| Schedule of loans and financing receivables |
As of June 30, 2025 and December 31, 2024, the Company held the following loans and financing receivables: | | | | | | | | | | | | | | | ($ in thousands) | | | | | | | | Outstanding as of | | Maturity | Loan | | Terms | | June 30, 2025 | | December 31, 2024 | | Date | Loans under FPI Loan Program: | | | | | | | | | | | | | | | Mortgage Note (1) | | Principal & interest due at maturity | | | | | | $ | — | | $ | 207 | | 12/7/2028 | Mortgage Note (2) | | Principal due at maturity & interest due quarterly | | | | | | | 1,842 | | | 1,842 | | 3/4/2026 | Mortgage Note (3) | | Principal due at maturity & interest due quarterly | | | | | | | 1,800 | | | 1,800 | | 11/17/2028 | Mortgage Note (4) | | Principal due at maturity & interest due monthly | | | | | | | 500 | | | 500 | | 7/31/2025 | Mortgage Note (5) | | Principal & interest due at maturity | | | | | | | 21,121 | | | 22,000 | | 1/31/2026 | Mortgage Note (5) | | Principal & interest due at maturity | | | | | | | 6,380 | | | 6,380 | | 1/31/2026 | Mortgage Note (5) | | Principal & interest due at maturity | | | | | | | 4,000 | | | — | | 10/15/2025 | Mortgage Note (6) | | Principal due at maturity & interest due monthly | | | | | | | 2,100 | | | — | | 6/15/2026 | Mortgage Note (7) | | Principal due at maturity & interest due quarterly | | | | | | | 2,716 | | | — | | 4/1/2027 | Total outstanding principal | | | | | | | | | 40,459 | | | 32,729 | | | Sale-leaseback transactions accounted for as financing arrangements: | | | | | | | | | | | | Financing Receivable, net (8) | | Monthly payments in accordance with lease agreement | | | | | | | 6,383 | | | 5,947 | | 11/17/2037 | Financing Receivable, net (8) | | Monthly payments in accordance with lease agreement | | | | | | | 4,497 | | | 4,497 | | 11/17/2037 | Financing Receivable, net (8) | | Monthly payments in accordance with lease agreement | | | | | | | 3,566 | | | 3,565 | | 11/17/2037 | Financing Receivable, net (8) | | Monthly payments in accordance with lease agreement | | | | | | | 3,227 | | | 3,231 | | 11/17/2037 | Financing Receivable, net (9) | | Monthly payments in accordance with lease agreement | | | | | | | 7,623 | | | 7,826 | | 12/31/2029 | Total financing receivable | | | | | | | | | 25,296 | | | 25,066 | | | Interest receivable (net of unamortized points) | | | | | | | | | (1,339) | | | (2,209) | | | Allowance for credit losses | | | | | | | | | (350) | | | (281) | | | Provision for interest receivable | | | | | | | | | — | | | — | | | Total Loans and financing receivables, net | | | | | | | | $ | 64,066 | | $ | 55,305 | | |
| (1) | The original note was renegotiated and a second note was entered into simultaneously with the borrower during the three months ended March 31, 2017. The note is secured against farmland properties. The note was repaid in full in March 2025. |
| (2) | On March 3, 2022, the Company entered into two loans with the same party secured against farmland. |
| (3) | On November 17, 2023, the Company entered into a loan agreement secured by farmland in connection with a property disposition. |
| (4) | On December 28, 2023, the Company entered into a loan agreement secured by farmland and a feedlot in connection with a property disposition. |
| (5) | On October 29, 2024, December 20, 2024, and April 17, 2025, the Company entered into loan agreements with the same party secured against certain properties. |
| (6) | On February 4, 2025, the Company entered into a loan agreement secured by farmland in connection with a property disposition. |
| (7) | On March 28, 2025, the Company entered into a loan agreement secured by farmland. |
| (8) | On November 18, 2022, the Company acquired land and buildings for four agriculture equipment dealerships in Ohio, accounted for as financing transactions. In addition, the Company purchased a parking lot adjacent to one of the dealerships in April 2025. The leases may be extended beyond the stated maturity date, for up to an additional 20 years, at the option of the tenant. |
| (9) | On December 18, 2024, the Company entered into a sale leaseback transaction accounted for as a financing transaction, with a lease term of five years. |
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| Schedule of allowance for credit losses details |
| | | | | | | | | | | | | | | | June 30, 2025 | | ($ in thousands) | | Amortized Cost | | Allowance | | Loans and financing
receivables, net | | Allowance as a %
of Amortized Cost | | Loans under FPI Loan Program | | $ | 39,120 | | $ | (118) | | $ | 39,002 | | | 0.30 | % | Financing Receivables | | | 25,296 | | | (232) | | | 25,064 | | | 0.92 | % | Totals | | $ | 64,416 | | $ | (350) | | $ | 64,066 | | | 0.54 | % |
| | | | | | | | | | | | | | | | December 31, 2024 | | ($ in thousands) | | Amortized Cost | | Allowance | | Loans and financing
receivables, net | | Allowance as a %
of Amortized Cost | | Loans under FPI Loan Program | | $ | 30,520 | | $ | (49) | | $ | 30,471 | | | 0.16 | % | Financing Receivables | | | 25,066 | | | (232) | | | 24,834 | | | 0.93 | % | Totals | | $ | 55,586 | | $ | (281) | | $ | 55,305 | | | 0.51 | % |
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