gain of 7.3% [4] - The outlook for the stock's immediate price movement will largely depend on management's commentary during the earnings call [4] Future Outlook - The current consensus FFO estimate for the upcoming quarter is $0.07 on revenues of $11.35 million, and for the current fiscal year, it is $0.32 on revenues of $48.48 million [8] - The estimate revisions trend for Farmland Partners was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [7] Industry Context - The REIT and Equity Trust - Other industry, to which Farmland Partners belongs, is currently ranked in the bottom 37% of over 250 Zacks industries, suggesting potential challenges ahead [9]

[Executive Summary](index=1&type=section&id=Executive%20Summary) [Selected Highlights](index=1&type=section&id=Selected%20Highlights) Farmland Partners Inc. reported a significant turnaround in **Q2 2025**, achieving net income and increased AFFO per share, driven by strategic asset sales and share repurchases, despite recording substantial impairments on California properties Q2 2025 Financial Highlights: | Metric | Q2 2025 | Q2 2024 | Change | | :----------------------------------- | :------- | :------- | :------- | | Net Income (Loss) | $7.8 million | $(2.1) million | NM % | | Net Income (Loss) per share | $0.15 | $(0.06) | NM % | | AFFO | $1.3 million | $0.5 million | 144.7 % | | AFFO per share | $0.03 | $0.01 | 200.0 % | - Completed dispositions of **32 properties** for **$71.6 million**, recognizing an aggregate gain on sale of **$24.2 million**[3](index=3&type=chunk) - Repurchased **2,099,756 shares** of common stock at a weighted average price of **$11.19 per share** during the quarter[3](index=3&type=chunk) - Recorded impairments on California properties totaling **$16.8 million**[3](index=3&type=chunk) - Subsequent to June 30, **2025**, repurchased an additional **181,989 shares** at **$11.48 per share** and made **$23.0 million** repayments against lines of credit[3](index=3&type=chunk) [CEO Comments](index=1&type=section&id=CEO%20Comments) CEO Luca Fabbri emphasized the company's strong total returns to shareholders through consistent cash flow and significant gains from strategic farmland sales, with proceeds used for stock repurchases and debt reduction, while acknowledging impairments on California permanent crop properties due to evolving crop and water dynamics but reaffirming confidence in the business model and farmland as a stable asset class - Realized meaningful gains on over **$80 million** of farm sales in the first half of **2025**, demonstrating asset appreciation and value creation[2](index=2&type=chunk) - Redeploying sale proceeds to repurchase undervalued stock and reduce high-cost debt to enhance long-term returns[2](index=2&type=chunk) - Recorded impairments on the California permanent crop portfolio due to a longer-term loss of value from crop and water dynamics[2](index=2&type=chunk) - Remains confident in the business model and the enduring strength of farmland as a low-volatility, total-return asset class[2](index=2&type=chunk) [Financial and Operating Results Overview](index=2&type=section&id=Financial%20and%20Operating%20Results%20Overview) [Summary Financial and Operating Data](index=2&type=section&id=Summary%20Financial%20and%20Operating%20Data) For the three and six months ended June 30, **2025**, the company reported a significant improvement in net income and AFFO, despite a decrease in total operating revenues and Net Operating Income (NOI) compared to the same periods in **2024** Financial and Operating Results (Three Months Ended June 30, in thousands): | Metric | 2025 | 2024 | Change | | :----------------------------------- | :------- | :------- | :------- | | Net Income (Loss) | $7,792 | $(2,052) | NM % | | Net income (loss) available to common stockholders per share | $0.15 | $(0.06) | NM % | | AFFO | $1,297 | $530 | 144.7 % | | AFFO per weighted average common share | $0.03 | $0.01 | 200.0 % | | Adjusted EBITDAre | $4,469 | $6,521 | (31.5)% | | Total Operating Revenues | $9,960 | $11,445 | (13.0)% | | Net Operating Income (NOI) | $6,890 | $8,814 | (21.8)% | Financial and Operating Results (Six Months Ended June 30, in thousands): | Metric | 2025 | 2024 | Change | | :----------------------------------- | :------- | :------- | :------- | | Net Income (Loss) | $9,885 | $(644) | NM % | | Net income (loss) available to common stockholders per share | $0.18 | $(0.05) | NM % | | AFFO | $3,581 | $3,314 | 8.1 % | | AFFO per weighted average