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Schedule III - Real Estate and Accumulated Depreciation
12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III-Real Estate and Accumulated Depreciation

Initial Cost to Company

Cost Capitalized Subsequent to
Acquisition

Gross Amount at Which
Carried at Close of Period

Life on Which Depreciation in
Latest Income

Description

Encumbrances

Land

Improvements

Total

Land

Improvements

Total

Land

Improvements

Total

Accumulated
Depreciation

Date of
Construction

Date Acquired

Statements is
Computed

California

(h)

44,994

44,994

44,994

44,994

2017

California

(h)

33,482

33,482

33,482

33,482

2017

Illinois

(i), (j)

29,677

431

30,108

2,593

2,593

29,677

3,024

32,701

840

2017, 2018, 2023

2017

25

California

(m)

19,925

11,521

31,446

820

820

19,925

12,341

32,266

5,990

2017, 2019, 2022, 2023

2017

17

California

(h)

31,567

31,567

31,567

31,567

2017

Illinois

(f)

22,887

1,484

24,371

39

1,820

1,859

22,926

3,304

26,230

766

2017-2019, 2023

2017

26

Louisiana

(b)

24,882

128

25,010

131

223

354

25,013

351

25,364

96

2021, 2022, 2025

2021

6

California

(m)

10,935

6,878

17,813

499

499

10,935

7,377

18,312

3,162

2017, 2021, 2023-2025

2017

27

California

(m)

9,998

8,116

18,114

(488)

(488)

9,998

7,628

17,626

3,539

2017, 2021

2017

19

California

(m)

11,888

3,398

15,286

466

466

11,888

3,864

15,752

1,622

2017, 2021-2025

2017

21

California

(m)

8,326

6,075

14,401

1,276

1,276

8,326

7,351

15,677

1,591

2017-2019, 2021, 2022, 2024, 2025

2017

28

Illinois

(b)

14,188

110

14,298

14,188

110

14,298

40

2024

2024

6

Texas

(b)

5,773

6,338

12,111

368

368

5,773

6,706

12,479

1,471

2022, 2023, 2024, 2025

2022

11

California

(m)

9,534

263

9,797

(138)

(138)

9,534

125

9,659

56

2017

2017

18

California

(m)

6,191

2,772

8,963

(70)

(70)

6,191

2,702

8,893

1,331

2017

2017

15

South Carolina

(j)

7,904

133

8,037

72

72

7,904

205

8,109

49

2015, 2017, 2020, 2024

2015

23

Illinois

(c)

7,359

420

7,779

1

(350)

(349)

7,360

70

7,430

48

2016

2016

15

Illinois

(k)

6,097

6,097

450

450

6,097

450

6,547

90

2018

2016

40

Missouri

(b)

6,493

15

6,508

6,493

15

6,508

9

2021

2021

15

Illinois

(k)

6,429

6,429

6,429

6,429

2016

Illinois

(c)

5,502

5,502

338

338

5,502

338

5,840

313

2016

2016

10

California

(b)

5,446

390

5,836

5,446

390

5,836

197

2021, 2023

2021

11

California

(m)

3,559

3,317

6,876

(1,122)

(1,122)

3,559

2,195

5,754

722

2017

2017

27

Colorado

(e)

793

4,731

5,524

173

173

793

4,904

5,697

724

2016, 2017, 2019, 2021-2024

2016

22

Illinois

(c)

5,463

105

5,568

7

7

5,463

112

5,575

41

2016

2016

23

Colorado

(g)

4,156

1,280

5,436

(6)

(6)

4,156

1,274

5,430

460

2017

2017

28

Illinois

(c)

4,928

4

4,932

148

148

4,928

152

5,080

26

2017

2016

50

Illinois

(b)

4,819

20

4,839

4,819

20

4,839

14

2022

2022

5

Illinois

(m)

4,575

4,575

4,575

4,575

2017

Illinois

(k)

4,530

4

4,534

4,530

4

4,534

4

2016

2016

10

Illinois

(k)

4,358

4,358

4,358

4,358

2016

Colorado

(l)

3,566

359

3,925

165

165

3,566

524

4,090

192

2014, 2016-2018, 2021

2014

20

Illinois

(k)

3,818

3,818

1

1

3,819

3,819

2016

Illinois

(b)

