v3.26.1
Note 9 - Segment Reporting (ASC Topic 280)
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Segment Reporting [Text Block]

Note 9 – Segment Reporting (ASC Topic 280)

 

The Trust adopted ASU 2023-07 during the reporting period ending December 31, 2024. The adoption of ASU 2023-07 impacts financial statement disclosures only and does not affect the Trust’s combined financial position, results of operations, or cash flows. Each Fund that is a series of the Trust is considered a separate reportable segment and the Sponsor’s chief executive officer, chief financial officer, and chief operating officer act as the Trust’s and each of the Fund's CODM. Each of the Funds' CODM monitors the operating results of each Fund on a standalone basis, with each Fund's strategic asset allocation guided by its investment objective and principal investment strategies as described in its prospectus and executed by the Sponsor. The combined financial information reviewed by the Trust’s CODM is consistent with the information presented in each Funds' financial statements.

 

The Trust is a series trust consisting of six series, CORN, CANE, SOYB, WEAT, TAGS and BTCK, each is a Fund separately managed by the Sponsor and as a series of the Trust, each Fund is a reportable segment of the Trust. An additional series of the Trust, the DEFI Fund, was managed by the sponsor and is a reportable segment of the Trust through its merger with Hashdex Bitcoin Futures Fund based on a Plan of Merger through January 3, 2024, on which day the DEFI Fund was sold and liquidated out of the Trust.  The sixth series of the Trust, BTCK, is in registration and as of March 31, 2026 had four shares seeded at a net asset value per share of $25.00 per share, but had not yet been declared effective. BTCK will be managed by the Sponsor and be a reportable segment.

 

Each Fund operates with the goal of meeting its respective investment objective, refer to Note 1 for description of investment objectives of each of the Funds. Refer to Note 2 and Note 3 for descriptions of the accounting policies of each of the Funds which are described and are managed by the Sponsor of the Funds. For the three and nine months ended March 31, 2026 and  March 31, 2025 and for the years ended December 31, 2025, 2024, and 2023, the CODM of each Fund, and therefore the CODM of the Trust, evaluates the performance of the Trust by evaluating each Funds' performance.  The CODM assesses relative asset levels as presented in the Fund's statements of assets and liabilities as well as interest income, and the expense categories as presented in the Fund’s statement of operations in determining resources allocation and overall management decisions of that Fund. The Trust eliminates intercompany balances to report the combined results on a Trust level, which primarily relates to TAGS investment in the Underlying Funds.

 

The Trust combining statements of assets and liabilities and combining statements of operations by reporting segment are presented below.

 

Combining Statements of Assets and Liabilities for March 31, 2026

 

  

Teucrium Corn Fund

  

Teucrium Soybean Fund

  

Teucrium Sugar Fund

  

Teucrium Wheat Fund

  

Teucrium Agricultural Fund

  

7RCC Spot Bitcoin and Carbon Credit Futures ETF

  

Eliminations

  

Teucrium Commodity Trust

 

Assets

                                

Cash and cash equivalents

 $272,928,879  $53,370,915  $60,857,876  $254,273,613  $13,421  $100  $-  $641,444,804 

Interest receivable

  152,518   44,454   45,347   191,986   1,376   -   -   435,681 

Other assets

  -   -   8,904   -   -   -   -   8,904 

Capital shares receivable

  22,006,320   -   5,216,900   32,873,540   1,257,945   -   -   61,354,705 

Equity in trading accounts:

                              - 

Commodity futures contracts

  130,097   1,825,673   1,607,856   13,094,464   -   -   -   16,658,090 

Due from broker

  13,559,455   362,740   424,099   3,551,341   -   -   -   17,897,635 

Investments in exchange traded funds, at fair value (cost: $31,300,866 as of December 31, 2025)

              30,495,559      (30,495,559)  - 

Total equity in trading accounts

  13,689,552   2,188,413   2,031,955   16,645,805   30,495,559   -   (30,495,559)  34,555,725 

Total assets

 $308,777,269  $55,603,782  $68,160,982  $303,984,944  $31,768,301  $100  $(30,495,559) $737,799,819 
                                 

Liabilities

                                

Management fee payable to Sponsor

 $104,962  $40,386  $25,209  $174,561  $-  $-  $-  $345,118 

Payable for investment securities purchased

  -   -   -   -   1,257,366   -   -   1,257,366 

Other liabilities

  155,604   42,532   56,354   205,016   5,748   -   -   465,254 

Equity in trading accounts:

                              - 

Commodity futures contracts

  1,809,947   20,562   -   -   -   -   -   1,830,509 

Total equity in trading accounts

  1,809,947   20,562   -   -   -   -   -   1,830,509 

Total liabilities

  2,070,513   103,480   81,563   379,577   1,263,114   -   -   3,898,247 
                              $- 

Net Assets

 $306,706,756  $55,500,302  $68,079,419  $303,605,367  $30,505,187  $100  $(30,495,559) $733,901,572 

 

Combining Statements of Assets and Liabilities for December 31, 2025

 

  

Teucrium Corn Fund

  

Teucrium Soybean Fund

  

Teucrium Sugar Fund

  

Teucrium Wheat Fund

  

Teucrium Agricultural Fund

  

7RCC Spot Bitcoin and Carbon Credit Futures ETF

  

Eliminations

  

Teucrium Commodity Trust

 

Assets

                                

Cash and cash equivalents

 $45,091,481  $39,018,369  $14,057,467  $107,092,260  $13,162  $100  $-  $205,272,839 

Interest receivable

  59,310   45,367   24,116   58,047   56   -   -   186,896 

Equity in trading accounts:

                              - 

Commodity futures contracts

  50,255   -   -   -   -   -   -   50,255 

Due from broker

  2,065,122   3,155,013   1,809,178   13,396,313   -   -   -   20,425,626 

Investments in exchange traded funds, at fair value (cost: $8,156,688 as of December 31, 2025)

  -   -   -   -   6,298,329   -   (6,298,329)  - 

Total equity in trading accounts

  2,115,377   3,155,013   1,809,178   13,396,313   6,298,329   -   (6,298,329)  20,475,881 

Total assets

 $47,266,168  $42,218,749  $15,890,761  $120,546,620  $6,311,547  $100  $(6,298,329)  225,935,616 
                                 

Liabilities

                                

Management fee payable to Sponsor

 $41,974  $43,174  $12,645  $99,094  $-  $-  $-  $196,887 

Other liabilities

  64,005   50,703   40,508   75,264   3,576   -   -   234,056 

Payable for Shares redeemed

  -   1,094,240   -   -   -   -       1,094,240 

Equity in trading accounts:

                          -     

Commodity futures contracts

  170,785   2,185,227   1,150,617   7,314,828   -   -   -   10,821,457 

Total equity in trading accounts

  170,785   2,185,227   1,150,617   7,314,828   -   -   -   10,821,457 

Total liabilities

  276,764   3,373,344   1,203,770   7,489,186   3,576   -   -   12,346,640 
                                 

Net Assets

 $46,989,404  $38,845,405  $14,686,991  $113,057,434  $6,307,971  $100  $(6,298,329) $213,588,976 

 

Combining Statements of Operations for March 31, 2026

 

  

Teucrium Corn Fund

  

Teucrium Soybean Fund

  

Teucrium Sugar Fund

  

Teucrium Wheat Fund

  

Teucrium Agricultural Fund

  

7RCC Spot Bitcoin and Carbon Credit Futures ETF

  

Eliminations

  

Teucrium Commodity Trust

 

Income

                                

Realized and unrealized gain (loss) on trading of commodity futures contracts:

                                

Realized gain (loss) on commodity futures contracts

 $659,685  $362,172  $(832,556) $4,259,468  $-  $-  $-  $4,448,769 

Net change in unrealized appreciation (depreciation) on commodity futures contracts

  (1,559,320)  3,990,338   2,758,473   20,409,292   -   -   -   25,598,783 

Realized gain (loss) on securities

              (127,074)     127,074   - 

Net change in unrealized appreciation (depreciation) on securities

              1,053,052      (1,053,052)  - 

Interest income

  674,167   376,683   172,613   1,333,991   1,452   -   -   2,558,906 

Total income (loss)

  (225,468)  4,729,193   2,098,530   26,002,751   927,430   -   (925,978)  32,606,458 
                                 

Expenses

                                

Management fees

  179,112   104,089   47,477   371,199   -   -   -   701,877 

Professional fees

  108,626   63,494   30,860   244,568   12,316   -   -   459,864 

Distribution and marketing fees

  223,891   104,089   54,599   461,792   26,592   -   -   870,963 

Custodian fees and expenses

  26,867   15,613   9,496   59,392   6,355   -   -   117,723 

Business permits and licenses fees

  8,956   8,327   3,798   18,560   9,613   -   -   49,254 

General and administrative expenses

  17,911   10,409   7,122   37,120   1,558   -   -   74,120 

Other expenses

  -   -   -   -   7   -   -   7 

Total expenses

 $565,363  $306,021  $153,352  $1,192,631  $56,441  $-  $-  $2,273,808 
                                 

Expenses waived by the Sponsor

 $-  $-  $-  $-  $(54,270) $-  $-  $(54,270)
                                 

Total expenses, net

 $565,363  $306,021  $153,352  $1,192,631  $2,171  $-  $-  $2,219,538 
                                 

Net income (loss)

 $(790,831) $4,423,172  $1,945,178  $24,810,120  $925,259  $-  $(925,978) $30,386,920 

 

Combining Statements of Operations for March 31, 2025

 

 

  

Teucrium Corn Fund

  

Teucrium Soybean Fund

  

Teucrium Sugar Fund

  

Teucrium Wheat Fund

  

Teucrium Agricultural Fund

  

7RCC Spot Bitcoin and Carbon Credit Futures ETF

  

Eliminations

  

Teucrium Commodity Trust

 

Income

                                

Realized and unrealized gain (loss) on trading of commodity futures contracts:

                                

Realized gain (loss) on commodity futures contracts

 $986,143  $(374,212) $(501,254) $(3,460,250) $-  $-  $-  $(3,349,573)

Net change in unrealized appreciation (depreciation) on commodity futures contracts

  (1,584,258)  187,460   1,511,527   (255,814)  -   -   -   (141,085)

Realized gain (loss) on securities

  -   -   -   -   (113,063)     113,063   - 

Net change in unrealized appreciation (depreciation) on securities

  -   -   -   -   183,096      (183,096)  - 

Interest income

  661,287   280,709   132,719   1,294,423   107   -   -   2,369,245 

Total income (loss)

  63,172   93,957   1,142,992   (2,421,641)  70,140   -   (70,033)  (1,121,413)
                                 

Expenses

                                

Management fees

  154,242   65,432   31,316   300,624   -   -   -   551,614 

Professional fees

  84,255   43,803   27,581   136,099   11,469   -   -   303,207 

Distribution and marketing fees

  246,416   120,395   71,423   436,779   27,669   -   -   902,682 

Custodian fees and expenses

  31,170   16,358   7,829   52,311   2,460   -   -   110,128 

Business permits and licenses fees

  12,339   5,234   2,505   41,826   9,825   -   -   71,729 

General and administrative expenses

  25,116   13,086   6,263   48,100   1,992   -   -   94,557 

Other expenses

  -   -   -   3,006   1   -   -   3,007 

Total expenses

 $553,538  $264,308  $146,917  $1,018,745  $53,416  $-  $-  $2,036,924 
                                 

Expenses waived by the Sponsor

 $-  $-  $-  $-  $(50,854) $-  $-  $(50,854)
                                 

Total expenses, net

 $553,538  $264,308  $146,917  $1,018,745  $2,562  $-  $-  $1,986,070 
                                 

Net income (loss)

 $(490,366) $(170,351) $996,075  $(3,440,386) $67,578  $-  $(70,033) $(3,107,483)