At the start of 2025, Iroquois Valley is following the lead of our farmers who, as their fields lie fallow, are preparing for the next growing season. We are taking stock of the past year, assessing the harvest's successes, and planning for strategic, intentional growth. 2024 was a year of great progress for our company, with strong fundraising results and farmland investments. Notable achievements include:

• Deploying $37 million across 20 transactions with 18 different farmers (½ new farmers to the portfolio, ½ reinvestments).
• Initiating dialogue with over 75 new farmers.
• Building a pipeline of investment opportunities with new and existing farmers approaching $45 million.
• Assisting in preserving 22,000 acres of critical Arizona habitat in collaboration with rancher Cindy Tolle and partner Dirt Capital. 
• Adding 120+ new investments and welcoming 75+ new investors.
• Raising $15 million in new capital across our REIT Equity Shares and RNR Notes.

As of December 31, 2024, the Iroquois Valley portfolio totals $125 million in assets and is invested in 70+ farmers across 20 states, spanning over 36,000 acres.

These successes were only possible because of the strength of our organic, regenerative community, our farmers' talents, our staff's hard work, the strategic guidance of our board of directors, and the capital provided by our generous impact-driven investors. As we look to the year ahead, our team is steadfast in our commitment to achieving our vision: An agricultural system transformed through land stewardship, rooted in organic farmland, for the health of people, communities, and our planet. 

Since our founding in 2007, we have witnessed many political climates, some more favorable than others towards agricultural stewardship. By centering our efforts on supporting organic, regenerative farmers with land access regardless of political tides, our 18-year track record shows Iroquois Valley's impact on developing a new farming system that’s good for the land, profitable for farmers, and trusted by consumers. Despite our current uncertain times, our focus will remain on what we do best — raising private capital from impact-driven investors to support farmers with land access. 

Focusing on providing farmers with patient financial support is more critical than ever, and as we look forward to a fruitful year ahead, we hope you will join us in deepening our work. On behalf of the board and staff at Iroquois Valley, thank you for committing to the journey of investing in transforming agriculture through organic, regenerative land stewardship.

Chief Executive Officer, Iroquois Valley Farmland REIT

FARM SPOTLIGHT: CENTRAL GRAZING CO.

Jacqueline Smith founded Central Grazing Company in 2015 on the premise that all livestock deserve a good, peaceful, humane life. Central Grazing raises breeding stock and works with other regional lamb producers to shepherd their flocks, with an eye toward environmental stewardship through regenerating grasslands and building a transparent supply chain that aims for zero waste. Central Grazing's meat is available at Natural Grocers locations across the country.

CONNECT WITH IROQUOIS VALLEY

Our team is attending these upcoming conferences. Reach out to connect!

• Texas Organic Farming & Gardeners Association (Pflugerville, TX)
• OGRAIN (Madison, WI)
• Organic Grain Conference (Champaign, IL)
• Marbleseed (LaCrosse, WI)
• Women Transforming Food & Finance (Atlanta, GA)

Photos: Prairie Grass Ranch, Central Grazing Company and Vilicus Farms

RNR Notes are available to accredited investors only. You may only invest after careful consideration of our complete Private Placement Memorandum, verification of your accredited investor status, and the submission of any other information required by Iroquois Valley relating to your proposed investment. No offering of RNR Notes is being made to investors until the Company has complied with the applicable state law. 

Iroquois Valley Farmland REIT, PBC is offering its common stock for sale pursuant to Tier 2 of Regulation A+ and as such intends to be exempted from state qualification pursuant to federal law. No offer to sell securities or solicitation of an offer to buy securities is being made herein or in any state where such offer or sale is not permitted under the blue sky or state securities laws thereof. Offerings are only made through our Offering Circular, available here. Some of the statements herein may constitute forward-looking statements under federal securities laws. Such forward-looking statements are subject to various risks and uncertainties, including those described in the Offering Circular.

No offering is being made to investors unless and until the offering has been noticed in that state, as applicable. In compliance with state securities laws, please contact the Company if you reside in NY to determine if an investment in our common stock (or further investment) is possible.

CONNECTING FARMERS, COMMUNITIES, AND INVESTORS SINCE 2007

As a corporate guideline, we do not look for specific farmland to purchase or finance. We develop relationships with farmers who want to grow their businesses. We move forward when we have a ready, willing, and able farmer.