2,981

2,981

634

634

2,981

634

3,615

336

2015

2014

38

Illinois

(k)

3,547

3,547

3,547

3,547

2016

Illinois

(b)

1,290

1,290

2,199

2,199

1,290

2,199

3,489

876

2015, 2017

2014

38

Illinois

(k)

3,476

3,476

4

4

3,476

4

3,480

3

2016

2016

12

Illinois

(b)

3,401

16

3,417

3,401

16

3,417

6

2022

2022

10

Illinois

(k)

3,002

68

3,070

253

253

3,002

321

3,323

289

2016, 2018

2016

16

Illinois

(c)

3,218

3,218

95

95

3,218

95

3,313

19

2018

2016

40

Illinois

(k)

3,282

3,282

3,282

3,282

2016

Illinois

(k)

3,063

3,063

3,063

3,063

2016

Illinois

(k)

3,036

3,036

3,036

3,036

2016

Illinois

(b)

2,912

89

3,001

2,912

89

3,001

46

2022

2022

7

Illinois

(k)

2,687

2,687

3

204

207

2,690

204

2,894

35

2017

2016

50

Illinois

(c)

2,875

42

2,917

(42)

(42)

2,875

2,875

2016

2016

Illinois

(b)

2,572

2,572

236

236

2,572

236

2,808

42

2017

2014

50

Illinois

(k)

2,723

2,723

2,723

2,723

2016

Illinois

(b)

2,661

2,661

2,661

2,661

2021

South Carolina

(g)

1,321

91

1,412

246

997

1,243

1,567

1,088

2,655

190

2017, 2018, 2020, 2023, 2024

2017

32

Colorado

1,995

84

2,079

509

509

1,995

593

2,588

277

2015-2018

2015

17

Illinois

(k)

2,547

2,547

2,547

2,547

2016

Illinois

(g)

2,525

2,525

2,525

2,525

2017

Illinois

(b)

2,416

22

2,438

2,416

22

2,438

4

2022

2022

20

Illinois

(k)

2,428

2,428

2,428

2,428

2016

Illinois

(c)

2,406

2,406

2,406

2,406

2016

Illinois

(c)

2,028

28

2,056

225

225

2,028

253

2,281

50

2018

2016

40

Illinois

(c)

2,104

2,104

98

98

2,104

98

2,202

22

2018

2016

40

Initial Cost to Company

Cost Capitalized Subsequent to
Acquisition

Gross Amount at Which
Carried at Close of Period

Life on Which Depreciation in
Latest Income

Description

Encumbrances

Land

Improvements

Total

Land

Improvements

Total

Land

Improvements

Total

Accumulated
Depreciation

Date of
Construction

Date Acquired

Statements is
Computed

South Carolina

(i)

1,090

1,090

230

848

1,078

1,320

848

2,168

169

2018, 2019, 2021

2018

37

Illinois

(b)

2,146

2,146

2,146

2,146

2023

Indiana

(b)

2,125

2,125

2,125

2,125

2022

California

(m)

967

1,357

2,324

(251)

(251)

967

1,106

2,073

299

2017, 2018, 2024, 2025

2017

27

Illinois

(b)

2,041

2,041

2,041

2,041

2022

Illinois

(c)

1,999

1,999

1,999

1,999

2016

Illinois

(c)

1,975

1,975

1,975

1,975

2016

Illinois

(c)

1,949

1,949

1,949

1,949

2016

Illinois

(e)

1,905

1,905

1,905

1,905

2016

South Carolina

(j)

1,303

225

1,528

342

342

1,303

567

1,870

101

2016, 2017, 2020, 2023-2025

2016

31

Nebraska

(b)

1,758

110

1,868

1,758

110

1,868

6

2025

2025

9

Illinois

(c)

1,863

1,863

1,863

1,863

2016

Illinois

(c)

1,856

1,856

1,856

1,856

2016

Nebraska

(b)

1,773

73

1,846

1,773

73

1,846

3

2025

2025

11

Illinois

(m)

1,825

1,825

1,825

1,825

2018

Illinois

(b)

1,815

1,815

1,815

1,815

2022

Illinois

(k)

1,696

1,696

109

109

1,696

109

1,805

19

2017

2016

50

Illinois

(k)

