Financial Analysis

Note 8Commitments and Contingencies Office Leases As of December 31, 2025, the Company had four leases in place for office space and office equipment with payments ranging between $252 and $14,046 per month and lease terms expiring between November 2026 and October 2027. The Company recognizes right of use assets and related lease liabilities in the consolidated balance sheets. The Company estimated the value of the lease liabilities using discount rates ranging from 5.51% to 6.17%, equivalent to the rates we would pay on a secured borrowing with similar terms to the lease at the inception of the lease. Options to extend the lease are excluded in our minimum lease terms unless the option is reasonably certain to be exercised. The Companys total lease cost during the years ended December 31, 2025 and 2024 was $0.3 million and $0.3 million, respectively. Minimum annual rental payments under these operating leases, reconciled to the lease liability included in our consolidated balance sheets, are as follows (in thousands): ($ in thousands) Future rental Year Ending December 31, payments 2026 $ 171 2027 6 2028 2029 2030 Thereafter Total lease payments 177 Less: imputed interest (8) Lease liability $ 169 Litigation In the ordinary course of business, the Company is subject to various litigation, claims and assessments. The total outstanding claims against the Company are an aggregate of $3.4 million. The Companys accrual for these claims is immaterial and believes that the resolut …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Note 7Mortgage Notes, Lines of Credit and Bonds Payable As of December 31, 2025 and 2024, the Company had the following indebtedness outstanding: Book Annual Value of ($ in thousands) Interest Principal Collateral Rate as of Next Outstanding as of as of Interest December 31, Interest Rate Adjustment December 31, December 31, Maturity December 31, Loan Payment Terms 2025 Terms Date 2025 2024 Date 2025 Farmer Mac Bond #6 Semi-annual 3.69% Fixed N/A $ $ 13,827 April 2025 $ Farmer Mac Bond #7 Semi-annual 3.68% Fixed N/A 11,160 April 2025 Farmer Mac Facility Monthly 5.37% SOFR + 1.50% N/A December 2028 110,398 MetLife Term Loan #1 (1) Semi-annual 5.55% Fixed N/A 67,086 67,086 March 2026 89,071 MetLife Term Loan #4 Semi-annual 5.55% Fixed for 3 years March 2026 1,200 1,550 June 2026 2,695 MetLife Term Loan #5 Semi-annual 5.63% Fixed for 3 years January 2026 1,827 1,827 January 2027 5,370 MetLife Term Loan #6 Semi-annual 5.55% Fixed for 3 years February 2026 16,226 16,226 February 2027 26,230 MetLife Term Loan #7 Semi-annual 5.87% Fixed for 3 years June 2026 6,934 6,934 June 2027 12,120 MetLife Term Loan #8 Semi-annual 4.12% Fixed for 10 years December 2027 35,200 44,000 December 2042 110,042 MetLife Term Loan #9 Semi-annual 6.37% Fixed for 3 years May 2027 6,400 8,400 May 2028 12,434 MetLife Term Loan #10 Semi-annual 6.36% Fixed N/A 21,806 21,806 October 2030 35,874 MetLife Facility Quarterly 5.95% SOFR + 1.95% N/A October 2027 72,328 Rabobank (2) Semi-annual 5.69% SOFR + 1.81% Mar …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

For the years ended December 31, (in thousands) 2025 2024 Fixed Farm Rent $ 19,458 $ 32,236 Solar, Wind and Recreation Rent 2,747 2,617 Tenant Reimbursements 2,343 2,714 Variable Rent 11,381 9,552 $ 35,929 $ 47,119 For the years ended December 31, (in thousands) 2025 2024 Auction and brokerage fees $ 332 $ 1,382 Crop insurance proceeds 583 821 Property management income 793 1,009 Interest income 5,943 2,315 Amortization of points income 2,522 341 Other 555 212 $ 10,728 $ 6,080 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Note 11Income Taxes The TRS income/(loss) before provision for income taxes consisted of the following: For the years ended ($ in thousands) December 31, 2025 December 31, 2024 United States $ (421) $ (338) International Total $ (421) $ (338) The federal and state income tax provision (benefit) is summarized as follows: For the years ended ($ in thousands) December 31, 2025 December 31, 2024 Current: Federal $ 5 $ 2 State Total Current Tax Expense $ 5 $ 2 Deferred: Federal 82 (18) State (102) Total Tax (Benefit) Expense $ (15) $ (16) Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and (b) operating losses and tax credit carryforwards. The tax effects of significant items comprising the TRSs deferred taxes as of December 31, 2025 are as follows: ($ in thousands) December 31, 2025 December 31, 2024 