common share | $0.08 | $0.07 | 14.3 % | | Adjusted EBITDAre | $10,151 | $15,103 | (32.8)% | | Total Operating Revenues | $20,212 | $23,435 | (13.8)% | | Net Operating Income (NOI) | $14,998 | $18,465 | (18.8)% | - The six months ended June 30, **2025**, includes approximately **$1.0 million** of income from a solar lease arrangement with a tenant[6](index=6&type=chunk) - The six months ended June 30, **2024**, includes approximately **$1.2 million** of income from forfeited deposits due to the termination of a repurchase agreement[6](index=6&type=chunk) [Operational and Strategic Updates](index=2&type=section&id=Operational%20and%20Strategic%20Updates) [Acquisition and Disposition Activity](index=2&type=section&id=Acquisition%20and%20Disposition%20Activity) During the first half of **2025**, the company primarily focused on strategic dispositions, selling a significant number of properties for substantial aggregate consideration and gains, while making a smaller number of acquisitions - Acquired **five properties** for a total consideration of **$6.5 million** during the six months ended June 30, **2025**[10](index=10&type=chunk) - Completed **34 property** dispositions for approximately **$81.6 million** in aggregate consideration, recognizing an aggregate gain on sale of **$25.0 million** during the six months ended June 30, **2025**[10](index=10&type=chunk) [Balance Sheet and Liquidity](index=2&type=section&id=Balance%20Sheet%20and%20Liquidity) The company successfully reduced its total debt outstanding and maintained a strong liquidity position as of June 30, **2025**, compared to year-end **2024**, despite a decrease in overall liquidity - Total debt outstanding was approximately **$193.4 million** at June 30, **2025**, down from **$204.6 million** at December 31, **2024**[10](index=10&type=chunk) - Liquidity stood at **$211.1 million** at June 30, **2025**, comprising **$51.1 million** in cash and **$160.0 million** in undrawn credit facilities, compared to **$245.8 million** at December 31, **2024**[10](index=10&type=chunk) - As of July 18, **2025**, the company had **44,913,381 shares** of common stock outstanding on a fully diluted basis[10](index=10&type=chunk) [Dividend Declarations](index=2&type=section&id=Dividend%20Declarations) The Board of Directors declared a quarterly cash dividend of **$0.06 per share** for common stock and Class A Common OP units, maintaining the previous dividend rate - A quarterly cash dividend of **$0.06 per share** of common stock and Class A Common OP unit was declared on July 22, **2025**[8](index=8&type=chunk) - The dividends are payable on October 15, **2025**, to stockholders and common unit holders of record as of October 1, **2025**[8](index=8&type=chunk) [2025 Earnings Guidance](index=2&type=section&id=2025%20Earnings%20Guidance) The company's **2025** AFFO per share earnings guidance remains consistent with the prior quarter's outlook - The Company's **2025** AFFO per share earnings guidance remains unchanged compared to the prior quarter[9](index=9&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, **2025**, the consolidated balance sheet reflects a decrease in total assets, primarily driven by a reduction in net real estate and cash, alongside a corresponding decrease in total liabilities and equity compared to December 31, **2024** Consolidated Balance Sheets (in thousands): | ASSETS | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :-------------- | :---------------- | | Total real estate, net | $648,571 | $717,843 | | Cash and cash equivalents | $51,073 | $78,441 | | Loans and financing receivables, net | $64,066 | $55,305 | | TOTAL ASSETS | $776,671 | $868,560 | | LIABILITIES | | | | Mortgage notes and bonds payable, net | $192,747 | $203,683 | | Dividends payable | $2,763 | $57,253 | | Total liabilities | $202,671 | $272,003 | | Total equity | $473,515 | $494,587 | | TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS IN OPERATING PARTNERSHIP AND EQUITY | $776,671 | $868,560 | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) For the three months ended June 30, **2025**, the company reported a net income of **$7.792 million**, a significant improvement from a net loss in the prior year, primarily due to a substantial gain on asset dispositions, despite a decrease in total operating revenues and a large impairment charge Consolidated Statements of Operations (Three Months Ended June 30, in thousands): | Metric | 2025 | 2024 | | :-------------------------------------------------- | :------- | :------- | | Total operating revenues | $9,960 | $11,445 | | Total operating expenses | $24,093 | $8,205 | | (Gain) loss on disposition of assets, net | $(24,228) | $10 | | Impairment of assets | $16,821 | — | | Interest expense | $2,437 | $5,249 | | NET INCOME (LOSS) | $7,792 | $(2,052) | | Net income (loss) available to common stockholders of Farmland Partners Inc. | $6,836 | $(2,769) | | Basic net income (loss) available to common stockholders per share | $0.15 | $(0.06) | | Dividends declared per common share | $0.06 | $0.06 | Consolidated Statements of Operations (Six Months Ended June 30, in thousands): | Metric | 2025 | 2024 | | :-------------------------------------------------- | :------- | :------- | | Total operating revenues | $20,212 | $23,435 | | Total operating expenses | $30,492 | $15,048 | | (Gain) loss on disposition of assets, net | $(24,991) | $96 | | Impairment of assets | $16,821 | — | | Interest expense | $5,075 | $10,285 | | NET INCOME (LOSS) | $9,885 | $(644) | | Net income (loss) available to common stockholders of Farmland Partners Inc. | $8,108 | $(2,163) | | Basic net income (loss) available to common stockholders per share | $0.18 | $(0.05) | | Dividends declared per common share | $0.12 | $0.12 | [Non-GAAP Financial Measures](index=7&type=section&id=Non-GAAP%20Financial%20Measures) [Reconciliation of Non-GAAP Measures](index=7&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) The company provides detailed reconciliations for FFO, AFFO, EBITDAre, Adjusted EBITDAre, and NOI, illustrating significant improvements in FFO and AFFO for both the three and six months ended June 30, **2025**, compared to the prior year, despite a decrease in Adjusted EBITDAre FFO and AFFO Reconciliation (Three Months Ended June 30, in thousands): | Metric | 2025 | 2024 | | :----------------------------------- | :------- | :------- | | Net income (loss) | $7,792 | $(2,052) | | (Gain) loss on disposition of assets, net | $(24,228) | $10 | | Depreciation, depletion and amortization | $1,130 | $1,430 | | Impairment of assets | $16,821 | — | | FFO | $1,515 | $(612) | | AFFO | $1,297 | $530 | | AFFO per diluted weighted average share | $0.03 | $0.01 | FFO and AFFO Reconciliation (Six Months Ended June 30, in thousands): | Metric | 2025 | 2024 | | :----------------------------------- | :------- | :------- | | Net income (loss) | $9,885 | $(644) | | (Gain) loss on disposition of assets, net | $(24,991) | $96 | | Depreciation, depletion and amortization | $2,303 | $2,911 | | Impairment of assets | $16,821 | — | | FFO | $4,018 | $2,363 | | AFFO | $3,581 | $3,314 | | AFFO per diluted weighted average share | $0.08 | $0.07 | EBITDAre and Adjusted EBITDAre Reconciliation (Three Months Ended June 30, in thousands): | Metric | 2025 | 2024 | | :----------------------------------- | :------- | :------- | | Net income (loss) | $7,792 | $(2,052) | | Interest expense | $2,437 | $5,249 | | Depreciation, depletion and amortization | $1,130 | $1,430 | | Impairment of assets | $16,821 | — | | (Gain) loss on disposition of assets, net | $(24,228) | $10 | | EBITDAre | $3,944 | $4,636 | | Adjusted EBITDAre | $4,469 | $6,521 | EBITDAre and Adjusted EBITDAre Reconciliation (Six Months Ended June 30, in thousands): | Metric | 2025 | 2024 | | :----------------------------------- | :------- | :------- | | Net income (loss) | $9,885 | $(644) | | Interest expense | $5,075 | $10,285 | | Depreciation, depletion and amortization | $2,303 | $2,911 | | Impairment of assets | $16,821 | — | | (Gain) loss on disposition of assets, net | $(24,991) | $96 | | EBITDAre | $9,102 | $12,666 | | Adjusted EBITDAre | $10,151 | $15,103 | NOI Reconciliation (Three Months Ended June 30, in thousands): | Metric | 2025 | 2024 | | :----------------------- | :------- | :------- | | Total operating revenues | $9,960 | $11,445 | | Property operating expenses | $1,606 | $1,870 | | Cost of goods sold | $1,464 | $761 | | NOI | $6,890 | $8,814 | NOI Reconciliation (Six Months Ended June 30, in thousands): | Metric | 2025 | 2024 | | :----------------------- | :------- | :------- | | Total operating revenues | $20,212 | $23,435 | | Property operating expenses | $3,086 | $3,668 | | Cost of goods sold | $2,128 | $1,302 | | NOI | $14,998 | $18,465 | [Definitions of Non-GAAP Measures](index=9&type=section&id=Definitions%20of%20Non-GAAP%20Measures) The company provides comprehensive definitions and rationale for its non-GAAP financial measures, including FFO, AFFO, EBITDAre, Adjusted