Financial Performance - Q4 2025 revenue reached $69 million, representing a 7% year-over-year increase[3] - Q4 2025 GAAP net loss was $4 million, significantly reduced from $12 million in the same period last year[3] - Full-year 2025 revenue was $258 million, up 4% year-over-year[3] - Full-year 2025 Adjusted EBITDA was positive at $1 million, marking the first positive Adjusted EBITDA in company history[3] - Adjusted EBITDA margin improved by 6 percentage points year-over-year in Q4 2025[3] User Engagement - Q4 2025 Platform Weekly Active Users (WAU) totaled 21.0 million, a decrease of 5% year-over-year[3] - The company aims to enhance user engagement by leveraging AI to provide relevant local information[2] - Nextdoor's focus remains on improving the core experience for users and unlocking the potential of its neighborhood graph[2] Investment and Cash Position - Cash, cash equivalents, and marketable securities stood at $405 million as of December 31, 2025[4] - The company plans to continue investing in growth with a strong cash foundation[4]

Revenue Performance - Service revenue for the year ended December 31, 2025 was $1,106.1 million, an increase of $73.1 million, or 7.1%, compared to $1,033.0 million for 2024, driven by a 7.1% increase in university partner enrollments to 136,239[4] - For the three months ended December 31, 2025, service revenue was $308.1 million, an increase of $15.5 million, or 5.3%, compared to $292.6 million for the same period in 2024, also due to a 7.1% increase in university partner enrollments[5] - Service revenue for Q4 2025 was $308,119,000, an increase of 5.3% from $292,573,000 in Q4 2024[25] - Full year 2026 diluted EPS guidance is projected to be between $9.79 and $10.40, with service revenue expected between $1,167.5 million and $1,189.0 million[13] Income and Earnings - Operating income for the year ended December 31, 2025 was $265.9 million, a decrease of $9.5 million, or 3.4%, compared to $275.4 million for 2024, with an operating margin of 24.0%[8] - Net income for the year ended December 31, 2025 was $216.2 million, a decrease of $10.0 million, or 4.4%, compared to $226.2 million for 2024, with adjusted net income of $254.5 million[8] - Operating income for Q4 2025 was $108,079,000, up from $100,027,000 in Q4 2024, representing an 8.2% increase[25] - Basic earnings per share for Q4 2025 was $3.16, compared to $2.86 in Q4 2024, marking a 10.5% increase[25] - Net income for Q4 2025 was $86.7 million, compared to $81.9 million in Q4 2024, reflecting a 4.5% increase[36] - Non-GAAP net income for Q4 2025 was $88.7 million, compared to $85.1 million in Q4 2024, indicating a 4.2% increase[36] - GAAP diluted income per share for Q4 2025 was $3.14, up from $2.84 in Q4 2024, marking a 10.6% increase[36] Enrollment Growth - GCU enrollments increased to 131,826 at December 31, 2025, a 7.0% increase over 2024, while online enrollments rose to 107,148, an increase of 8.7%[5] - The company plans to open five new off-campus sites in 2025, contributing to enrollment growth[5] Costs and Expenses - Total costs and expenses for the year ended December 31, 2025, were $840,160,000, an increase of 10.9% from $757,603,000 in 2024[25] - The company incurred $40.5 million in litigation and regulatory costs for the year ended December 31, 2025, significantly higher than $6.2 million in 2024[35] - The company reported a litigation settlement expense of $35,000,000 for the year ended December 31, 2025[25] - Contributions in lieu of state income taxes amounted to $5.0 million for the year ended December 31, 2025, compared to $4.5 million in 2024[35] - The company reported a loss on fixed asset disposal of $0.9 million for the year ended December 31, 2025, compared to $0.1 million in 2024[35] Adjusted EBITDA - Adjusted EBITDA increased 8.4% to $368.6 million for the year ended December 31, 2025, compared to $340.0 million for 2024[8] - Adjusted EBITDA for Q4 2025 was $123.3 million, up from $116.6 million in Q4 2024, representing a 2.5% increase year-over-year[35] - For the year ended December 31, 2025, Adjusted EBITDA reached $368.6 million, an increase of 8.4% from $340.0 million in 2024[35] Tax and Compliance - The effective tax rate for the year ended December 31, 2025 was 22.8%, compared to 22.3% for 2024, influenced by higher state income taxes[8] - The company plans to continue expanding its services and managing risks associated with strategic initiatives and regulatory compliance[19] - The company expects to continue facing unusual, non-routine, or non-recurring expenses in the future, which may affect Adjusted EBITDA[33] Assets and Cash Flow - Total assets as of December 31, 2025, were $992,305,000, down from $1,018,425,000 in 2024, a decrease of 2.6%[27] - Cash and cash equivalents decreased to $111,762,000 from $324,623,000, a decline of 65.5% year-over-year[29] - Amortization of intangible assets for the year ended December 31, 2025, was $8.4 million, consistent with the previous year[36]

Exhibit 99.1 Farmland Partners Inc. Reports Full Year 2025 Results Raises Quarterly Dividend by 50% to $0.09 per share; Beats AFFO Guidance by $0.05 per Share DENVER, February 18, 2026 (BUSINESS WIRE) -- Farmland Partners Inc. (NYSE: FPI) ("FPI" or the "Company") today reported financial results for the year ended December 31, 2025. Selected Highlights For the year ended December 31, 2025, the Company: Subsequent to December 31, 2025, the Company: ● recorded net income of $32.2 million, or $0.65 per share a ...

Financial Performance - Total operating revenue for Q4 2025 was $43,461,000, an increase of 6.4% from $40,841,000 in Q3 2025[3] - Net income for Q4 2025 reached $5,382,000, representing a 30.1% increase compared to $4,137,000 in Q3 2025[3] - Funds from operations (FFO) available to common stockholders for Q4 2025 was $17,821,000, an 8.9% increase from $16,366,000 in Q3 2025[3] - Total operating revenue for the year ended December 31, 2025, was $161,336,000, an 8.0% increase from $149,388,000 in 2024[6] - Net income for the year ended December 31, 2025, was $19,292,000, a decrease of 19.8% from $24,040,000 in 2024[6] - Core funds from operations available to common stockholders for the year ended December 31, 2025, was $65,669,000, a 9.1% increase from $60,177,000 in 2024[6] - FFO available to common stockholders for FY 2025 was $64.9 million, an 8.8% increase compared to FY 2024, equating to $1.38 per share[13] - Core FFO for FY 2025 was $65.7 million, a 9.1% increase compared to FY 2024, equating to $1.40 per share[13] Asset and Equity Management - Total assets as of December 31, 2025, were $1,246,933,000, a decrease of 1.4% from $1,265,003,000 as of September 30, 2025[4] - Total equity and mezzanine equity decreased to $341,933,000, down 3.7% from $354,999,000 as of September 30, 2025[4] - Total assets increased to $1,246.9 million, a 13.9% increase from $1,094.3 million[10] Leasing and Property Management - The company maintained a square feet leased rate of 99.1% as of December 31, 2025[4] - Leased 305,589 square feet of previously vacant space with lease terms ranging from 5.3 to 11.7 years[10] - Renewed leases for 884,327 square feet with remaining terms from 0.7 to 11.3 years[10] - Collected 100% of 2025 base rent throughout the year[10] Capital and Financing Activities - Issued 4.4 million shares of common stock for net proceeds of $61.0 million under the ATM Program[10] - Increased credit facility from $155.0 million to $600.0 million, extending maturity dates to 2029 and 2030[10] - Paid monthly cash distributions totaling $1.20 per share on common stock and Non-controlling OP Units[10] Risks and Uncertainties - Gladstone Commercial's forward-looking statements regarding income stability and portfolio growth are subject to risks and uncertainties[23] - The company emphasizes the importance of its ability to raise additional capital and secure financing for operations and debt refinancing[23] - Economic downturns and tenant performance are significant factors that may impact actual results compared to forecasts[23] - Competition affects efforts to renew existing leases or re-lease space, which could influence overall performance[23] - Changes in interest rates are highlighted as a potential risk to the company's financial outlook[23]

| | | | As of and for the three months ended | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | December 31, | | September 30, | | | | | | | 2025 | | 2025 | | $ Change | % Change | | Operating Data: | | | | | | | | | Total operating revenue | $ | 43,461 | $ | 40,841 | $ | 2,620 | 6.4 % | | Total operating expenses | | (26,367) | | (26,021) | | (346) | 1.3 % | | Other expense, net | | (11,712) | | (10,683) (2) | | (1,029) | 9.6 % | | Net income | $ | 5,382 | $ | 4,137 | $ | 1,245 | 30.1 % | | ...

Financial Performance - Total operating revenue for Q4 2025 was $43,461,000, an increase of 6.4% from $40,841,000 in Q3 2025[3] - Net income for Q4 2025 reached $5,382,000, representing a 30.1% increase compared to $4,137,000 in Q3 2025[3] - Funds from operations (FFO) available to common stockholders for Q4 2025 was $17,821,000, an 8.9% increase from $16,366,000 in Q3 2025[3] - Total operating revenue for the year ended December 31, 2025, was $161,336,000, an 8.0% increase from $149,388,000 in 2024[6] - Net income for the year ended December 31, 2025, was $19,292,000, a decrease of 19.8% from $24,040,000 in 2024[6] - Core funds from operations available to common stockholders for the year ended December 31, 2025, was $65,669,000, a 9.1% increase from $60,177,000 in 2024[6] - FFO available to common stockholders for FY 2025 was $64.9 million, an 8.8% increase compared to FY 2024, equating to $1.38 per share[13] - Core FFO for FY 2025 was $65.7 million, a 9.1% increase compared to FY 2024, equating to $1.40 per share[13] Assets and Equity - Total assets as of December 31, 2025, were $1,246,933,000, a decrease of 1.4% from $1,265,003,000 as of September 30, 2025[4] - Total equity and mezzanine equity as of December 31, 2025, was $341,933,000, a decrease of 3.7% from $354,999,000 as of September 30, 2025[4] - Total assets increased to $1,246.9 million, a 13.9% increase from $1,094.3 million[10] Property Management - The company owned 151 properties with a total of 17,675,963 square feet, maintaining a lease occupancy rate of 99.1%[4] - Acquired 19 fully-occupied properties for $206.7 million at a weighted average cap rate of 8.88%[10] - Collected 100% of 2025 base rent throughout the year[10] - Leased 305,589 square feet of previously vacant space with lease terms ranging from 5.3 to 11.7 years[10] - Renewed leases for 884,327 square feet with remaining terms from 0.7 to 11.3 years[10] - Properties owned increased to 151, up 11.9% from 135[10] Dividends and Distributions - Cash dividends declared per common share remained stable at $0.30 for both Q4 2025 and Q3 2025[4] - Paid monthly cash distributions totaling $1.20 per share on common stock and Non-controlling OP Units[10] Risks and Uncertainties - Gladstone Commercial's forward-looking statements regarding income stability and property leasing are subject to risks and uncertainties[23] - The company emphasizes the importance of raising additional capital and the availability of financing for operations and debt refinancing[23] - Economic downturns and tenant performance are significant factors that may impact actual results compared to forecasts[23] - Competition affects efforts to renew leases or re-lease space, which could influence income stability[23] - Changes in interest rates are highlighted as a potential risk to the company's financial performance[23]

EXHIBIT 99.1 MARTIN MIDSTREAM PARTNERS REPORTS FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS AND RELEASES 2026 GUIDANCE KILGORE, Texas, February 18, 2026 (BUSINESS WIRE) -- Martin Midstream Partners L.P. (Nasdaq: MMLP) ("MMLP" or the "Partnership") today announced its financial results for the fourth quarter and full year ended December 31, 2025. Bob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership, stated, "In 2025, the Partnership de ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ____________________________________________________________________ FORM 10-K ____________________________________________________________________ (Mark One) (Exact name of registrant as specified in its charter) ____________________________________________________________________ Maryland 02-0681276 (State or other jurisdiction of incorporation or organization) 1521 Westbranch Drive, Suite 100 22102 McLean, Virginia ...

Table of Contents ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ 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 001-33097 ____________________________________________________________________ GLADSTONE COMMERCIAL CORPORATION UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ____________________________ ...

