Gladstone Land Corporation

Item 1A.Risk Factors

Our business is subject to certain risks and events that, if they occur, could adversely affect our financial condition and results of operations and the trading price of our securities. For a discussion of these risks, please refer to the section captioned, Item 1A. Risk Factors, in our Annual Report on Form 10-K for the year ended December 31, 2024. The risks described below , and in our Form 10-K are not the onQuarterly risks we face. Additional risks and uncertainties not currently known to us Report on Form 10-Q for that we currently deem to be immaterial may mae quarterially and adversely affect our business, financial condition, and/or operating results in t ended March 31, 2025. The future.

Tariffs may adversely affect us or our tenants.

Existing or new tariffs imposed on foreign goods imported by the U.S. or on U.S. goods importrisks previously disclosed by foreign countries could subject us or our tenants to additional risks. Among having other impacts, tariffs may increase growing or oin our Form 10-K and Form 10-Q are not ther operating costs for certain of our tenants or reduce demand for their crops, which could affect their ability to pay rent, including any level of applicable participation rent. We cannot predict whether, or to what extent, any tariff or other trade protections may affect us or our tenants.

We are exposed to elevated credit and concentration ri only risks we face. Additional risks from any tenant that accounts for a relatively high percentage of the total lease revenue we expect to generate from our farms, which could materially and adversely affect our business, financial condition and results of operations and our ability to make distributions to our stockholders.

Our credit risk and credit losses can increase if the leases of our farm properties become concentrated with a tenant (or related tenants) that leases more than one farm or otherwise accounts for a relativeand uncertainties not currently known to us or that we currently high percentage of our total lease revenue. For example, one of our third-party tenants leases six of our farms and accounts for approxideem to be immately 11.2% of our total lease revenue recorded during the three months ended March 31, 2025. A consequence of a single tenant or a small number of tenants making up greater than 10% of our total lease revenue is that our business, financial condition and results of operations, and our ability to pay expected dividends to our stockholders may be materially arial may materially and adversely affected by the failure of such tenant(s) to meet their other obligations to us, the election by such tenant(s) to terminate its leases prior to their expiration, or the loss or  our business, financial instability of any such tenant(s). Similarly, events, actions, and market condconditions that may not otherwise affect us directly or materially, such as tariffs or changes in government regulation, could nevertheless have a material adverse effect on us if such events, actions, and market conditions uniquely or disproportionately affect tenants that account for a relatively high percentage of our total lease revenue.

See Note 3, Real Estate and Intangible AssetsPortfolio ConcentrationsCredit Risk for fur, and/or operating results in ther information, including any tenant comprising more than 10% of our total lease revenue recorded during the three months ended March 31, 2025.  future.