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Concentration Risk

12 Months Ended

Dec. 31, 2025

Concentration Risk

Concentration Risk

Note 3—Concentration Risk

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Credit Risk

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For the years ended December 31, 2025 and 2024, the Company had certain tenant concentrations as presented in the table below. If a significant tenant, representing a tenant concentration, fails to make rental payments to the Company or elects to terminate its leases, and the land cannot be re-leased on satisfactory terms, there may be a material adverse effect on the Company’s financial performance and the Company’s ability to continue operations. The following is a summary of our significant tenants:

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Rental income recognized

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Approximate % of rental income

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For the years ended December 31,

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For the years ended December 31,

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($ in thousands)

2025

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2024

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2025

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2024

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Tenant A (1)

$

11,985

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$

10,309

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33.4

%

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21.9

%

Tenant B

$

3,672

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N/A

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10.2

%

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N/A

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(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

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Geographic Risk

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The following table summarizes the percentage of approximate total acres owned as of December 31, 2025 and 2024, and the fixed and variable rent recorded by the Company for the years then ended by location of the farm:

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​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	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.

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- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-3A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-2A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/275/tableOfContent

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