1,772

1,772

1,772

1,772

2016

Illinois

(b)

1,750

1,750

1,750

1,750

2014

Nebraska

(l)

1,608

32

1,640

98

98

1,608

130

1,738

46

2014, 2015, 2024

2014

23

Illinois

(c)

1,734

1,734

1,734

1,734

2016

Illinois

(k)

1,721

1,721

1,721

1,721

2016

Illinois

(c)

1,678

4

1,682

(4)

(4)

1,678

1,678

2016

Illinois

(k)

1,526

1,526

126

126

1,526

126

1,652

22

2017

2016

50

Arkansas

1,575

60

1,635

1,575

60

1,635

6

2024

2024

10

Illinois

(k)

1,623

1,623

1,623

1,623

2016

Illinois

(k)

1,606

1,606

1,606

1,606

2016

Illinois

(c)

1,591

1,591

1,591

1,591

2016

Illinois

(k)

1,484

1,484

1,484

1,484

2016

Illinois

1,475

1,475

1,475

1,475

2022

Illinois

(m)

1,471

1,471

1,471

1,471

2018

Illinois

(b)

1,423

60

1,483

(16)

(16)

1,423

44

1,467

15

2025

2014

27

Illinois

(k)

1,438

1,438

1,438

1,438

2016

Illinois

(b)

1,437

1,437

1,437

1,437

2021

Illinois

(j)

1,403

1,403

1,403

1,403

2019

Illinois

(c)

1,231

1,231

116

116

1,231

116

1,347

23

2018

2016

40

Illinois

(c)

1,322

1,322

1,322

1,322

2016

Illinois

1,321

1,321

1,321

1,321

2022

Illinois

(c)

1,132

35

1,167

103

103

1,132

138

1,270

19

2016, 2022

2016

30

Illinois

(l)

801

97

898

364

364

801

461

1,262

81

2016, 2023

2014

40

Illinois

(c)

1,261

1,261

1,261

1,261

2016

Illinois

(c)

1,256

1,256

1,256

1,256

2016

Illinois

(b)

1,120

1,120

(8)

138

130

1,112

138

1,250

27

2016

2014

50

Illinois

(k)

1,221

1,221

1,221

1,221

2016

Illinois

(l)

1,147

1,147

60

60

1,147

60

1,207

12

2016

2014

50

Illinois

(c)

1,173

1,173

1,173

1,173

2016

Illinois

(c)

1,160

1,160

1,160

1,160

2016

Illinois

(c)

1,117

28

1,145

9

9

1,117

37

1,154

20

2016, 2018

2016

20

Illinois

(c)

1,077

1,077

70

70

1,077

70

1,147

14

2018

2016

40

Illinois

(c)

1,128

44

1,172

(37)

(37)

1,128

7

1,135

2

2016

2016

30

Illinois

1,128

1,128

1,128

1,128

2024

Illinois

(c)

1,121

1,121

1,121

1,121

2016

Illinois

(c)

1,082

1,082

1,082

1,082

2016

Illinois

(k)

991

991

77

77

991

77

1,068

15

2018

2016

40

Illinois

(c)

1,060

1,060

1,060

1,060

2016

Illinois

(c)

997

997

58

58

997

58

1,055

10

2017

2016

50

Illinois

(c)

1,065

27

1,092

(44)

(44)

1,065

(17)

1,048

2016

Illinois

(c)

1,007

1,007

1,007

1,007

2016

Illinois

(c)

952

40

992

952

40

992

12

2016

2016

32

Initial Cost to Company

Cost Capitalized Subsequent to
Acquisition

Gross Amount at Which
Carried at Close of Period

Life on Which Depreciation in
Latest Income

Description

Encumbrances

Land

Improvements

Total

Land

Improvements

Total

Land

Improvements

Total

Accumulated
Depreciation

Date of
Construction

Date Acquired

Statements is
Computed

Nebraska

(b)

909

79

988

909

79

988

4

2025

2025

13

Illinois

(c)

982

982

982

982

2016

Illinois

(c)

977

977

977

977

2016

Illinois

(c)

970

970

6

6

976

976

2016

Illinois

(c)

974

974

974

974

2016

Illinois

(b)

923

53

976

(29)

(29)

923

24

947

7

2014

50

Illinois

(c)

940

940

940

940

2016

Nebraska

(b)

900

27

927

900

27

927

1

2025

2025

10

Other

(n)

30,955

690

31,645

10

296

306

30,969

983

31,952

262

Totals

$ 564,339

$ 61,773

$ 626,112

$ 659

$ 15,089

$ 15,748

$ 565,002

$ 76,859

$ 641,861

$ 26,783

(b)

Properties denoted with (b) are part of a collateral pool for the $0.0 million Farmer Mac Facility.

