v3.26.1
Concentration Risk (Tables)
6 Months Ended
Jun. 30, 2026
Concentration Risk  
Summary of concentrations

Rental Income Recognized

For the three months ended

For the six months ended

June 30,

June 30,

($ in thousands)

2026

2025

  ​ ​ ​

2026

2025

Tenant A

$

1,032

$

977

$

2,063

$

1,955

Tenant B

$

729

$

730

$

1,967

$

2,500

Tenant C

$

720

$

722

$

1,440

$

1,450

Approximate % of Rental Income

For the three months ended

For the six months ended

June 30,

June 30,

2026

2025

  ​ ​ ​

2026

2025

Tenant A

18.1

%

16.2

%

17.2

%

15.0

%

Tenant B

12.8

%

12.1

%

16.4

%

19.2

%

Tenant C

12.6

%

12.0

%

12.0

%

11.2

%

Geographic concentration  
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)

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

 

2026

2025

Corn Belt

51.8

%

52.5

%

67.5

%

68.1

%

64.6

%

64.5

%

Delta and South

9.2

%

9.9

%

5.7

%

5.4

%

5.4

%

1.7

%

High Plains

10.5

%

9.7

%

8.7

%

7.0

%

7.0

%

7.5

%

Southeast

14.5

%

13.4

%

3.5

%

3.3

%

3.4

%

3.2

%

West Coast

14.0

%

14.5

%

14.6

%

16.2

%

19.6

%

23.1

%

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.