[PART I FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=4&type=section&id=ITEM%201.%20Financial%20Statements%20(Unaudited)) For the six months ended June 30, 2025, Gladstone Land Corporation reported a net income of $7.2 million, a decrease from $12.7 million in 2024, with total assets decreasing to $1.26 billion and net cash from operating activities at $8.4 million [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets decreased to $1.26 billion from $1.31 billion, with liabilities falling to $588.5 million and equity slightly decreasing to $670.1 million Condensed Consolidated Balance Sheets (in thousands) | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$1,258,585** | **$1,312,195** | | Total real estate, net | $1,129,449 | $1,156,850 | | Real estate and related assets held for sale, net | $14,496 | $46,314 | | Cash and cash equivalents | $30,481 | $18,275 | | **Total Liabilities** | **$588,512** | **$625,013** | | Notes and bonds payable, net | $496,184 | $523,922 | | **Total Equity** | **$670,073** | **$687,182** | [Condensed Consolidated Statements of Operations and Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) For the six months ended June 30, 2025, total operating revenues decreased to $29.1 million, resulting in a net income of $7.2 million and a net loss attributable to common stockholders of $4.8 million Condensed Consolidated Statements of Operations (in thousands, except per-share data) | | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Total operating revenues** | **$29,099** | **$41,549** | | Lease revenue, net | $29,098 | $41,096 | | **Total operating expenses** | **$25,637** | **$26,424** | | **Net income** | **$7,230** | **$12,744** | | **Net (loss) income attributable to common stockholders** | **$(4,774)** | **$795** | | **Basic and diluted (loss) income per common share** | **$(0.13)** | **$0.02** | [Condensed Consolidated Statements of Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity) Total equity decreased from $687.2 million to $670.1 million, primarily due to $22.1 million in distributions and a $2.2 million comprehensive loss, partially offset by net income Changes in Equity for the Six Months Ended June 30, 2025 (in thousands) | Description | Amount | | :--- | :--- | | **Balance at December 31, 2024** | **$687,182** | | Net income | $7,230 | | Dividends—cumulative redeemable preferred stock | $(12,004) | | Distributions—OP Units and common stock | $(10,139) | | Comprehensive loss | $(2,174) | | Other equity changes | $(22) | | **Balance at June 30, 2025** | **$670,073** | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities decreased to $8.4 million, while investing activities provided $57.4 million and financing activities used $53.6 million, resulting in a $12.2 million net increase in cash Condensed Consolidated Statements of Cash Flows (in thousands) | | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$8,416** | **$19,333** | | **Net cash provided by investing activities** | **$57,395** | **$61,678** | | **Net cash used in financing activities** | **$(53,605)** | **$(49,825)** | | **Net increase in cash and cash equivalents** | **$12,206** | **$31,186** | | Cash and cash equivalents at end of period | $30,481 | $49,757 | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's agricultural REIT business, accounting policies, financial statement components, and subsequent events including a new share repurchase program - As of June 30, 2025, the company owned **150 farms** totaling **103,001 acres** across 15 states and **55,306 acre-feet** of water assets in California[20](index=20&type=chunk) - In January and February 2025, the company sold seven farms in Florida and Nebraska for aggregate sales prices of approximately **$64.5 million**, recognizing a total net gain of about **$15.7 million**[44](index=44&type=chunk)[45](index=45&type=chunk) - On July 11, 2025, the Board of Directors approved a new share repurchase program authorizing the repurchase of up to **$20.0 million** of Series B Preferred Stock and up to **$35.0 million** of Series C Preferred Stock, expiring July 10, 2026[123](index=123&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a decrease in operating revenues to $29.1 million due to property sales and lease modifications, while highlighting $153.6 million in liquidity and key business environment factors [Overview](index=28&type=section&id=Overview) The company operates as an agricultural REIT with 150 diversified farms across 15 states, totaling 103,001 acres, and 55,306 acre-feet of California water assets Portfolio Geographic Diversification as of June 30, 2025 | State | No. of Farms | Total Acres | % of Total Acres | % of Total Lease Revenue (6 Months) | | :--- | :--- | :--- | :--- | :--- | | California | 63 | 34,845 | 33.8% | 58.8% | | Florida | 20 | 13,090 | 12.7% | 16.2% | | Washington | 6 | 2,520 | 2.4% | 7.5% | | Other | 61 | 50,546 | 51.1% | 17.5% | | **TOTALS** | **150** | **103,001** | **100.0%** | **100.0%** | - As of June 30, 2025, leases covering **15,002 acres** (**14.6%** of total acreage) are scheduled to expire during the remainder of 2025, with the company exploring renewal, new lease, or sale options[138](index=138&type=chunk) [Business Environment](index=30&type=section&id=Business%20Environment) The business environment is characterized by moderating inflation, elevated interest rates, trade tensions impacting export crops, and a favorable California water outlook - Over **99.9%** of the company's borrowings are at fixed rates, with a weighted-average effective interest rate of **3.39%** for another **3.3 years**, insulating the existing portfolio from recent interest