Farmer Mac Facility

(c)

Properties denoted with (c) are part of a collateral pool for the $67.1 million MetLife Term Loan #1.

MetLife Term Loan #1

67,086

(d)

Properties denoted with (d) are part of a collateral pool for the $1.2 million MetLife Term Loan #4.

MetLife Term Loan #4

1,200

(e)

Properties denoted with (e) are part of a collateral pool for the $1.8 million MetLife Term Loan #5.

MetLife Term Loan #5

1,827

(f)

Properties denoted with (f) are part of a collateral pool for the $16.2 million MetLife Term Loan #6.

MetLife Term Loan #6

16,226

(g)

Properties denoted with (g) are part of a collateral pool for the $6.9 million MetLife Term Loan #7.

MetLife Term Loan #7

6,934

(h)

Properties denoted with (h) are part of a collateral pool for the $35.2 million MetLife Term Loan #8.

MetLife Term Loan #8

35,200

(i)

Properties denoted with (i) are part of a collateral pool for the $6.4 million MetLife Term Loan #9.

MetLife Term Loan #9

6,400

(j)

Properties denoted with (j) are part of a collateral pool for the $21.8 million MetLife Term Loan #10.

MetLife Term Loan #10

21,806

(k)

Properties denoted with (k) are part of a collateral pool for the $0.0 million MetLife Facility.

MetLife Facility

(l)

Properties denoted with (l) are part of a collateral pool for the $4.9 million Rabo Agrifinance Note.

Rabo Agrifinance Note

4,912

(m)

Properties denoted with (m) are part of a collateral pool for the $0.0 million Rutledge Facility.

Rutledge Facility

$ 161,591

(n)

Other category is comprised of 60 farms in 3 states that on an aggregate basis make up less than 5% of gross total land plus improvements as of December 31, 2025.

Approximately $4.4 million is part of a collateral pool for the Farmer Mac Facility

Approximately $13.0 million is part of a collateral pool for MetLife Term Loan #1

Approximately $2.7 million is part of a collateral pool for MetLife Term Loan #4

Approximately $1.3 million is part of a collateral pool for MetLife Term Loan #5

Approximately $1.5 million is part of a collateral pool for MetLife Term Loan #7

Approximately $1.2 million is part of a collateral pool for MetLife Term Loan #9

Approximately $0.9 million is part of a collateral pool for MetLife Term Loan #10

Approximately $0.9 million is part of a collateral pool for MetLife Facility

Approximately $0.3 million is part of a collateral pool for the Rabo Agrifinance Note

Approximately $2.6 million is part of a collateral pool for the Rutledge Facility

(o)

all of the above properties listed in Schedule III are farms.

(p)

The aggregate cost of land and depreciable property for federal income tax purposes was approximately $500.9 million as of December 31, 2025.

Years ended December 31,

2025

2024

Real Estate:

Balance at beginning of year

$

747,807

$

990,052

Additions during period

Additions through construction of improvements

782

4,305

Disposition of property and improvements

(91,133)

(264,291)

Acquisitions through business combinations and/or asset acquisitions

7,301

17,891

Impairment of assets

(22,896)

(150)

Balance at end of year

$

641,861

$

747,807

Accumulated Depreciation:

Balance at beginning of year

$

31,501

$

33,048

Disposition of improvements

(3,795)

(7,114)

Additions charged to costs and expenses

4,151

5,567

Impairment of assets

(5,074)

Balance at end of year

$

26,783

$

31,501

Real Estate balance per schedule

$

641,861

$

747,807

Construction in progress

1,190

1,484

Other non-real estate

109

Balance per consolidated balance sheet

$

643,051

$

749,400

Accumulated depreciation per schedule

$

26,783

$

31,501

Other non-real estate

56

Balance per consolidated balance sheet

$

26,783

$

31,557