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Loans and Financing Receivables (Tables) | 12 Months Ended
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Dec. 31, 2025
Loans and Financing Receivables |
Schedule of loans and financing receivables | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
($ in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Outstanding as of | ​ | Maturity
Loan | ​ ​ ​ | Terms | ​ ​ ​ | December 31, 2025 | ​ ​ ​ | December 31, 2024 | ​ ​ ​ | Date
Loans under FPI Loan Program: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage Note (1) | ​ | Principal & interest due at maturity | ​ | ​ | ​ | ​ | ​ | $ | — | ​ | $ | 207 | ​ | 12/7/2028
Mortgage Note (2) | ​ | Principal due at maturity & interest due quarterly | ​ | ​ | ​ | ​ | ​ | ​ | 1,842 | ​ | ​ | 1,842 | ​ | 3/4/2026
Mortgage Note (3) | ​ | Principal due at maturity & interest due quarterly | ​ | ​ | ​ | ​ | ​ | ​ | 1,800 | ​ | ​ | 1,800 | ​ | 11/17/2028
Mortgage Note (4) | ​ | Principal due at maturity & interest due monthly | ​ | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | 500 | ​ | 7/31/2025
Mortgage Note (5) | ​ | Principal due at maturity & interest due monthly | ​ | ​ | ​ | ​ | ​ | ​ | 21,121 | ​ | ​ | 22,000 | ​ | 9/30/2026
Mortgage Note (5) | ​ | Principal due at maturity & interest due monthly | ​ | ​ | ​ | ​ | ​ | ​ | 5,402 | ​ | ​ | 6,380 | ​ | 9/30/2026
Mortgage Note (5) | ​ | Principal due at maturity & interest due monthly | ​ | ​ | ​ | ​ | ​ | ​ | 4,000 | ​ | ​ | — | ​ | 9/30/2026
Mortgage Note (6) | ​ | Principal due at maturity & interest due monthly | ​ | ​ | ​ | ​ | ​ | ​ | 2,100 | ​ | ​ | — | ​ | 6/15/2026
Mortgage Note (7) | ​ | Principal due at maturity & interest due quarterly | ​ | ​ | ​ | ​ | ​ | ​ | 2,716 | ​ | ​ | — | ​ | 4/1/2027
Mortgage Note (8) | ​ | Principal due at maturity & interest due monthly | ​ | ​ | ​ | ​ | ​ | ​ | 3,250 | ​ | ​ | — | ​ | 11/15/2030
Mortgage Note (5) | ​ | Principal & interest due at maturity | ​ | ​ | ​ | ​ | ​ | ​ | 2,350 | ​ | ​ | — | ​ | 9/30/2026
Total outstanding principal | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 44,581 | ​ | ​ | 32,729 | ​ | ​
Sale-leaseback transactions accounted for as financing arrangements: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financing Receivable, net (9) | ​ | Monthly payments in accordance with lease agreement | ​ | ​ | ​ | ​ | ​ | ​ | 6,397 | ​ | ​ | 5,947 | ​ | 11/17/2037
Financing Receivable, net (9) | ​ | Monthly payments in accordance with lease agreement | ​ | ​ | ​ | ​ | ​ | ​ | 4,496 | ​ | ​ | 4,497 | ​ | 11/17/2037
Financing Receivable, net (9) | ​ | Monthly payments in accordance with lease agreement | ​ | ​ | ​ | ​ | ​ | ​ | 3,567 | ​ | ​ | 3,565 | ​ | 11/17/2037
Financing Receivable, net (9) | ​ | Monthly payments in accordance with lease agreement | ​ | ​ | ​ | ​ | ​ | ​ | 3,224 | ​ | ​ | 3,231 | ​ | 11/17/2037
Financing Receivable, net (10) | ​ | Monthly payments in accordance with lease agreement | ​ | ​ | ​ | ​ | ​ | ​ | 7,411 | ​ | ​ | 7,826 | ​ | 12/31/2029
Financing Receivable, net (11) | ​ | Monthly payments in accordance with lease agreement | ​ | ​ | ​ | ​ | ​ | ​ | 15,130 | ​ | ​ | — | ​ | 4/4/2026
Total financing receivable | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 40,225 | ​ | ​ | 25,066 | ​ | ​
Interest receivable (net of unamortized points) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (2,416) | ​ | ​ | (2,209) | ​ | ​
Allowance for credit losses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (2,158) | ​ | ​ | (281) | ​ | ​
Provision for interest receivable | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​
Total Loans and financing receivables, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 80,232 | ​ | $ | 55,305 | ​ | ​
| 1) | The original note was renegotiated and a second note was entered into simultaneously with the borrower during the three months ended March 31, 2017. The note is secured against farmland properties. The note was repaid in full in March 2025.
| 2) | On March 3, 2022, the Company entered into two loans with the same party secured against farmland.
| 3) | On November 17, 2023, the Company entered into a loan agreement secured by farmland in connection with a property disposition.
| 4) | On December 28, 2023, the Company entered into a loan agreement secured by farmland and a feedlot in connection with a property disposition. This loan was repaid in full upon maturity.
| 5) | On October 29, 2024, December 20, 2024, and April 17, 2025, the Company entered into loan agreements with the same party secured against certain properties. On December 5, 2025, the Company amended the existing loans and entered into an additional loan agreement.
| 6) | On February 4, 2025, the Company entered into a loan agreement secured by farmland in connection with a property disposition.
| 7) | On March 28, 2025, the Company entered into a loan agreement secured by farmland.
| 8) | On November 15, 2025, the Company entered into a loan agreement whereby the Company has a security interest in all revenues and other amounts under certain contracts in connection with the disposition of MWA.
| 9) | On November 18, 2022, the Company acquired land and buildings for four agriculture equipment dealerships in Ohio, accounted for as financing transactions. In addition, the Company purchased a parking lot adjacent to one of the dealerships in April 2025. The leases may be extended beyond the stated maturity date, for up to an additional 20 years, at the option of the tenant.
| 10) | On December 18, 2024, the Company entered into a sale leaseback transaction accounted for as a financing transaction, with a lease term of five years.
| 11) | On December 5, 2025 the Company entered into a sale leaseback transaction accounted for as a financing transaction. The lease expires in April 2026.
Schedule of allowance for credit losses details | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2025 | ​
($ in thousands) | ​ | Amortized Cost | ​ | Allowance | ​ | Loans and financing receivables, net | ​ | Allowance as a % of Amortized Cost | ​
Loans under FPI Loan Program | ​ | $ | 42,165 | ​ | $ | (1,926) | ​ | $ | 40,239 | ​ | ​ | 4.57 | %
Financing Receivables | ​ | ​ | 40,225 | ​ | ​ | (232) | ​ | ​ | 39,993 | ​ | ​ | 0.58 | %
Totals | ​ | $ | 82,390 | ​ | $ | (2,158) | ​ | $ | 80,232 | ​ | ​ | 2.62 | %
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024 | ​
($ in thousands) | ​ | Amortized Cost | ​ | Allowance | ​ | Loans and financing receivables, net | ​ | Allowance as a % of Amortized Cost | ​
Loans under FPI Loan Program | ​ | $ | 30,520 | ​ | $ | (49) | ​ | $ | 30,471 | ​ | ​ | 0.16 | %
Financing Receivables | ​ | ​ | 25,066 | ​ | ​ | (232) | ​ | ​ | 24,834 | ​ | ​ | 0.93 | %
Totals | ​ | $ | 55,586 | ​ | $ | (281) | ​ | $ | 55,305 | ​ | ​ | 0.51 | %
Schedule of roll-forward of allowance for credit losses for loans and financing receivables | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Years ended December 31,
($ in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2025 | ​ | 2024
Balance at beginning of period | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (281) | ​ | $ | (168)
Initial allowance for financing receivables | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | (140)
Initial allowance for loan receivables | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (1,926) | ​ | ​ | —
Current period change in credit allowance | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | 10
Charge-offs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | —
Recoveries | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 49 | ​ | ​ | 17
Balance at end of period | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (2,158) | ​ | $ | (281)
Reconciliation of carrying amount of mortgage loans | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Years ended December 31,
($ in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2025 | ​ | 2024
Balance at beginning of year | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 57,795 | ​ | $ | 31,128
Additions during year: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Issuance of loans and financing receivables | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 30,309 | ​ | ​ | 35,823
Interest accrued on financing receivables | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,959 | ​ | ​ | 1,116
Origination fees included in notes receivable | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2,941 | ​ | ​ | 2,595
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 93,004 | ​ | ​ | 70,662
Deductions during year: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Collections of principal on loans | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 5,976 | ​ | ​ | 11,835
Payments on financing receivables | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2,222 | ​ | ​ | 1,032
Balance at end of year | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 84,806 | ​ | $ | 57,795

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