Farmland Partners (FPI) Q2 2025 Earnings Call July 24, 2025 11:00 AM ET Speaker0Good morning, ladies and gentlemen, and thank you for standing by. My name is Kelvin, and I will be your conference operator today. At this time, I would like to welcome everyone to the Farmland Partners, Inc. Q2 twenty twenty five Earnings Call. All lines have been placed on mute to prevent any background noise.After the speakers' remarks, there will be a question and answer session. Thank you. I would now like to turn the call ...

Market Trends - Pistachios are gaining popularity, evidenced by their use in croissants, Starbucks lattes, and Dubai-style chocolate treats, driven by their appealing taste and visual appeal on social media [1] - Influencers are promoting pistachios through recipes for ice creams, tiramisus, and puddings, indicating sustained interest [3] Industry Dynamics - American pistachio growers experienced a record crop in the year Dubai chocolates went viral and anticipate exceeding that record in the upcoming harvest [2] - The industry faces the challenge of maintaining pistachio's popularity to avoid price pressures from the mega harvest [2] - Wonderful Pistachios is investing in a multi-million dollar ad campaign to position pistachios as a competitive savory snack [2] Trade and Production - The US ships roughly 60% to 70% of its pistachio production abroad, making it heavily reliant on international markets [3] - Planted trees are expected to increase pistachio production in the coming years, highlighting the need for sustained demand [3] - President Trump's trade policies introduce uncertainty for the pistachio industry [3]