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Real Estate
 12 Months Ended
Dec. 31, 2025
Real Estate  
Real Estate

Note 5—Real Estate

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During the year ended December 31, 2025, the Company completed acquisitions of six properties in the Corn Belt region. Aggregate cash consideration for these acquisitions totaled $7.3 million. No intangible assets were acquired through these acquisitions.  

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During the year ended December 31, 2024, the Company completed acquisitions consisting of four properties in the Corn Belt and Delta and South regions. Aggregate cash consideration for these acquisitions totaled $17.9 million. No intangible assets were acquired through these acquisitions.

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During the year ended December 31, 2025, the Company completed dispositions of 60 properties in the Corn Belt, Delta and South, High Plains and West Coast regions. The Company received $90.2 million in aggregate consideration, including $2.1 million in seller financing, and recognized an aggregate net gain on sale of $34.9 million. Of the 60 property dispositions, the Company exchanged 23 properties for the redemption and cancellation of 31,000 Series A preferred units (see “Note 9—Stockholders’ Equity and Non-controlling Interests” for additional discussion). In addition, in November 2025, the Company sold MWA, the Company’s auction, brokerage and third-party management business, and its subsidiaries (see “Note 1—Organization and Significant Accounting Policies— Disposition of Subsidiary”).

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During the year ended December 31, 2024, the Company completed dispositions consisting of 54 properties in the Corn Belt, Delta and South, High Plains and Southeast regions. The Company received $312.0 million in aggregate consideration, and recognized an aggregate net gain on sale of $54.1 million. This gain includes $2.1 million in connection with dispositions of certain properties with seller financing sold in 2023, for which the gain was deferred until the Company collected the seller financing in 2024. On October 16, 2024, 46 of the 54 properties disposed of during the year, comprising 41,554 acres, were sold to Farmland Reserve, Inc., a Utah nonprofit corporation and an unrelated party, for total consideration of $289.0 million. The carrying amounts of the major classes of assets included in the disposal group as of the disposal date were as follows:

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October 16,

($ in thousands)

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2024

Land, at cost

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$

223,963

Grain facilities

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4,654

Irrigation improvements

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11,836

Drainage improvements

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2,072

Other

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693

Construction in progress

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18

Real estate, at cost

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243,236

Less accumulated depreciation

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(5,016)

Total real estate, net

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238,220

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The Company recognized a gain of $49.0 million on the sale of the portfolio, which is presented in (Gain) on disposition of assets, net in the Company’s Consolidated Statement of Operations. It is included within continuing operations in accordance with ASC 360-10-45-5. The net income before income tax benefit attributable to the disposed portfolio for the years ended December 31, 2024 (through the date of sale) was $8.5 million. The net income attributable to the Company (after non-controlling interests) for the years ended December 31, 2024 (through the date of sale) was $8.3 million.