EBITDAre, and NOI, emphasizing their role as supplemental performance indicators for investors while clarifying their limitations compared to GAAP measures - Non-GAAP measures (FFO, NOI, AFFO, EBITDAre, Adjusted EBITDAre) are considered useful supplemental measures of performance but should not be viewed as alternatives to net income or loss[22](index=22&type=chunk) - FFO is calculated in accordance with Nareit standards, excluding gains/losses from sales of depreciable operating property, real estate related depreciation/amortization, and impairment write-downs of depreciated property[23](index=23&type=chunk) - AFFO adjusts FFO to exclude income and expenses not reflective of sustainable operating performance, such as real estate related acquisition and due diligence costs, stock-based compensation, preferred unit distributions, and severance expense[24](index=24&type=chunk)[25](index=25&type=chunk) - EBITDAre is calculated per Nareit standards, excluding interest expense, income tax, depreciation and amortization, and gains or losses on disposition of depreciated property[27](index=27&type=chunk) - Adjusted EBITDAre further adjusts EBITDAre for items like stock-based compensation, real estate related acquisition and due diligence costs, and severance expense to better understand operating performance[28](index=28&type=chunk) - Net Operating Income (NOI) is calculated as total operating revenues less property operating expenses and cost of goods sold, reflecting revenues and expenses directly associated with owning and leasing farmland real estate[30](index=30&type=chunk) [Company Information and Disclosures](index=3&type=section&id=Company%20Information%20and%20Disclosures) [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) Farmland Partners Inc. scheduled a conference call for July 24, **2025**, to discuss its financial results and provide a company update, with options for live phone access or webcast, and subsequent replay availability - A conference call is scheduled for July 24, **2025**, at 11:00 a.m. (U.S. Eastern Time) to discuss financial results and provide a company update[11](index=11&type=chunk) - The call can be accessed live via phone (**1-800-715-9871**, conference ID **4868033**) or a live listen-only webcast through the Investor Relations section of the company's website[11](index=11&type=chunk) - A replay of the conference call will be available until August 3, **2025**, via phone (**1-800-770-2030**, playback ID **4868033**) and on the Investor Relations website[12](index=12&type=chunk) [About Farmland Partners Inc.](index=3&type=section&id=About%20Farmland%20Partners%20Inc.) Farmland Partners Inc. is an internally managed real estate investment trust (REIT) focused on owning and acquiring high-quality North American farmland, making loans to farmers, and managing a portfolio of approximately **125,500 acres** across **15 states** as of June 30, **2025** - Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to third-party farmers[13](index=13&type=chunk) - As of June 30, **2025**, the company owned and/or managed approximately **125,500 acres** of farmland in **15 states**[13](index=13&type=chunk) - The company also owns land and buildings for **four agriculture** equipment dealerships in Ohio, leased to Ag Pro under the John Deere brand[13](index=13&type=chunk) - The company elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes, commencing with the taxable year ended December 31, **2014**[13](index=13&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements that are subject to various risks and uncertainties, including global conflicts, economic conditions, and environmental factors, which could cause actual results to differ materially from expectations, and the company does not undertake any obligation to update these statements - The press release includes "forward-looking statements" regarding outlook, acquisitions, dispositions, financing, crop yields, prices, and rental rates[14](index=14&type=chunk) - Actual results could differ materially due to factors such as ongoing global conflicts (Ukraine, Middle East), changes in trade policies, high inflation, elevated interest rates, economic recession, extreme weather events, and public health crises[14](index=14&type=chunk) - Other risks include capital market volatility, changes in business strategy, financing availability, industry changes, adverse developments in crop yields/prices, competition, litigation outcomes, and share repurchase timing/price[14](index=14&type=chunk) - The company does not undertake any obligation to update or revise any forward-looking information[14](index=14&type=chunk)

