v3.25.2
Concentration Risk (Tables)
6 Months Ended
Jun. 30, 2025
Customer Concentration Risk  
Concentration Risk  
Summary of concentrations

Rental income recognized

Approximate % of rental income

For the three months ended June 30,

For the three months ended June 30,

($ in thousands)

2025

2024

2025

2024

Tenant A

$

977

$

982

16.2

%

10.3

%

Tenant B

$

730

$

N/A

12.1

%

N/A

Tenant C

$

722

$

N/A

12.0

%

N/A

Rental income recognized

Approximate % of rental income

For the six months ended

For the six months ended

($ in thousands)

2025

2024

2025

2024

Tenant A

$

1,955

$

N/A

15.0

%

N/A

Tenant B

$

2,500

$

N/A

19.2

%

N/A

Tenant C

$

1,450

$

N/A

11.2

%

N/A

Geographic Concentration Risk  
Concentration Risk  
Summary of concentrations

Approximate %

Rental Income (1)

of total acres

For the three months ended

For the six months ended

As of June 30,

June 30,

June 30,

Location of Farm (2)

    

2025

    

2024

    

2025

    

2024

 

2025

2024

Corn Belt

52.5

%

34.5

%

68.1

%

50.3

%

64.5

%

48.4

%

Delta and South

9.9

%

19.6

%

5.4

%

10.1

%

1.7

%

10.5

%

High Plains

9.7

%

16.2

%

7.0

%

6.8

%

7.5

%

6.6

%

Southeast

13.4

%

21.4

%

3.3

%

19.6

%

3.2

%

20.8

%

West Coast

14.5

%

8.3

%

16.2

%

13.2

%

23.1

%

13.7

%

100.0

%

100.0

%

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 not fully representative of each region’s income-producing capacity until a full year is taken into account.

(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.