Farmland Partners Inc
farmlandpartners.comWhat Do They Do?
Makes loans to farmers and landowners, and owns farmland leased to farm operators, along with agricultural-equipment dealership properties leased to an operator.
10-K for FY2025, filed Feb 19, 2026In addition, we offer a loan program (the “FPI Loan Program”) pursuant to which we make loans to landowners with whom we have established…View ↗
Our primary strategic objective is to utilize our position as a leading institutional acquirer, owner and manager of high-quality farmland…View ↗
Our principal source of revenue is rent from tenants that conduct farming operations on our farmland pursuant to leases with terms ranging…View ↗
How Do They Make Money?
Farmers and landowners pay interest on loans over the loan term; farmland tenants pay rent, usually at least half before planting and the rest after harvest, with some rent tied to farm proceeds. Auction and brokerage fees are earned when an auction or sale is completed.
10-K for FY2025, filed Feb 19, 2026Other Revenue: Other revenue includes crop insurance proceeds, auction fees, brokerage fees, interest income, and property management…View ↗
Fixed Rent: The majority of the Company’s leases provide for rent payments on an entirely or partially fixed basis. For the majority of its…View ↗
generally during the first quarter of the year, with the remaining 50% of the lease payment due in the second half of the year generally…View ↗
Variable Rent: Certain of the Company’s leases provide for a rent payment determined as a percentage of the gross farm proceeds in their…View ↗
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10-K for FY2025, filed Feb 19, 2026
FY2025 revenue by product or service ↗
$52.2M
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10-K for FY2025, filed Feb 19, 2026
$52.2M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Auction and brokerage fees
Sold outright
|
3.1%
FY2022: 40%
|
Auction and brokerage fees, FY2025
$332K Sources
|
Sold outright |
|
Crop insurance proceeds
|
5.4%
FY2022: 37%
|
Crop insurance proceeds, FY2025
$583K Sources
|
|
|
Property management income
Recurring
|
7.4%
FY2022: 10%
|
Property management income, FY2025
$793K Sources
|
Recurring |
|
Interest income
Recurring
10-K for FY2025, filed Feb 19, 2026 |
55% |
Interest income, FY2025
$5.9M Sources
|
Recurring |
|
Amortization of points income
Recurring
10-K for FY2025, filed Feb 19, 2026 |
24% |
Amortization of points income, FY2025
$2.5M Sources
|
Recurring |
|
Other
|
5.2%
FY2022: 12%
|
Other, FY2025
$555K Sources
|
Who Are Their Customers?
Farm operators lease farmland, while farmers and landowners borrow through the company's loan program.
10-K for FY2025, filed Feb 19, 2026
Do Revenues Turn Into Profits?
Yes. It kept 60 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 19, 2026
10-K for FY2025, filed Feb 19, 2026
$31.5MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Jul 30, 2026
Open tableView ↗
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Jul 29, 2026
Raises the low end of AFFO per-share guidance
The low end rose from $0.30 to $0.31 per share, while the high end stayed at $0.35.
Sources
8-K, filed Jul 29, 2026
completed the disposition of one property for consideration of approximately $7.0 million and recognized a gain on sale of $3.5 million…View ↗
Flat. Revenue was $52.2M in FY2025, about the same as the $51.7M of FY2021.
Broader loan customer group
The loan program now also names landowners with established relationships as borrowers, and includes non-farming business needs among its stated uses; the older report described lending to third-party farmers for farming and agricultural real estate needs.
10-K for FY2022, filed Feb 23, 2023 10-K for FY2025, filed Feb 19, 2026In addition, we offer a loan program (the “FPI Loan Program”) pursuant to which we make loans to third-party farmers (both tenant and…View ↗
In addition, we offer a loan program (the “FPI Loan Program”) pursuant to which we make loans to landowners with whom we have established…View ↗
Exited property management
The older report describes FPI serving as a property manager; the latest report says it sold that business and no longer provides property management services.
10-K for FY2022, filed Feb 23, 2023 10-K for FY2025, filed Feb 19, 2026Our primary strategic objective is to utilize our position as a leading institutional acquirer, owner and manager of high-quality farmland…View ↗
Who Do They Compete With?
Competes with Nuveen Natural Capital, Manulife Investment Management, International Farming, Ceres Partners, Gladstone Land, UBS Farmland Investors, AgIS Capital, Homestead Capital, and Goldcrest Farm Trust Advisors
10-K for FY2025, filed Feb 19, 2026Competition to acquire farmland can come from many different sources. Individual farmers are the most active buyers of farmland.…View ↗
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