rate hikes[141](index=141&type=chunk) - Trade tensions and tariffs pose risks to export-oriented crops like almonds and pistachios, which constitute a significant portion of U.S. agricultural exports, though strong domestic demand for fresh produce provides a buffer[142](index=142&type=chunk) - The California water outlook is favorable for the 2024-2025 water year, with above-average precipitation and high reservoir levels leading to positive surface water allocations, despite ongoing SGMA pumping restrictions[147](index=147&type=chunk)[148](index=148&type=chunk)[150](index=150&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Operating revenues decreased to $29.1 million due to property sales and lease restructurings, resulting in operating income of $3.5 million and a net loss attributable to common stockholders of $4.8 million Comparison of Operating Results (in thousands) | | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Total operating revenues** | **$29,099** | **$41,549** | | **Total operating expenses** | **$25,637** | **$26,424** | | **Operating income** | **$3,462** | **$15,125** | | Gain on dispositions of real estate assets, net | $13,261 | $7,473 | | **Net income** | **$7,230** | **$12,744** | | **Net (loss) income attributable to common stockholders** | **$(4,774)** | **$795** | - The decrease in same-property fixed lease payments was primarily due to lease modifications that reduced or eliminated fixed base rent in exchange for significantly increased participation rent components, with revenue recognition expected in late 2025[175](index=175&type=chunk) [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains $153.6 million in available liquidity, with over 99.9% of borrowings at fixed rates, while cash flow from operations decreased to $8.4 million - As of the report date, the company has available liquidity of approximately **$153.6 million**, consisting of about **$7.3 million** in cash and **$146.3 million** of availability under its credit facilities[201](index=201&type=chunk) Summary of Cash Flows (in thousands) | | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash from operating activities | $8,416 | $19,333 | | Net cash from investing activities | $57,395 | $61,678 | | Net cash from financing activities | $(53,605) | $(49,825) | | **Net change in Cash and cash equivalents** | **$12,206** | **$31,186** | [Non-GAAP Financial Information](index=43&type=section&id=NON-GAAP%20FINANCIAL%20INFORMATION) The company utilizes FFO, CFFO, and AFFO as supplemental measures, with all three metrics showing a decrease for Q2 2025 compared to Q2 2024 Reconciliation of Net (Loss) Income to FFO, CFFO, and AFFO (in thousands) | | For the Three Months Ended June 30, 2025 | For the Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net (loss) income attributable to common stockholders | $(13,880) | $(6,654) | | **FFO available to common stockholders** | **$(3,346)** | **$4,974** | | **CFFO available to common stockholders** | **$(3,562)** | **$5,011** | | **AFFO available to common stockholders** | **$(3,450)** | **$3,703** | Non-GAAP Per Share Metrics | | For the Three Months Ended June 30, 2025 | For the Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | FFO per share | $(0.09) | $0.14 | | CFFO per share | $(0.10) | $0.14 | | AFFO per share | $(0.10) | $0.10 | | Distributions declared per common share | $0.14 | $0.14 | [Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, which is minimal due to over 99.9% of borrowings being at fixed rates - The company's exposure to interest rate risk is low, with over **99.9%** of borrowings at fixed rates. The weighted-average effective interest rate is **3.39%** with a remaining fixed term of **3.3 years**[233](index=233&type=chunk) [Controls and Procedures](index=46&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - As of June 30, 2025, management concluded that the company's disclosure controls and procedures were effective[236](index=236&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter ended June 30, 2025[238](index=238&type=chunk) [PART II OTHER INFORMATION](index=48&type=section&id=PART%20II%20OTHER%20INFORMATION) [Legal Proceedings](index=48&type=section&id=ITEM%201.%20Legal%20Proceedings) The company is not currently subject to any material legal proceedings, nor is it aware of any threatened material legal proceedings - The company reports no material known or threatened litigation[240](index=240&type=chunk) [Risk Factors](index=48&type=section&id=ITEM%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024, and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 - The company refers to its previously filed Form 10-K and Form 10-Q for a discussion of risk factors and notes no material changes[241](index=241&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[242](index=242&type=chunk) [Defaults Upon Senior Securities](index=48&type=section&id=ITEM%203.%20Defaults%20Upon%20Senior%20Securities) Not applicable [Mine Safety Disclosures](index=48&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures) Not applicable [Other Information](index=49&type=section&id=ITEM%205.%20Other%20Information) During the three months ended June 30, 2025, no officer or director of the company adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements - No officer or director adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements in Q2 2025[245](index=245&type=chunk) [Exhibits](index=50&type=section&id=ITEM%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including articles of incorporation, bylaws, forms of stock certificates, officer certifications pursuant to the Sarbanes-Oxley Act, and XBRL data files

Group 1 - The article invites active investors to join a free trial and engage in discussions with sophisticated traders and investors [1] Group 2 - There are no stock, option, or similar derivative positions held by the analyst in any of the mentioned companies, nor plans to initiate such positions within the next 72 hours [2] - The article expresses the author's own opinions and is not influenced by compensation from any company [2] - Seeking Alpha clarifies that past performance does not guarantee future results and that the views expressed may not reflect the overall opinions of Seeking Alpha [3]

Company Overview - Gladstone Land owns 150 farms with approximately 103,000 acres in 15 states and over 55,000 acre-feet of water assets in California, with 95.9% occupancy[10] - The company focuses on farmland growing fresh produce and permanent crops[11, 16] - Gladstone Land is managed by an SEC-registered investment advisor with over $4 billion of assets under management[12] Market Opportunity and Investment Focus - The company primarily focuses on acquiring high-value farmland that generates above-average revenues and profits[35] - The company targets transaction sizes between $2 million to $50 million+[43] - From 1980 through 2024, the Fresh Fruits & Vegetables segment of the Food & Beverages category increased by 385%[45] - U.S farmland value is approximately $3.4 trillion, with approximately 63% of U.S farm operators are over 55 years of age[65] Financial Performance - Since its IPO in 2013, the company has made 147 consecutive monthly cash distributions to common shareholders, totaling $7.32 per share[76] - Over the past 41 quarters, the company has increased the common distribution rate 35 times for a total increase of 55.7%[76] - The company's weighted-average remaining lease term is 6.7 years[83] - The company's weighted-average debt maturity is 7.4 years with a weighted-average effective interest rate of 3.41%, fixed for 3.5 years[84]

Group 1 - Gladstone Land stock (NASDAQ: LAND) is considered a moderate investment choice, particularly for dividend income portfolios, but is viewed as lacking compared to better alternatives [1] - The article emphasizes the author's professional background, including experience in risk management and financial market analysis, which informs the investment perspective presented [1] - The author has successfully navigated major financial crises, including the COVID-19 pandemic, indicating a robust understanding of market dynamics [1] Group 2 - The author holds multiple advanced degrees and certifications in finance, law, and economics, enhancing credibility in investment analysis [1] - The article aims to engage with a community of investors and market enthusiasts, fostering knowledge sharing and growth [1]

