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Concentration Risk (Tables)

12 Months Ended

Dec. 31, 2025

Customer Concentration Risk

Concentration Risk

Summary of concentrations

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​

​

​

​

​

​

​

​

​

Rental income recognized

​ ​ ​

Approximate % of rental income

​

​

For the years ended December 31,

​ ​ ​

For the years ended December 31,

​

($ in thousands)

2025

​

2024

​ ​ ​

2025

​

2024

​

Tenant A (1)

$

11,985

​

$

10,309

​

​

33.4

%

​

21.9

%

Tenant B

$

3,672

​

​

N/A

​

​

10.2

%

​

N/A

​

(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

Geographic Concentration Risk

Concentration Risk

Summary of concentrations

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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

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+ References

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Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
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