What Farmland Partners Inc. told the SEC could break it.

By value, approximately 60% of Farmland Partners' portfolio is used for primary row crops such as corn, soybeans, wheat, rice and cotton, so any development that adversely affects the prices of those crops (or farmland values generally) has an outsized impact on the company: weak commodity prices reduce tenant farmer profitability and the variable rent and lease renewals FPI can achieve, and ultimately the appreciation of its farmland.

“By value, approximately 60% of our portfolio is used for primary crops, such as corn, soybeans, wheat, rice and cotton. As a result, any development or situation that adversely affects the value of properties generally, or the prices of corn, soybeans, wheat, rice or cotton, could have a more significant adverse impact on us than if our portfolio had less exposure to primary crops”

Farmland Partners has significant tenant concentration: Tenant A — a major (undisclosed) farming entity in California with which it has numerous permanent-crop leases — accounted for $12.0 million, or 33.4% of rental income in 2025 (up from 21.9%), and Tenant B was 10.2%; loss, default or non-renewal by Tenant A in particular would materially reduce rental revenue and could leave specialized permanent-crop properties hard to re-lease.

“The Company has numerous permanent crop leases with a major farming entity located in California.”

Farmland Partners has $68.3 million of debt maturities due within the next 12 months (of which $67.1 million is in the process of being refinanced), and as a REIT that distributes most income it depends on continued access to debt and equity capital markets to refinance maturities and fund acquisitions; its ability to refinance, incur additional debt or raise equity depends on leverage, covenant compliance and market conditions (elevated interest rates), so a market disruption or failed refinancing would pressure liquidity.

“We have $68.3 million in debt maturities due within the next 12 months. Of the $68.3 million in debt maturities, $67.1 million is in the process of being refinanced.”

Farmland Partners' tenants and the farm economy are exposed to trade policy: U.S. tariffs on imports from China and others have raised the risk of retaliatory tariffs on U.S. agricultural goods (Canada and the EU announced retaliatory tariffs in 2025), and tariffs on U.S. soybean exports to China helped drive a 37% drop in U.S. ag exports to China in fiscal 2025, depressing crop prices and tenant profitability; separately, FPI must continuously satisfy complex REIT-qualification requirements to avoid corporate taxation.

“the recent imposition by the United States of tariffs on imported goods from China and efforts to impose tariffs on goods from certain other countries may strain international trade relations. Such tariffs also increase the risk that foreign governments will implement retaliatory tariffs on goods imported from the United States.”