2025 Annual Review and 2026 Outlook

Amid rising geopolitical tensions, advances in artificial intelligence, and a shifting macro environment, 2025 was marked by change and uncertainty. Regardless of how you choose to manage uncertainty, farmland can play a meaningful role in your portfolio. It’s tangible, finite, and produces daily necessities – characteristics that support its track record of delivering consistently positive and competitive total returns.

In our latest 2025 Farmland Review and 2026 Outlook, we examine the current state of agriculture, including:

• Farmland’s enduring value as a low-volatility, inflation-correlated diversifier
• Diverging performance between annual cropland and permanent cropland, and what’s driving each
• Why low inventories, reduced acreage, and farmer belt-tightening could set the stage for improved returns
• Exposure of global producers to fertilizer sourced through the Strait of Hormuz
• Farm sector balance sheet health, trade dynamics, land value trends, and our outlook for 2026