From the beginning, Iroquois Valley has focused on a simple but powerful belief: organic is good business.

We were founded on big questions. How can we reduce the use of chemicals in agriculture? How can we improve the livelihoods of farmers? How can we deliver impact and profits simultaneously? How can we make communities healthier?

Those questions are more important than ever in 2025, given the challenges and disruptions facing the broader farm economy. Government funding cuts, tariffs and trade disruptions, volatile export markets, high input costs, low commodity prices, and ongoing labor challenges place enormous pressure on producers. 

But organic agriculture is resilient. Because organic supply chains are largely domestic, tariffs and high chemical input costs do not pressure organic farmers to the same degree. Consumer demand for organic products remains strong. While overall farmgate prices soften, organic premiums hold firm—supporting more stable margins for farmers committed to organic land stewardship.

Looking back on 2025, Iroquois Valley used this time of change to build a strong foundation for future growth. We did this by focusing on several key initiatives:

1. Strengthening the Portfolio — We worked proactively with farmers to address underperforming assets and resolved challenges early—always acting in the long-term interest of farmers, investors, and the land.

2. Expanding Our Hub Strategy — We continued building regional hubs in our core geographies, creating ecosystems where farmers can scale successfully. Combined with a new simplified lease structure, this strategy positions us to transition more acres to organic production while strengthening financial returns and impact.

3. Launching the Farmer Success Sharing Plan — This new plan further aligns interests and rewards farmers for long-term land stewardship. 

As a result of these initiatives, our investment pipeline within our hubs has never been stronger. With softness in overall farmland values, today’s environment mirrors conditions in 2018–2019. That period was followed by double-digit increases in land value. Today’s softness creates similar opportunities to secure high-quality farmland for generations to come.

As of December 31, 2025, the Iroquois Valley portfolio totals $124.4 million in assets, invested alongside 65+ farmers across more than 36,000 acres. Providing farmers with patient, aligned capital has never been more necessary. And as we look ahead, we are confident in the opportunity before us—to scale organic acreage, deepen farmer partnerships, and capture the economic upside of a more resilient agricultural system.

On behalf of our board and team, thank you for your continued partnership and belief in building the organic future. 

Chief Executive Officer, Iroquois Valley Farmland REIT

OUR PORTFOLIO

OUR IMPACT

PARTNERSHIP UPDATE

HEALING SOILS FOUNDATION

Healing Soils Foundation (HSF) works alongside Iroquois Valley to identify on-the-ground hurdles facing organic and regenerative farmers, strategically deploying philanthropic dollars to bridge gaps where traditional financing falls short.

In 2025, HSF partnered with Iroquois Valley to support organic farmers across the Midwest in navigating a year marked by volatility. HSF’s role is to provide flexible, timely grant capital that helps farmers maintain momentum when external systems stall. In 2025, HSF awarded $760,000 in traditional and recoupable grants to 25 farms and supply chain partners, directly supporting more than 10,000 acres under regenerative management. These investments bridged funding gaps and kept critical soil-building projects moving forward.

Since its inception, HSF has deployed over $1.5 million in grant funding, impacting over 20,000 acres of organic and regenerative farmland. HSF demonstrates that coordinated, mission-aligned capital strengthens the ecosystem surrounding organic agriculture—ensuring that farmers can continue to build resilience, even in uncertain times.

SAVE THE DATE: MARCH 19, 2026 AT 1 PM CST

WEBINAR: USING YOUR DONOR-ADVISED FUND FOR IMPACT INVESTING

Many Iroquois Valley investors already use Donor-Advised Funds for charitable giving—but most don’t realize those same dollars can also be used for impact investing. In this webinar, Iroquois Valley and Realize Impact will introduce a powerful, lesser-known approach for activating philanthropic capital through Philanthropic Investment Grants (PHIGs). You’ll learn how grants from any Donor-Advised Fund can be used to invest in Iroquois Valley—supporting organic agriculture while keeping charitable dollars working for impact.

In this session, we’ll break down how the model works, who it’s a good fit for, and what happens to returns—plus leave plenty of time for live Q&A. If you’ve ever wondered whether your DAF could do more than sit on the sidelines, this conversation is for you!

LEARN & GROW

INVESTOR QUESTION OF THE MONTH

Q: I have read that synthetic fertilizers disrupt natural soil processes, pollute waterways, and contribute to greenhouse gas emissions, but how detrimental are they really?

A: The impact is measurable—and material. In 2022, nitrous oxide accounted for at least 49% of U.S. agricultural greenhouse gas emissions, much of it tied to nitrogen fertilizers. Nitrogen loss occurs through nitrate leaching, ammonia volatilization, and nitrous oxide emissions—negatively affecting air quality, waterways, and climate.

A 2019 analysis found that air pollution from fertilizer use in corn production is associated with an estimated 4,300 premature deaths annually and $39 billion in economic damages in the United States. Communities near fertilizer production and heavy application areas face disproportionate health risks. Regions along the Mississippi River—often referred to as “Cancer Alley”—and parts of Iowa experiencing elevated nitrate levels in drinking water illustrate the downstream consequences.

Iroquois Valley focuses its investments in the Midwest, where synthetic fertilizer use is most concentrated, supporting organic systems that reduce reliance on these inputs and strengthen long-term soil and community health.

Source: McKnight Foundation. “Report: Nitrous Oxide – A Hidden Threat.” McKnight Foundation, 2026, https://www.mcknight.org/n2oaction/

SAVE THE DATE: MAY 13, 2026 AT 1 PM CST

IROQUOIS VALLEY ANNUAL MEETING

Please mark your calendars for our virtual 2026 annual shareholders meeting. Join us for an engaging discussion on May 13, 2026, at 1 p.m. CT. We will provide an update on our 2025 financial results, the farmer portfolio, and our impact.

Please note, this meeting is for Iroquois Valley REIT shareholders. If you’re an advisor, noteholder, or prospective investor interested in attending, please contact us at invest@iroquiosvalleyfarms.com to secure your spot.

CONNECT WITH IROQUOIS VALLEY

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

• Bioneers (Berkeley, CA)
• Global AgInvesting World Summit (New York, NY)

Photos Featuring: Johnson Family Farm, Fitzgerald Organics, A & T Organic Farms 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.

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.