Deferred tax assets: Net operating loss $ 2,057 $ 1,986 Stock Compensation 12 Charitable Contributions 5 CECL Adjustment 136 Total deferred tax assets $ 2,193 2,003 Deferred tax liabilities: Fixed assets $ (10) $ (13) Intangible Assets (86) Installment Sale (56) Total deferred tax liabilities $ (66) $ (99) Valuation Allowance (2,128) (1,925) Net deferred taxes $ (1) $ (21) ASC 740, Income Taxes, requires that the tax benefit of net operating losses, temporary differences and credit carryforwards be recorded as an asset to …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recently Issued Accounting Standards In December 2023, the FASB issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Among other things, these amendments require that public business entities on an annual basis (i) disclose specific categories in the rate reconciliation, and (ii) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). The amendments require that all entities disclose on an annual basis (i) the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, (ii) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received), (iii) income (loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and (iv) income tax expense (benefit) from continuing operations disaggregated by federal, state, and foreign. The ASU is effective for public business entities for annual periods beginning after December 15, 2024. The Company is in the process of assessing the effect of this update on the consolidated financial state …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Note 4Related Party Transactions The Company did not have any related party transactions during the years ended December 31, 2025 and 2024. …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

Note 9Stockholders Equity and Non-controlling Interests Non-controlling Interest in Operating Partnership FPI consolidates the Operating Partnership. As of December 31, 2025 and 2024, FPI owned 98.1% and 97.5% of the outstanding interests, respectively, in the Operating Partnership, and the remaining 1.9% and 2.5% of the outstanding interests, respectively, were held in the form of Common units and comprised non-controlling interests in the Operating Partnership on the consolidated balance sheets. The non-controlling interests in the Operating Partnership consist of both the Common units and the Series A preferred units held by third parties. Common Units in Operating Partnership, OP Units On or after the 12 month anniversary of becoming a holder of Common units, unless the terms of an agreement with such Common unitholder dictate otherwise, each limited partner, other than the Company, has the right, subject to the terms and conditions set forth in the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership, as amended (the Partnership Agreement), to tender for redemption all or a portion of such Common units in exchange for cash, or in the Companys sole discretion, for shares of the Companys common stock on a one-for-one basis. If cash is paid in satisfaction of a redemption request, the amount will be equal to the number of tendered units multiplied by the fair market value per share of the Companys common stock on the date of the redempti …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Note 12Subsequent Events We have evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through the day the financial statements were issued. Dividends On February 17, 2026, the Companys Board of Directors declared a quarterly cash dividend of $0.09 per share of common stock and Common unit payable on April 15, 2026 to stockholders and unitholders of record as of April 1, 2026. Additionally, subsequent to December 31, 2025, the Company paid dividends totaling $11.4 million including $8.8 million as a one-time special dividend of $0.20 per share related to asset appreciation. These dividends were accrued as of December 31, 2025. Real Estate Dispositions Subsequent to December 31, 2025, the Company completed one disposition in the West Coast region for $1.3 million in aggregate consideration. Conversion of OP Units to Common Stock On January 20, 2026, the Company issued 450,000 shares of common stock upon redemption of 450,000 Common units that had been tendered for redemption. Series A preferred unit Redemption On February 6, 2026, the Company redeemed all of the 68,000 Series A preferred units that then remained outstanding for $68.0 million plus accrued distributions for an aggregate of $68.2 million in cash. The cash to redeem the Series A preferred units was borrowed from the Companys lines of credit. Borrowings, net of repayments, on Credit Facilities Subsequent to December 31, 2025, the Company made borrowings, ne …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

