| Schedule of carrying amounts and estimated fair values of financial instruments |
| | | | | | | | | | | | | | | Carrying Value (1) | | Fair Value | (in thousands) | | September 30, 2026 | | December 31, 2025 | | September 30, 2026 | | December 31, 2025 | Financial Assets: | | | | | | | | | | | | | Loans under FPI Loan Program (Note 6) | | $ | 52,874 | | $ | 44,581 | | $ | 55,035 | | $ | 47,508 | Financing Receivables (Note 6) | | $ | 25,223 | | $ | 40,225 | | $ | 24,163 | | $ | 41,280 | Financial Liabilities: | | | | | | | | | | | | | Mortgage Notes and Bonds Payable (Note 7) | | $ | 239,791 | | $ | 161,591 | | $ | 225,592 | | $ | 157,028 |
| (1) | Carrying value represents the principal balance outstanding |
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| Schedule of reconciliation of net income (loss) to FFO, AFFO and AFFO per share |
| | | | | | | | | | | | | | | | | | | | | | For the three months ended September 30, | | | For the nine months ended September 30, | (in thousands except per share amounts) | | | | 2026 | | 2025 | | | 2026 | | 2025 | Net income (loss) | | | | | $ | (15,512) | | $ | 491 | | | $ | (11,735) | | $ | 10,376 | (Gain) loss on disposition of assets, net | | | | | | 12 | | | 531 | | | | (3,260) | | | (24,460) | Depreciation, depletion and amortization | | | | | | 900 | | | 938 | | | | 2,715 | | | 3,241 | Impairment of assets | | | | | | 12,043 | | | 1,000 | | | | 12,794 | | | 17,821 | FFO (1) | | | | | $ | (2,557) | | $ | 2,960 | | | $ | 514 | | $ | 6,978 | | | | | | | | | | | | | | | | | | Stock-based compensation | | | | | | 468 | | | 515 | | | | 1,370 | | | 1,562 | Real estate related acquisition and due diligence costs | | | | | | — | | | — | | | | — | | | 2 | Distributions on Series A Preferred Units | | | | | | — | | | (588) | | | | (204) | | | (2,074) | AFFO (1) | | | | | $ | (2,089) | | $ | 2,887 | | | $ | 1,680 | | $ | 6,468 | | | | | | | | | | | | | | | | | | AFFO per diluted weighted average share data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | AFFO weighted average common shares | | | | | | 43,494 | | | 44,320 | | | | 43,821 | | | 46,084 | | | | | | | | | | | | | | | | | | Net income (loss) available to common stockholders of Farmland Partners Inc. | | | | | $ | (0.36) | | $ | 0.00 | | | $ | (0.28) | | $ | 0.18 | Income available to redeemable non-controlling interest and non-controlling interest in operating partnership | | | | | | 0.00 | | | 0.02 | | | | 0.00 | | | 0.05 | Depreciation, depletion and amortization | | | | | | 0.02 | | | 0.02 | | | | 0.06 | | | 0.07 | Impairment of assets | | | | | | 0.28 | | | 0.02 | | | | 0.30 | | | 0.39 | Stock-based compensation | | | | | | 0.01 | | | 0.01 | | | | 0.03 | | | 0.03 | (Gain) loss on disposition of assets, net | | | | | | 0.00 | | | 0.01 | | | | (0.07) | | | (0.53) | Distributions on Series A Preferred Units | | | | | | 0.00 | | | (0.01) | | | | 0.00 | | | (0.05) | AFFO per diluted weighted average share (1) | | | | | $ | (0.05) | | $ | 0.07 | | | $ | 0.04 | | $ | 0.14 |
| (1) | The nine months ended September 30, 2026 and 2025 included approximately $0.5 million and $1.0 million, respectively, of income as a result of a solar lease arrangement with a tenant. |
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