Company Overview - Farmland Partners Inc. (NYSE: FPI) has significantly improved its financial figures since initiating a deleveraging process [1] - The company has successfully reduced interest expenses, leading to better financial health [1] - Revenues per acre have shown improvement, indicating enhanced operational efficiency [1] - The value of the company's land is steadily rising, contributing to overall asset appreciation [1] Investment Strategy - Triba Research aims to identify high-quality businesses capable of delivering sustainable, double-digit returns over the long term [2] - The firm's strategy emphasizes companies with strong competitive advantages, operating in growing markets, and maintaining low debt levels [2] - A skilled and aligned management team is a key focus for Triba Research in its investment evaluations [2] - The firm prioritizes long-term value creation while staying informed about the latest market developments [2]

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Q1 2025 financial statements show total assets at $810.5 million, net income of $2.1 million driven by asset gains and lower interest expense, and operating cash flow of $6.4 million [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets decreased to $810.5 million due to reduced cash, while total liabilities fell to $218.5 million primarily from lower dividends payable, with equity stable at $492.2 million Consolidated Balance Sheet Highlights (in thousands) | Metric | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$810,465** | **$868,560** | | Cash and cash equivalents | $21,650 | $78,441 | | Total real estate, net | $714,095 | $717,843 | | **Total Liabilities** | **$218,518** | **$272,003** | | Mortgage notes and bonds payable, net | $201,803 | $203,683 | | Dividends payable | $2,890 | $57,253 | | **Total Equity** | **$492,204** | **$494,587** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Q1 2025 net income increased to $2.1 million despite lower revenues, driven by a $0.8 million gain on asset disposition and a $2.4 million reduction in interest expense, resulting in $0.03 EPS Q1 2025 vs. Q1 2024 Operating Results (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total operating revenues | $10,252 | $11,990 | | Rental income | $6,970 | $10,207 | | Total operating expenses | $6,399 | $6,843 | | (Gain) loss on disposition of assets, net | $(763) | $86 | | Interest expense | $2,638 | $5,036 | | **Net Income** | **$2,093** | **$1,408** | | Net income available to common stockholders | $1,272 | $606 | | **Basic and Diluted EPS** | **$0.03** | **$0.01** | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2025 saw $6.4 million cash from operations, $0.1 million from investing activities, and a $63.3 million use in financing, primarily for dividends, leading to a $56.8 million net cash decrease Cash Flow Summary (in thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash from Operating Activities | $6,370 | $11,897 | | Net cash from Investing Activities | $99 | $(14,497) | | Net cash from Financing Activities | $(63,260) | $3,339 | | **Net (decrease) in cash** | **$(56,791)** | **$739** | | Cash at end of period | $21,650 | $6,228 | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the company's REIT structure, its 92,400-acre farmland portfolio, revenue recognition, $201.8 million debt, ongoing litigation, FPI Loan Program, share repurchases, and hedging strategies - As of March 31, 2025, the Company owned a portfolio of approximately **92,400 acres** of farmland and managed an additional **46,800 acres**[26](index=26&type=chunk) - The company has a single operating segment, and its chief operating decision makers assess performance using Adjusted Funds from Operations (AFFO), a non-GAAP measure[41](index=41&type=chunk)[42](index=42&type=chunk) - The company has **$167.4 million** available under its lines of credit as of March 31, 2025, and manages liquidity through cash balances, credit lines, and potential asset sales[36](index=36&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=46&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 net income growth driven by asset gains and lower interest expense, the company's farmland acquisition strategy, key market factors, strong liquidity with $167.4 million credit availability, and non-GAAP measures like