XML 131 R28.htm IDEA: XBRL DOCUMENT
v3.25.4

Concentration Risk (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Customer Concentration Risk |
Concentration Risk |
Summary of concentrations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Rental income recognized | ​ ​ ​ | Approximate % of rental income | ​
​ | For the years ended December 31, | ​ ​ ​ | For the years ended December 31, | ​
($ in thousands) | 2025 | ​ | 2024 | ​ ​ ​ | 2025 | ​ | 2024 | ​
Tenant A (1) | $ | 11,985 | ​ | $ | 10,309 | ​ | ​ | 33.4 | % | ​ | 21.9 | %
Tenant B | $ | 3,672 | ​ | ​ | N/A | ​ | ​ | 10.2 | % | ​ | N/A | ​
| (1) | The Company has numerous permanent crop leases with a major farming entity located in California.
N/A = Revenue not 10% or greater of rental income for the period noted above
Geographic Concentration Risk |
Concentration Risk |
Summary of concentrations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Approximate % | ​ | ​ | Rental Income (1)
​ | ​ | of total acres | ​ | ​ | For the years ended | ​
​ | ​ | As of December 31, | ​ | ​ | December 31, | ​
Location of Farm (2) | ​ ​ ​ | 2025 | ​ ​ ​ | ​ | 2024 | ​ ​ ​ | ​ | 2025 | ​ ​ ​ | ​ | 2024 |
Corn Belt | ​ | 51.1 | % | ​ | 45.2 | % | ​ | 45.8 | % | ​ | 40.3 | %
Delta and South | ​ | 10.5 | % | ​ | 9.6 | % | ​ | 2.4 | % | ​ | 8.4 | %
High Plains | ​ | 10.3 | % | ​ | 22.3 | % | ​ | 5.3 | % | ​ | 6.0 | %
Southeast | ​ | 14.2 | % | ​ | 10.9 | % | ​ | 2.3 | % | ​ | 15.7 | %
West Coast | ​ | 13.9 | % | ​ | 12.0 | % | ​ | 44.2 | % | ​ | 29.6 | %
​ | ​ | 100.0 | % | ​ | 100.0 | % | ​ | 100.0 | % | ​ | 100.0 | %
| (1) | Due to regional disparities in the use of leases with variable rent and seasonal variations in the recognition of variable rent revenue, regional comparisons by rental income are more relevant for full years than quarters or partial years.
| (2) | Corn Belt includes farms located in Illinois, Indiana, Missouri and eastern Nebraska. Delta and South includes farms located in Arkansas and Louisiana. High Plains includes farms located in Colorado and Texas. Southeast includes farms located in South Carolina and West Virginia. West Coast includes farms located in California.

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 275 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-18 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 275 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-18 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 275 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 20 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-20 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 275 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-18 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 275 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-18 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 275 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-18 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 275 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 18 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482836/275-10-55-18 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 275 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 20 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-20 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 954 -SubTopic 310 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478785/954-310-50-2 + Details
Name: | us-gaap_ConcentrationRiskLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 275 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-18 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 275 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-20 + Details
Name: | us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_ConcentrationRiskByTypeAxis=us-gaap_CustomerConcentrationRiskMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_ConcentrationRiskByTypeAxis=us-gaap_GeographicConcentrationRiskMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |