10-Q · May 11, 2026
Gladstone Land Corporation reported a decline in total revenue to $14.8 million for Q1 2026, down 12.0% compared to Q1 2025's $16.8 million. The company saw a notable drop in operating income, resulting in a diluted EPS…
Earnings analysis · 10-Q
LAND earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
The supplied filing excerpt provides limited income-statement, segment, balance-sheet, and cash-flow detail; the reported Q2 figures available in the accompanying data were $21 million of revenue and $(0.18) diluted…
Read full summary
The supplied filing excerpt provides limited income-statement, segment, balance-sheet, and cash-flow detail; the reported Q2 figures available in the accompanying data were $21 million of revenue and $(0.18) diluted EPS. The principal filing signal is that 95.7% of borrowings remain fixed at a 3.45% effective rate for 2.3 years, reducing near-term earnings sensitivity but leaving refinancing risk thereafter. No new quantitative guidance or material risk-factor changes are identified in the supplied 10-Q text.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.18
What stood out
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Borrowing costs largely insulated near term
More than 95.7% of borrowings are fixed-rate, with an effective interest rate of 3.45% and 2.3 years remaining before conversion to variable rates, limiting the near-term impact of rate changes on net income.
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Preferred-share repurchases continued
The company repurchased 143,190 Series B preferred shares at an average price of $20.83 and 276,123 Series C preferred shares at an average price of $20.50 during the quarter.
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Debt exposure is clearly quantified
At June 30, 2026, the fair value of fixed-rate borrowings was approximately $449.3 million, providing a quantified view of debt-market exposure.
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Repurchase authorization remains available
The company retained $16.2 million of Series B and $27.7 million of Series C repurchase authorization at June 30, 2026.
What to watch
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Refinancing exposure remains material
Although 95.7% of borrowings are fixed rate, those rates are fixed for another 2.3 years on average before conversion to variable rates, leaving the company exposed to refinancing and future interest-rate risk.
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Higher rates pressure debt fair value
A 2-percentage-point increase in market interest rates would reduce the fair value of fixed-rate borrowings to $437.247 million versus a $466.666 million carrying value, a stated difference of $(29.419) million.
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Farmland values affect refinancing
The filing states that adverse changes in farmland fair value or tenant creditworthiness could impair refinancing capacity; the company reported approximately $449.3 million of fixed-rate borrowings outstanding at fair value.
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Prior repurchase program expired
The 2025 Share Repurchase Program expired on July 10, 2026, after the quarter-end repurchase activity, potentially reducing the company's flexibility to continue capital returns under that authorization.
Management's outlook
The supplied 10-Q text does not include quantitative revenue or EPS guidance. The prior 8-K reported fiscal-year revenue guidance of $80 million to $90 million, but no change to that outlook is stated in the supplied filing excerpt.
Earlier filings 4
10-K · February 24, 2026
Gladstone Land (LAND) describes a steady, buy-and-hold farmland REIT strategy focused on leasing primarily fresh-produce annual row crops and certain permanent crops across 14 U.S. states (144 farms, 98,688 acres) and…
10-Q · November 5, 2025
Gladstone Land reported Q3 2025 operating revenues of $17,785,000 (lease revenue, net $17,736,000), down from $22,571,000 in Q3 2024. Operating income for the quarter was $4,493,000 (operating margin ~25.3%), while net…
10-Q · May 12, 2025
Gladstone Land reported Q1 operating revenues of $16,804,000 and net income attributable to the company of $15,108,000 (net income per common share $0.25). Operating income narrowed to $3,677,000 as operating revenues…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.