AFFO of $2.3 million - The company's primary strategic objective is to be a leading institutional owner and manager of high-quality North American farmland, delivering returns through cash dividends and asset appreciation[152](index=152&type=chunk) - Key factors influencing future results include global food demand, farmland supply constraints, inflation, interest rates, and international trade policies[167](index=167&type=chunk)[168](index=168&type=chunk)[192](index=192&type=chunk) - Net income for Q1 2025 was primarily affected by dispositions, higher crop sales, increased interest income, proceeds from a solar lease, and lower interest expense, offset by lower income from forfeited deposits[197](index=197&type=chunk) Q1 2025 vs Q1 2024 Key Metrics (in thousands) | Metric | Q1 2025 | Q1 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Rental income | $6,970 | $10,207 | $(3,237) | (31.7)% | | Total operating revenues | $10,252 | $11,990 | $(1,738) | (14.5)% | | Interest expense | $2,638 | $5,036 | $(2,398) | (47.6)% | | **Net Income** | **$2,093** | **$1,408** | **$685** | **48.7%** | [Results of Operations](index=59&type=section&id=Results%20of%20Operations) Q1 2025 saw rental income decrease by $3.2 million due to asset sales, offset by a $1.3 million rise in other revenue and a $2.4 million reduction in interest expense, alongside a $0.8 million gain on asset dispositions - Rental income decreased by **$3.2 million (31.7%)** in Q1 2025 compared to Q1 2024, primarily due to dispositions that occurred in 2024[198](index=198&type=chunk) - Other revenue increased by **$1.3 million**, mainly due to higher interest income from a larger average balance on loans under the FPI Loan Program[199](index=199&type=chunk) - Interest expense decreased by **$2.4 million (47.6%)** due to lower outstanding debt and a reduction in exposure to variable interest rates[207](index=207&type=chunk) - A net gain on asset disposition of **$0.8 million** was recorded in Q1 2025, compared to a net loss of **$0.1 million** in Q1 2024[205](index=205&type=chunk) [Liquidity and Capital Resources](index=61&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains liquidity with $21.7 million cash and $167.4 million credit availability, with Q1 2025 cash flows showing $6.4 million from operations, $0.1 million from investing, and $63.3 million used in financing, including $55.7 million in dividends - As of March 31, 2025, the company had **$167.4 million** in undrawn availability under its lines of credit[210](index=210&type=chunk) - During Q1 2025, the company repurchased **63,023 shares** of common stock for approximately **$0.7 million**, with **$55.0 million** remaining under the repurchase authorization[213](index=213&type=chunk)[243](index=243&type=chunk) Sources and Uses of Cash (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash from Operating Activities | $6,370 | $11,897 | | Net cash from Investing Activities | $99 | $(14,497) | | Net cash from Financing Activities | $(63,260) | $3,339 | [Non-GAAP Financial Measures](index=65&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures like FFO and AFFO, reporting Q1 2025 FFO at $2.5 million and AFFO at $2.3 million ($0.05 per share), alongside EBITDAre of $5.2 million Reconciliation of Net Income to FFO and AFFO (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income | $2,093 | $1,408 | | (Gain) loss on disposition of assets, net | $(763) | $86 | | Depreciation, depletion and amortization | $1,173 | $1,481 | | **FFO** | **$2,503** | **$2,975** | | Stock-based compensation | $519 | $525 | | Distributions on Series A Preferred Units | $(743) | $(743) | | **AFFO** | **$2,284** | **$2,784** | AFFO Per Share | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | AFFO per diluted weighted average share | $0.05 | $0.06 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=71&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, which is managed by an interest rate swap effectively converting its $11.8 million variable-rate debt to a fixed rate - The company's primary market risk is interest rate risk, which it manages through fixed-rate financing and derivative instruments like interest rate swaps[234](index=234&type=chunk) - As of March 31, 2025, the company's **$11.8 million** of variable-rate debt is covered by an interest rate swap, effectively reducing its floating rate exposure to zero[235](index=235&type=chunk) [Item 4. Controls and Procedures](index=71&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[237](index=237&type=chunk) - No changes in internal controls over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[239](index=239&type=chunk) [PART II. OTHER INFORMATION](index=71&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=71&type=section&id=Item%201.%20Legal%20Proceedings) The company is pursuing ongoing litigation against Sabrepoint regarding an alleged 2018 'short and distort' scheme, with the case recently remanded for further proceedings after a favorable appellate decision - The company is pursuing a lawsuit against Sabrepoint related to an alleged "short and distort" scheme from 2018. On April 25, 2025, the Texas Supreme Court affirmed a lower court's decision that the company's claims are not barred, remanding the case for further proceedings[95](index=95&type=chunk)[240](index=240&type=chunk) [Item 1A. Risk Factors](index=73&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024 were reported - No material changes from the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024 were reported[241](index=241&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=73&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2025, the company repurchased 87,000 shares of common stock at an average price of $11.71, with $55.0 million remaining under the repurchase program and no unregistered sales Issuer Purchases of Equity Securities (Q1 2025) | Period | Total Shares Purchased (thousands) | Average Price Paid per Share | Approx. Value Remaining in Program (thousands) | | :--- | :--- | :--- | :--- | | Jan 2025 | 67 | $11.72 | $55,011 | | Feb 2025 | 8 | $11.90 | $55,011 | | Mar 2025 | 12 | $11.56 | $55,011 | | **Total** | **87** | **$11.71** | **$55,011** | - As of March 31, 2025, the company had **$55.0 million** of capacity remaining under its share repurchase program[243](index=243&type=chunk) [Item 3. Defaults Upon Senior Securities](index=73&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities during the period - None[247](index=247&type=chunk) [Item 4. Mine Safety Disclosures](index=75&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[248](index=248&type=chunk) [Item 5. Other Information](index=75&type=section&id=Item%205.%20Other%20Information) The company reported no adoptions or modifications of Rule 10b5-1 plans during the period - None[249](index=249&type=chunk) [Item 6. Exhibits](index=75&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Quarterly Report on Form 10-Q, including CEO and CFO certifications and Inline XBRL data files - The report includes CEO and CFO certifications pursuant to Sarbanes-Oxley Sections 302 and 906, as well as Inline XBRL data files for the financial statements[251](index=251&type=chunk)

Financial Data and Key Metrics Changes - For Q1 2025, net income was $2.1 million, or $0.03 per share, an increase compared to the same period in 2024, driven by higher interest income and lower interest expenses [29] - Adjusted Funds from Operations (AFFO) was $2.3 million, or $0.05 per weighted average share, which was lower than the same period in 2024 [29] - Interest expense decreased by $2.4 million due to a reduction in debt of $189.4 million in Q4 2024 [30] Business Line Data and Key Metrics Changes - Fixed farm rent decreased due to property dispositions in 2024, while solar, wind, and recreation revenues increased due to a solar lease arrangement [32] - Management fees and interest income rose due to increased loan issuances under the FPI loan program [32] - Direct operations revenue increased due to higher walnut prices, offset by increased costs for water and maintenance [32] Market Data and Key Metrics Changes - The portfolio's NAV is estimated to be in the mid-$14 range, reflecting a decrease due to dividend payouts [19] - The market for row crop land values remains stable, with no significant frothiness observed [45] - California land values are not recovering, with some capitulation among sellers indicating potential market stabilization [16][18] Company Strategy and Development Direction - The company plans to continue selective capital deployment, focusing on small acquisitions and loan programs [27] - There is an emphasis on stock buybacks due to the perceived undervaluation of the company's shares compared to farmland values [52] - The company aims to maintain liquidity and flexibility in capital deployment strategies [62] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value of farmland, particularly in the context of global food demand and population growth [26] - The potential impact of tariffs on the agricultural market was discussed, with management noting that while there may be short-term pressures, long-term fundamentals remain strong [7][11] - The company anticipates modest rent increases in the row crop segment, reflecting a pause in rental growth [9] Other Important Information - The company won part of a legal case in Texas, which may have implications for future operations [13] - A compensation advisory vote did not pass, attributed to ISS recommendations, which management believes were misinformed [21][22] Q&A Session Summary Question: Can you provide details on the amortization of the FPI loan points? - Management indicated that approximately $2.4 million is expected to be recognized as amortization of points income for the year [40] Question: Is the increase in solar, wind, and recreational rent recurring? - Management clarified that while the arrangement with a solar tenant is recurring, it may not be at the same scale as the current year [42] Question: How have cap rates moved year-to-date? - Management noted that cap rates for row crop land values are stable, with no significant changes observed [45] Question: What is the company's stance on stock buybacks versus land purchases? - Management expressed a preference for stock buybacks due to the significant discount of the stock price compared to its perceived value [52] Question: How do tariffs affect core row crop assets versus permanent crops? - Management explained that many specialty crops are consumed domestically, which may provide some benefits amid tariff pressures [56]

Financial Data and Key Metrics Changes - For Q1 2025, net income was $2.1 million, or $0.03 per share, an increase compared to the same period in 2024, driven by higher interest income, proceeds from a solar lease, and lower interest expenses [28] - AFFO was $2.3 million, or $0.05 per weighted average share, which was lower than the same period in 2024 [29] - Interest expense decreased by $2.4 million due to a reduction in debt [29] Business Line Data and Key Metrics Changes - Fixed farm rent decreased due to property dispositions in 2024, while solar, wind, and recreation revenues increased due to a solar lease arrangement [31] - Management fees and interest income rose due to increased loan issuances under the FPI loan program [31] - Direct operations revenue increased due to higher walnut prices, offset by increased costs for water and maintenance [31] Market Data and Key Metrics Changes - The portfolio NAV is estimated to be in the mid-$14 range, reflecting a decrease due to dividend payouts [18] - The market for row crop land is stable, with no significant frothiness observed, and high-quality land remains strong [46][49] Company Strategy and Development Direction - The company plans to continue selective capital deployment, including small acquisitions and loan programs [26] - The focus remains on maintaining high cash flows and AFFO while considering stock buybacks due to perceived undervaluation [55] Management Comments on Operating Environment and Future Outlook - Management expressed concerns about tariffs and stagflation, noting that while tariffs could impact exports, stagflation historically boosts farmland values [6][11] - The company anticipates modest rent increases in the short term but remains optimistic about long-term demand for agricultural land [9][25] Other Important Information - The company won part of a legal case in Texas, which may have implications for future operations [13] - A compensation advisory vote did not pass, attributed to ISS recommendations, which management believes were incorrect [20][21] Q&A Session Summary Question: What is the amortization amount for the FPI loan points in Q1? - The company expects to recognize approximately $2.4 million in amortization of points income for the year [39] Question: Is the increase in solar, wind, and recreational rent recurring? - The arrangement with the tenant is recurring but not at the same scale as the current year [41] Question: How were the April 25 debt maturities repaid? - The company drew about $14 million from its line of credit and used operational funds for the remainder [45] Question: How have cap rates moved year-to-date? - Cap rates for row crop land values are stable, with no significant changes observed [46] Question: Will the Farmer Mac facility be renewed? - The company is likely to keep the facility in place for liquidity purposes [63][64]