Core Insights - SEALSQ's Public Key Infrastructure (PKI) tool, INeS, has been selected by Landis+Gyr to provide 30 million digital certificates for smart meters in the Asia Pacific region, starting this summer [2][3][4] - The INeS PKI solution offers FIPS-certified digital certificates, ensuring security and integrity for a large smart meter network, which is crucial for device authentication and protection against cyber threats [4][5] - This partnership highlights SEALSQ's capability to deliver scalable and cost-effective security solutions for extensive IoT deployments [4] Company Overview - SEALSQ focuses on developing and selling semiconductors, PKI, and Post-Quantum technology hardware and software products [2][8] - The company is pioneering Post-Quantum Semiconductors that provide robust protection for sensitive data across various applications, including smart energy and healthcare systems [9] - SEALSQ emphasizes the integration of Quantum Resistant Cryptography into its semiconductor solutions to address security challenges posed by advancing quantum computing [8][9] Industry Context - Landis+Gyr is a global leader in integrated energy management solutions, enabling utilities and consumers to reduce energy consumption [6][7] - The company has achieved significant CO2 savings, managing to save 9 million tons in FY 2024 through its product offerings [7] - Landis+Gyr's security offerings include both on-premises and hosted solutions, ensuring compliance with local regulations and providing end-to-end security for smart metering solutions [5]

Group 1 - The stock of Gladstone Land Corporation (LAND) is experiencing significant attention due to high implied volatility in the options market, particularly for the Aug 15, 2025 $2.50 Call option [1] - Implied volatility indicates the market's expectation of future price movement, suggesting that investors anticipate a substantial price change or an upcoming event that could trigger a rally or sell-off [2] - Gladstone Land currently holds a Zacks Rank 3 (Hold) in the REIT and Equity Trust - Other industry, which is in the top 36% of the Zacks Industry Rank, but analysts have not increased earnings estimates for the current quarter, with a consensus estimate dropping from 7 cents to 5 cents per share [3] Group 2 - The high implied volatility for Gladstone Land may indicate a developing trading opportunity, as options traders often seek to sell premium on options with high implied volatility to capture decay [4]

Core Insights - Landsvirkjun has experienced a recovery in operations following a temporary downturn in revenues due to challenging reservoir levels, with improved water levels resulting from heavy winter precipitation in Iceland [1] Financial Performance - First quarter revenues reached USD 162 million, reflecting a 13% increase compared to the same period last year [2] - Profit before unrealised financial items for the quarter rose by 18% year-on-year to USD 91 million, with an equity ratio of 67%, marking an all-time high for the company [3] - Cash flow from operations for the first quarter was USD 104 million, indicating strong operational performance [5] Financial Position - The company's financial position is robust, with a net debt to EBITDA ratio of 1.4 times, and net debt continues to decrease [3][5] - The company is well-positioned for upcoming construction projects, including the Vaðölduver wind farm and the expansion of hydropower stations [3]

Core Viewpoint - Landsvirkjun successfully issued green bonds totaling USD 150 million, exceeding the original target of USD 125 million due to strong investor interest [1] Group 1: Bond Issuance Details - The bonds have maturities of 6 and 8 years and were issued in three tranches, with two tranches having fixed interest rates of 5.17% and 5.37%, reflecting spreads of 115–125 basis points over U.S. Treasury bonds [2] - The third tranche features a floating interest rate indexed to SOFR with a spread of 144 basis points, and the issuance is covenant-free, indicating investor confidence in the company's financial position [2] Group 2: Role of Placement Agents - Barclays Capital Inc. and ING Financial Markets LLC served as joint placement agents for the bond issuance [3] Group 3: Use of Proceeds - Proceeds from the bond issuance will finance Landsvirkjun's power projects, including the Vaðalda Wind Farm, which will be Iceland's first wind power plant, and the Hvammur Hydropower Station, the eighth hydroelectric power plant in the Þjórsá and Tungnaá region [4] Group 4: Green Financing Framework - The bonds are issued under Landsvirkjun's Green Financing Framework, which ensures that proceeds are exclusively used for projects with positive environmental and climate impacts [5]

Core Viewpoint - Gladstone Land Corporation held its Q1 2025 earnings conference call, indicating ongoing engagement with investors and stakeholders [1]. Company Overview - David Gladstone serves as the Chief Executive Officer and President of Gladstone Land Corporation, leading the quarterly conference call [2]. - Michael LiCalsi, the General Counsel, provided introductory remarks and highlighted the presence of forward-looking statements in the report, which may involve risks and uncertainties [3].

Financial Data and Key Metrics Changes - For the first quarter, the company reported net income of approximately $15.1 million and net income to common shareholders of $9.1 million, or $0.25 per share [26] - Adjusted FFO was about $2 million or $0.06 per share, compared to $5.1 million or $0.14 per share in the same quarter last year, indicating a year-over-year decrease [26][27] - Dividends declared per common share remained at $0.14 for both quarters [26] Business Line Data and Key Metrics Changes - Fixed base cash rents decreased by about $5.7 million compared to the prior year quarter due to vacancies and structural changes in leases [27] - The company expects a total year-over-year decline of about $17 million in fixed base rents for fiscal year 2025 compared to 2024, primarily due to lease adjustments [29] - Participation rents recorded during the current quarter amounted to approximately $465,000, primarily from cash collected on wine grape sales [28] Market Data and Key Metrics Changes - The company has about 103,000 acres of farmland across 15 states, with 29 different growing regions, and holds approximately 55,000 acre-feet of water assets [7][8] - The nut sector is vulnerable to tariffs, with 78% of U.S. grown almonds and pistachios exported annually, and the company is monitoring the impact of tariffs on pricing [21][22] - The weakening of the U.S. dollar may help mitigate some negative impacts from tariffs, as it could stabilize prices for U.S. nuts [24] Company Strategy and Development Direction - The company is cautious with new investments due to high interest rates and costs of capital, leading to a slow acquisition activity [9][35] - The current strategy includes adjusting lease structures to minimize fixed costs for tenants while allowing the company to participate in crop revenues [11][12] - The company plans to maintain liquidity and evaluate its dividend based on the 2025 harvest outcomes [33][57] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about high interest rates affecting farming operations and the ability to borrow for planting and harvesting crops [35][80] - The company anticipates inflation in the food sector to continue increasing, which may positively impact the value of underlying farmland over time [38] - Management remains optimistic about the potential for strong crop production in the upcoming year, particularly for almonds and pistachios [14][37] Other Important Information - The company has access to over $180 million of capital, including about $40 million in cash, and nearly $150 million of unpledged properties [31] - The company is currently evaluating options for vacant farms and considering potential new crops to plant [51] - The company has no immediate plans for share repurchases, prioritizing liquidity to manage potential future obligations [55][57] Q&A Session Summary Question: Clarification on $17 million lower revenues in '25 versus '24 - Management confirmed that an additional farm was added to the participation rent structure, contributing to the increased revenue loss estimate for '25 [40] Question: Total participation rents expected in 2025 - Management indicated that the expected participation rents would include the $17 million plus additional amounts based on last year's run rate, but some participation rent would be lower due to lease adjustments [41][43] Question: Details on the $2.4 million termination fee - The termination fee was related to three almond farms that are now vacant, and management is exploring options to generate income from these properties [44] Question: Future asset sales and vacant properties - Management stated that they have listed some farms for sale but do not have contracts in place yet, and they are evaluating options for the vacant properties [49][50] Question: Thoughts on repurchasing shares given cash on hand - Management emphasized the importance of maintaining liquidity and being prepared for future obligations rather than repurchasing shares at this time [55][57] Question: Financing for upcoming preferred stock maturity - Management is considering options for financing the preferred stock due in January 2026, including potential asset sales and refinancing discussions with banks [67][71]