Note 8Commitments and Contingencies Office Leases As of June 30, 2026, the Company had four leases in place for office space and office equipment with payments ranging between $252 and $14,213 per month and lease terms expiring between November 2026 and January 2029. The Company recognizes right of use assets and related lease liabilities in the consolidated balance sheets. The Company estimated the value of the lease liabilities using discount rates ranging from 5.26% to 5.55%, equivalent to the rates we would pay on a secured borrowing with similar terms to the lease at the inception of the lease. Options to extend the lease are excluded in our minimum lease terms unless the option is reasonably certain to be exercised. During each of the three months ended June 30, 2026 and 2025, the Companys total lease costs were less than $0.1 million. The Companys total lease costs were $0.1 million during each of the six months ended June 30, 2026 and 2025. Minimum annual rental payments under these operating leases, reconciled to the lease liability included in our consolidated balance sheets, are as follows (in thousands): ($ in thousands) Future rental Year Ending December 31, payments 2026 (remaining six months) $ 92 2027 177 2028 173 2029 15 2030 Thereafter Total lease payments 457 Less: imputed interest (28) Lease liability $ 429 Litigation In the ordinary course of business, the Company is subject to various litigation, claims and assessments. The total outstanding claims again …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Note 7Mortgage Notes, Lines of Credit and Bonds Payable As of June 30, 2026 and December 31, 2025, the Company had the following indebtedness outstanding: Book Annual Value of ($ in thousands) Interest Principal Collateral Rate as of Next Outstanding as of as of Interest June 30, Interest Rate Adjustment June 30, December 31, Maturity June 30, Loan Payment Terms 2026 Terms Date 2026 2025 Date 2026 Farmer Mac Facility Monthly 4.92% SOFR + 1.30% N/A $ 63,200 $ December 2028 107,067 MetLife Term Loan #1 Semi-annual 5.49% Fixed for 3 years February 2029 67,086 67,086 February 2036 90,502 MetLife Term Loan #4 Semi-annual 5.58% Fixed for 3 years N/A 1,200 1,200 June 2027 2,695 MetLife Term Loan #5 Semi-annual 5.19% Fixed for 3 years N/A 1,827 1,827 January 2027 5,370 MetLife Term Loan #6 Semi-annual 5.18% Fixed for 3 years N/A 16,226 16,226 February 2027 26,242 MetLife Term Loan #7 Semi-annual 5.38% Fixed for 3 years N/A 6,934 6,934 June 2027 12,133 MetLife Term Loan #8 Semi-annual 4.12% Fixed for 10 years December 2027 35,200 35,200 December 2042 110,042 MetLife Term Loan #9 Semi-annual 6.37% Fixed for 3 years May 2027 6,400 6,400 May 2028 12,413 MetLife Term Loan #10 Semi-annual 6.36% Fixed N/A 21,806 21,806 October 2030 35,766 MetLife Facility Quarterly 5.66% SOFR + 1.95% N/A October 2027 70,819 Rabobank (1) Semi-annual 5.43% SOFR + 1.81% N/A 4,912 4,912 March 2028 8,633 Rutledge Facility Quarterly 5.09% SOFR + 1.40% N/A February 2027 126,876 Total outstanding principal 224,791 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

For the three months ended For the six months ended June 30, June 30, (in thousands) 2026 2025 2026 2025 Fixed Farm Rent $ 4,565 $ 4,932 $ 9,327 $ 9,751 Solar, Wind and Recreation Rent 435 291 1,419 1,838 Tenant Reimbursements 540 579 1,091 1,182 Variable Rent 165 222 165 223 $ 5,705 $ 6,024 $ 12,002 $ 12,994 For the three months ended For the six months ended June 30, June 30, (in thousands) 2026 2025 2026 2025 Auction and brokerage fees $ $ 151 $ $ 273 Crop insurance proceeds 83 35 Property management income 209 479 Interest income 1,596 1,481 3,581 2,772 Amortization of points income 594 632 1,467 1,218 Other 422 24 1,022 155 $ 2,612 $ 2,497 $ 6,153 $ 4,932 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Note 11Income Taxes The TRS income/(loss) before provision for income taxes consisted of the following: For the three months ended For the six months ended ($ in thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 United States $ 771 $ (463) $ 581 $ (1,444) International Total $ 771 $ (463) $ 581 $ (1,444) The federal and state income tax provision (benefit) is summarized as follows: For the three months ended For the six months ended ($ in thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Current: Federal $ 24 $ $ 32 $ State Total Current Tax (Benefit) Expense $ 24 $ $ 32 $ Deferred: Federal $ $ (8) $ (1) $ 9 State Total Deferred Tax Expense $ $ (8) $ (1) $ 9 Total Tax (Benefit) Expense $ 24 $ (8) $ 31 $ 9 Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and (b) operating losses and tax credit carryforwards. The tax effects of significant items comprising the TRSs deferred taxes as of June 30, 2026 and December 31, 2025 are as follows: ($ in thousands) June 30, 2026 December 31, 2025 Deferred tax assets: Net operating loss $ 1,758 $ 2,057 CECL Adjustment 119 136 Total deferred tax assets $ 1,877 2,193 Deferred tax liabilities: Fixed assets $ $ (10) Installment Sale (49) (56) Total deferred tax liabilities $ (49) $ (66) Valuation Allowance (1,828) (2,128) Net deferred taxes $ $ (1) A …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recently Issued Accounting Standards The FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses (Subtopic 220-40) in November 2024. The purpose of the ASU is to improve the disclosures about an entitys expenses and to address requests from investors for more transparent information about certain types of expenses (including purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion) included within expense captions presented on the face of the income statement (such as cost of sales, SG&A, and research and development). The new standard requires these disclosures to be presented in tabular format within the notes to the financial statements and does not change the requirements for the presentation of expenses on the face of the income statement. The ASU is effective for public business entities for annual periods beginning after December 15, 2026. The Company is in the process of assessing the effect of this update on the consolidated financial statement disclosures. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Note 4Related Party Transactions The Company did not have any related party transactions during the three and six months ended June 30, 2026 and 2025. …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

Significant Accounting Policies There have been no changes to the Companys significant accounting policies disclosed in the Companys Annual Report on Form 10-K for the year ended December 31, 2025. …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Note 9Stockholders Equity and Non-controlling Interests Non-controlling Interest in Operating Partnership FPI consolidates the Operating Partnership. As of June 30, 2026 and December 31, 2025, FPI owned 99.3% and 98.1% of the outstanding interests, respectively, in the Operating Partnership, and the remaining 0.7% and 1.9% of the outstanding interests, respectively, were held in the form of Common units and comprised non-controlling interests in the Operating Partnership on the consolidated balance sheets. The non-controlling interests in the Operating Partnership consist of both the Common units and the Series A preferred units held by third parties. Common Units in Operating Partnership, OP Units On or after the 12-month anniversary of becoming a holder of Common units, unless the terms of an agreement with such Common unitholder dictate otherwise, each limited partner, other than the Company, has the right, subject to the terms and conditions set forth in the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership, as amended (the Partnership Agreement), to tender for redemption all or a portion of such Common units in exchange for cash, or in the Companys sole discretion, for shares of the Companys common stock on a one-for-one basis. If cash is paid in satisfaction of a redemption request, the amount will be equal to the number of tendered units multiplied by the fair market value per share of the Companys common stock on the date of the …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Note 12Subsequent Events We have evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through the day the financial statements were issued. Dividends On July 28, 2026, the Companys Board of Directors declared a quarterly cash dividend of $0.09 per share of common stock and Common unit payable on October 15, 2026 to stockholders and unitholders of record as of October 1, 2026. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing