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Mortgage Notes, Lines of Credit and Bonds Payable | 12 Months Ended
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Dec. 31, 2025
Mortgage Notes, Lines of Credit and Bonds Payable |
Mortgage Notes, Lines of Credit and Bonds Payable | Note 7—Mortgage Notes, Lines of Credit and Bonds Payable ​ As of December 31, 2025 and 2024, the Company had the following indebtedness outstanding: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Book
​ | ​ | ​ | ​ | Annual | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Value of
($ in thousands) | ​ | Interest | ​ | ​ | ​ | ​ | ​ | Principal | ​ | ​ | ​ | Collateral
​ | ​ | ​ | ​ | Rate as of | ​ | ​ | ​ | Next | ​ | Outstanding as of | ​ | ​ | ​ | as of
​ | ​ | Interest | ​ | December 31, | ​ | Interest Rate | ​ | Adjustment | ​ | December 31, | ​ | December 31, | ​ | Maturity | ​ | December 31,
Loan | ​ | Payment Terms | ​ | 2025 | ​ | Terms | ​ | Date | ​ | 2025 | ​ | 2024 | ​ | Date | ​ | 2025
Farmer Mac Bond #6 | ​ | Semi-annual | ​ | 3.69% | ​ | Fixed | ​ | N/A | ​ | $ | — | ​ | $ | 13,827 | ​ | April 2025 | ​ | $ | —
Farmer Mac Bond #7 | ​ | Semi-annual | ​ | 3.68% | ​ | Fixed | ​ | N/A | ​ | ​ | — | ​ | ​ | 11,160 | ​ | April 2025 | ​ | ​ | —
Farmer Mac Facility | ​ | Monthly | ​ | 5.37% | ​ | SOFR + 1.50% | ​ | N/A | ​ | ​ | — | ​ | ​ | — | ​ | December 2028 | ​ | ​ | 110,398
MetLife Term Loan #1 (1) | ​ | Semi-annual | ​ | 5.55% | ​ | Fixed | ​ | N/A | ​ | ​ | 67,086 | ​ | ​ | 67,086 | ​ | March 2026 | ​ | ​ | 89,071
MetLife Term Loan #4 | ​ | Semi-annual | ​ | 5.55% | ​ | Fixed for 3 years | ​ | March 2026 | ​ | ​ | 1,200 | ​ | ​ | 1,550 | ​ | June 2026 | ​ | ​ | 2,695
MetLife Term Loan #5 | ​ | Semi-annual | ​ | 5.63% | ​ | Fixed for 3 years | ​ | January 2026 | ​ | ​ | 1,827 | ​ | ​ | 1,827 | ​ | January 2027 | ​ | ​ | 5,370
MetLife Term Loan #6 | ​ | Semi-annual | ​ | 5.55% | ​ | Fixed for 3 years | ​ | February 2026 | ​ | ​ | 16,226 | ​ | ​ | 16,226 | ​ | February 2027 | ​ | ​ | 26,230
MetLife Term Loan #7 | ​ | Semi-annual | ​ | 5.87% | ​ | Fixed for 3 years | ​ | June 2026 | ​ | ​ | 6,934 | ​ | ​ | 6,934 | ​ | June 2027 | ​ | ​ | 12,120
MetLife Term Loan #8 | ​ | Semi-annual | ​ | 4.12% | ​ | Fixed for 10 years | ​ | December 2027 | ​ | ​ | 35,200 | ​ | ​ | 44,000 | ​ | December 2042 | ​ | ​ | 110,042
MetLife Term Loan #9 | ​ | Semi-annual | ​ | 6.37% | ​ | Fixed for 3 years | ​ | May 2027 | ​ | ​ | 6,400 | ​ | ​ | 8,400 | ​ | May 2028 | ​ | ​ | 12,434
MetLife Term Loan #10 | ​ | Semi-annual | ​ | 6.36% | ​ | Fixed | ​ | N/A | ​ | ​ | 21,806 | ​ | ​ | 21,806 | ​ | October 2030 | ​ | ​ | 35,874
MetLife Facility | ​ | Quarterly | ​ | 5.95% | ​ | SOFR + 1.95% | ​ | N/A | ​ | ​ | — | ​ | ​ | — | ​ | October 2027 | ​ | ​ | 72,328
Rabobank (2) | ​ | Semi-annual | ​ | 5.69% | ​ | SOFR + 1.81% | ​ | March 2026 ⁽³⁾ | ​ | ​ | 4,912 | ​ | ​ | 11,758 | ​ | March 2028 | ​ | ​ | 8,633
Rutledge Facility | ​ | Quarterly | ​ | 5.39% | ​ | SOFR + 1.40% | ​ | N/A | ​ | ​ | — | ​ | ​ | — | ​ | February 2027 | ​ | ​ | 136,470
Total outstanding principal | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 161,591 | ​ | ​ | 204,574 | ​ | ​ | ​ | $ | 621,665
Debt issuance costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (749) | ​ | ​ | (891) | ​ | ​ | ​ | ​ | ​
Unamortized premium | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​
Total mortgage notes and bonds payable, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 160,842 | ​ | $ | 203,683 | ​ | ​ | ​ | ​ | ​
(1) | MetLife Term Loan #1 is in the process of being refinanced.
(2) | As of December 31, 2025, the Company has an interest rate swap agreement with Rabobank for $4.9 million notional of fixed SOFR at 2.114% until March 2026 for a weighted average rate of approximately 3.81% (see “Note 10—Hedge Accounting”). After adjusting the $4.9 million of swapped Rabobank debt as fixed rate debt, the ratio of floating rate debt to total debt decreased from 3.0% to 0.0%.
(3) | The adjustment date included in the table above is for the spread noted under “Interest Rate Terms.”
​ Farmer Mac Debt The Operating Partnership has a bond purchase agreement entered into in October 2022 and amended in December 2025 (the “Farmer Mac Facility”) with Federal Agricultural Mortgage Corporation and its wholly owned subsidiary, Farmer Mac Mortgage Securities Corporation (collectively, “Farmer Mac”). As of December 31, 2025 and 2024, there was approximately $0.0 million and $25.0 million, respectively, in aggregate principal amount outstanding and $62.6 million and $42.4 million, respectively, in additional capacity available under the Farmer Mac Facility. The Farmer Mac debt is secured by loans which are, in turn, secured by first-lien mortgages on agricultural real estate owned by wholly owned subsidiaries of the Operating Partnership. Farmer Mac Bond #6 and Farmer Mac Bond #7 were repaid in April 2025 upon their maturity. While Farmer Mac Bond #6 and Farmer Mac Bond #7 bore fixed interest rates of 3.69% and 3.68%, respectively, the Farmer Mac Facility bears interest of one-month term SOFR, plus an applicable margin. The applicable margin for the credit facility is 1.30% to 1.50%, depending on the aggregate principal amount outstanding. As of December 31, 2025, the applicable margin is 1.50%. In connection with the agreements, the Company entered into a guaranty agreement whereby the Company agreed to guarantee the full performance of the Operating Partnership’s duties and obligations under the Farmer Mac debt. The Farmer Mac debt is subject to the Company’s ongoing compliance with a number of customary affirmative and negative covenants, as well as a maximum loan-to-value ratio of not more than 60%. The Company was in compliance with all applicable covenants at December 31, 2025. In addition, under the Farmer Mac Facility, the Operating Partnership may request that Farmer Mac purchase additional bonds up to an additional $200.0 million, which Farmer Mac may approve at its sole discretion. ​ MetLife Debt ​ As of December 31, 2025 and 2024, the Company had $156.7 million and $167.8 million in aggregate principal amount outstanding, respectively, under the credit agreements between Metropolitan Life Insurance Company (“MetLife”) and certain of the Company’s subsidiaries (collectively, the “MetLife credit agreements”). Each of the MetLife credit agreements contains a number of customary affirmative and negative covenants, including the requirement to maintain a loan to value ratio of no greater than 60%. ​ The Company also has a credit facility with MetLife that provides the Company with access to additional liquidity on a revolving credit basis at a floating rate of interest equal to three-month term SOFR plus 195 basis points. As of December 31, 2025, the facility size was $50.0 million, no amounts had been borrowed and all $50.0 million remained available under the senior secured revolving line of credit entered into by the Operating Partnership with MetLife in October 2022 (the “MetLife Facility”). As of December 31, 2025, the Company was in compliance with all covenants under the MetLife credit agreements and MetLife guarantees. ​ On each adjustment date for MetLife Term Loans #1 and 4-9, MetLife may, at its option, adjust the rate of interest to any rate of interest determined by MetLife consistent with rates for substantially similar loans secured by real estate substantially similar to the collateral. At the time of rate adjustment, the Company may make a prepayment equal to the unpaid principal balance for each of the MetLife loans. Otherwise, the Company may make a prepayment equal to 20% to 100% of the unpaid principal balance (depending on the tranche of debt) during a calendar year without penalty. ​ Rabobank Mortgage Note ​ As of December 31, 2025 and 2024, the Company and the Operating Partnership had $4.9 million and $11.8 million in aggregate principal amount outstanding, respectively, under a mortgage note with Rabobank (the “Rabobank Mortgage Note”). The Company was in compliance with all covenants under the Rabobank Mortgage Note as of December 31, 2025. ​ Rutledge Facility ​ As of December 31, 2025 and 2024, the Company and the Operating Partnership had $0.0 million and $0.0 million in aggregate principal amount, respectively, outstanding under a credit agreement (the “Rutledge Facility”) with Rutledge Investment Company (“Rutledge”). The credit agreement was amended in June 2024 to reduce the interest rate to three-month SOFR plus 140 basis points, eliminate the 2.5% annual reduction in facility size, reduce the facility size to $75.0 million, and introduce an unused commitment fee of 0.20%. In September 2025, the credit facility was amended to reduce the facility size to $51.0 million. The Company accounted for these amendments as a debt modification, and as a result, recognized a non-cash loss of $0.07 and $0.06 million during the years ended December 31, 2025 and 2024, respectively, within Other (income) expense in the Company’s Consolidated Statement of Operations. ​ The interest rate for the Rutledge Facility is based on three-month SOFR plus 140 basis points. Generally, the Rutledge Facility contains terms consistent with the Company’s prior loans with Rutledge, including, among others, the representations and warranties, affirmative, negative and financial covenants and events of default. ​ In connection with the Rutledge agreement, the Company and the Operating Partnership each entered into separate guarantees whereby the Company and the Operating Partnership jointly and severally agreed to unconditionally guarantee the obligations under the Rutledge Facility (the “Rutledge guarantees”). The Rutledge guarantees contain a number of customary affirmative and negative covenants. As of December 31, 2025, the facility size was $51.0 million, $51.0 million remained available under the facility and the Company was in compliance with all covenants under the loan agreements relating to the Rutledge Facility. ​ Debt Issuance Costs ​ During the years ended December 31, 2025 and 2024, the Company incurred $0.3 million and $0.2 million, respectively, in debt issuance costs. The Company recorded amortization expense of $0.4 million and $0.7 million for the years ended December 31, 2025 and 2024, respectively, which is included in interest expense in the accompanying Consolidated Statements of Operations. Accumulated amortization of deferred financing fees was $3.0 million and $2.6 million as of December 31, 2025 and 2024, respectively. For more information on the Company’s accounting policies related to debt issuance costs, see “Note 1—Organization and Significant Accounting Policies—Debt Issuance Costs.” ​ Aggregate Maturities ​ As of December 31, 2025, aggregate maturities of long-term debt for the succeeding years are as follows: ​
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($ in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ending December 31, | ​ ​ ​ | Future Maturities |
2026 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 68,286 | ​
2027 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 24,987 | ​
2028 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 11,312 | ​
2029 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | — | ​
2030 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 21,806 | ​
Thereafter | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 35,200 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 161,591 | ​
​ Fair Value ​ The fair value of the mortgage notes payable is valued using Level 3 inputs under the hierarchy established by GAAP and is calculated based on a discounted cash flow analysis, using interest rates based on management’s estimates of market interest rates on long-term debt with comparable terms whenever the interest rates on the mortgage notes payable are deemed not to be at market rates. As of December 31, 2025 and 2024, the estimated fair value of the mortgage notes payable was $157.0 million and $193.5 million, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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