Property Portfolio - The company owns 151 properties totaling 17.7 million square feet of rentable space, located in 27 states, with an occupancy rate of 99.1%[23] - The average remaining lease term of the portfolio is 7.3 years, with a majority of leases containing provisions for annual rent escalations[35] - As of December 31, 2025, the company owned 151 properties with 143 leases, where the five largest tenants accounted for approximately 17.2% of total lease revenue, indicating concentration risk[89] - The largest percentage of lease revenue by industry classification in 2025 came from Automotive at 15.2%, followed by Diversified/Conglomerate Services at 12.6%[177] - The company completed $207.9 million of industrial acquisitions during the year ended 2025, consisting of ten facilities totaling approximately 1.6 million square feet, with a weighted average capitalization rate of 8.88%[203] Financial Performance - As of December 31, 2025, the company had $250.2 million in mortgage notes payable, net, with no recourse to the company[42] - The company raised approximately $61.0 million in net proceeds by selling 4,412,814 shares of common stock under the 2024 Common Stock Sales Agreement during the year ended December 31, 2025[29] - The company collected 100% of all outstanding base rent for calendar year 2025, reflecting strong credit underwriting and asset management[200] - The total lease revenue for the year ended December 31, 2024, was $149.388 million, showing a growth trend from the previous year[177] - The lease revenue for the year ended December 31, 2025, totaled $161.336 million[175] Debt and Financing - The weighted average remaining term of the company's mortgage debt is 2.5 years, with a weighted average interest rate of 4.21%[23] - The company increased its revolving credit facility from $125.0 million to $155.0 million on September 18, 2025, incurring fees of approximately $0.5 million[45] - On October 10, 2025, the company amended its credit facility, increasing the revolver to $200.0 million and adjusting various term loans, with a weighted average interest rate of approximately 5.42%[47] - The company entered into a Note Purchase Agreement for $85.0 million of 5.99% senior unsecured notes, maturing on December 15, 2030[48] - The company obtained approximately $85.0 million of long-term private debt financing for property acquisitions and to repay revolving credit facilities and bank term loans for the year ended December 31, 2025[108] Risk Management - The company is subject to credit risk from tenants, which could adversely affect cash available for distributions to stockholders[79] - The company may face challenges in renewing leases or re-leasing properties, impacting financial condition and distributions[82] - The company is subject to risks associated with real estate ownership, including changes in economic conditions, interest rates, and occupancy rates, which could reduce the value of its investments[115] - The company faces risks related to interest rate fluctuations, as the interest rate on its Credit Facility is variable, which could adversely affect results of operations[111] - The company is exposed to potential physical risks from climate change, which may lead to increased costs and unanticipated losses[161] Compliance and Regulations - The company must comply with various governmental regulations, which may materially affect operations in the future[71] - The company is required to distribute at least 90% of its REIT taxable income to qualify as a REIT, impacting its distribution policy[182] - If REIT qualification is lost, the company would incur federal corporate income tax on undistributed taxable income and may need to borrow additional funds[132] - The company operates as a holding company, relying on subsidiaries for income, which may restrict dividend payments[143] - Compliance with the Americans with Disabilities Act (ADA) may result in substantial costs for modifications to existing properties, impacting financial condition[150] Strategic Initiatives - The company targets secondary growth markets with favorable economic trends and diversified industries for property acquisitions[20] - The company actively communicates with private equity funds and real estate brokers to locate properties for potential acquisition[20] - The company aims to diversify its portfolio to mitigate risks associated with reliance on specific tenants, facility types, geographic locations, or industries[38] - The investment committee, comprising experienced members, reviews and approves all investment transactions to ensure alignment with investment policies[57] - The company has formed relationships with strategic partners for property management to improve operating efficiencies[34] Cybersecurity - Cybersecurity threats could disrupt operations and compromise confidential information, negatively impacting financial results[158] - The company has implemented ongoing processes to manage and mitigate cybersecurity risks, including regular assessments and employee training[164] - The Board of Directors receives quarterly reports on cybersecurity risks and mitigation efforts, ensuring active oversight of the company's cybersecurity program[170] Management and Governance - The company has adopted a conflict of interest policy to minimize potential conflicts, requiring independent director approval for certain transactions[49] - The company's future success is dependent on key personnel from its Adviser and Administrator, which poses a risk if any key personnel depart unexpectedly[120] - Conflicts of interest may arise between the company and its Adviser due to overlapping management and commercial activities, potentially impacting investment decisions[122] - The termination fee for the Advisory Agreement is equal to two times the average annual base management fee and incentive fee earned by the Adviser during the prior 24 months[124] - The Board of Directors can change investment policies without stockholders' approval, potentially affecting financial strategies and stockholder interests[151]