Material Agreement (Form 8-K)

On April 24, 2026, Gladstone Land Corporation, a Maryland corporation (the "Company"), and its operating partnership, Gladstone Land Limited Partnership, a majority-owned, consolidated subsidiary of the Company and a Delaware limited partnership (the "Operating Partnership"), entered into separate Equity Distribution Agreements (each a "Sales Agreement" and together, the "Sales Agreements") with each of Virtu Americas LLC ("Virtu") and Lucid Capital Markets, LLC ("Lucid") (Virtu and Lucid each a "Sales Agent" and together, the "Sales Agents"), pursuant to which the Company may sell shares of its common stock, par value $0.001 per share ("Common Stock"), having an aggregate offering price of up to $500.0 million (the "Shares"), from time to time through the Sales Agents, acting as sales agents and/or principals. The Sales Agreements amend and restate those certain Equity Distribution Agreements, each dated April 24, 2026, as amended from time to time, with Virtu and Lucid.

Pursuant to the Sales Agreements and subject to the terms of a written notice from the Company, the Shares may be offered and sold through each Sales Agent, acting separately, in transactions that are deemed to be "at the market offerings," as defined in Rule 415(a) under the Securities Act of 1933, as amended, including without limitation sales made directly on The Nasdaq Global Market, on any other existing trading market for the Shares or to or through a market maker or by any other method permitted by law, including in privately negotiated transactions. Under the Sales Agreements, each Sales Agent will be entitled to compensation of up to 3.0% of the gross proceeds of the Shares its sells from time to time under its respective Sales Agreement. Subject to the terms and conditions of the respective Sales Agreements, the Sales Agents will use their commercially reasonable efforts to sell on the Company's behalf any Shares to be offered by the Company under each Sales Agreement. The Company has no obligation to sell any of the Shares under the Sales Agreements, and the Company or each Sales Agent may at any time suspend solicitations and offers under the respective Sales Agreements.

The Shares will be issued pursuant to the Company's Registration Statement on Form S-3 (File No. 333-294917), as amended or replaced from time to time. The Company has filed a prospectus supplement, dated April 24, 2026, to the prospectus, dated April 23, 2026 (the "Base Prospectus"), with the Securities and Exchange Commission (the "Commission") in connection with the offer and sale of the Shares.

The foregoing description of the Sales Agreements is not complete and is qualified in its entirety by reference to the Sales Agreements, copies of which are filed as Exhibit 1.1 and Exhibit 1.2 and are incorporated herein by reference. In connection with the foregoing, the Company is filing (i) as Exhibit 5.1 to this Current Report on Form 8-K the opinion of Venable LLP, its Maryland counsel, with respect to the legality of the Shares to be sold pursuant to the Sales Agreements, and (ii) as Exhibit 8.1 to this Current Report on Form 8-K the opinion of Squire Patton Boggs (US) LLP regarding certain tax matters.