Gladstone Land’s stock was essentially unchanged, reflecting a mixed quarter with stable portfolio metrics but ongoing lease modifications and tenant challenges weighing on near-term visibility.

• The company manages about 99,000 acres across 144 farms in 14 states, with significant water assets concentrated in California.
• No acquisitions or sales occurred this quarter, although management may pursue farm sales to reduce debt and repurchase preferred stock.
• Modified lease structures continue impacting revenue recognition, with increased risk sharing amid challenging market conditions in permanent crops like nuts and wine grapes.
• Eight farms remain partially or wholly vacant, and four tenants are on cash basis revenue recognition, including two new delinquencies this quarter.
• The 2025 harvest exceeded initial yield forecasts, particularly in almonds and pistachios, but 2026 faces uncertainty given weather-induced crop stress and the pistachio alternate bearing cycle.