v3.26.1
Note 9 - Segment Reporting (ASC Topic 280)
 6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Segment Reporting [Text Block]

Note 9 – Segment Reporting (ASC Topic 280)

 

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, commenced operations on June 3, 2026.

 

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 six months ended June 30, 2026 and  June 30, 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  June 30, 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

 $166,316,925  $46,384,883  $69,693,234  $250,337,619  $28,573  $267,927  $-  $533,029,161 

Interest receivable

  99,749   41,047   118,497   248,687   80   625   -   508,685 

Equity in trading accounts:

                                

Commodity futures contracts

  -   242,041   149,012   -   -   11,033   -   402,086 

Due from broker

  31,240,675   2,622,610   3,723,100   44,078,278   -   20,888   -   81,685,551 

Investments in bitcoin, at fair value (cost: $1,110,722 at June 30, 2026)

  -   -   -   -   -   1,071,328   -   1,071,328 

Investments in securities, at fair value (cost $18,935,459 as of June 30, 2026)

              18,201,506      (18,201,506)  - 

Total equity in trading accounts

  31,240,675   2,864,651   3,872,112   44,078,278   18,201,506   1,103,249   (18,201,506)  83,158,965 

Total assets

 $197,657,349  $49,290,581  $73,683,843  $294,664,584  $18,230,159  $1,371,801  $(18,201,506) $616,696,811 
                                 

Liabilities

                                

Management fee payable to Sponsor

 $167,539  $44,195  $60,382  $242,224  $-  $614  $-  $514,954 

Current taxes Payable

  -   -   -   -   -   2,578   -   2,578 

Other liabilities

  215,840   111,133   76,553   424,496   11,111   -   -   839,133 

Payable for Shares redeemed

  3,347,840   -   -   2,764,063   -   -   -   6,111,903 

Equity in trading accounts:

                                

Commodity futures contracts

  20,676,471   943,813   827,027   24,668,372   -   -   -   47,115,683 

Total equity in trading accounts

  20,676,471   943,813   827,027   24,668,372   -   -   -   47,115,683 

Total liabilities

  24,407,690   1,099,141   963,962   28,099,155   11,111   3,192   -   54,584,251 
                                 

Net Assets

 $173,249,659  $48,191,440  $72,719,881  $266,565,429  $18,219,048  $1,368,609  $(18,201,506) $562,112,560 

 

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 the Three Months Ended   June 30, 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

 $(6,062,166) $2,097,894  $(5,263,203) $14,624,504  $-  $(1,498) $-  $5,395,531 

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

  (18,996,621)  (2,506,884)  (2,285,871)  (37,762,836)  -   11,033   -   (61,541,179)

Realized gain (loss) on securities

              (1,674,594)     1,674,594   - 

Net change in unrealized appreciation (depreciation) on securities

              71,354      (71,354)  - 

Realized gain (loss) on foreign currency

  -   -   -   -   -   (185)  -   (185)

Net change in unrealized appreciation (depreciation) on bitcoin

  -   -   -   -   -   (39,394)  -   (39,394)

Interest income

  2,182,737   546,267   646,692   2,627,693   930   615   -   6,004,934 

Total income (loss)

  (22,876,050)  137,277   (6,902,382)  (20,510,639)  (1,602,310)  (29,429)  1,603,240   (50,180,293)
                                 

Expenses

                                

Management fees

  615,090   152,391   182,179   743,955   -   614   -   1,694,229 

Professional fees

  166,716   70,605   52,843   234,837   12,996   -   -   537,997 

Distribution and marketing fees

  376,077   156,040   110,844   667,376   41,965   -   -   1,352,302 

Custodian fees and expenses

  35,476   14,247   10,656   57,094   4,120   50   -   121,643 

Business permits and licenses fees

  14,011   9,108   12,720   21,491   1,781   -   -   59,111 

General and administrative expenses

  23,174   8,116   5,191   33,948   3,060   -   -   73,489 

Other expenses

  -   -   -   -   1   -   -   1 

Total expenses

 $1,230,544  $410,507  $374,433  $1,758,701  $63,923  $664  $-  $3,838,772 
                                 

Expenses waived by the Sponsor

 $-  $-  $-  $-  $(58,560) $-  $-  $(58,560)
                                 

Total expenses, net

 $1,230,544  $410,507  $374,433  $1,758,701  $5,363  $664  $-  $3,780,212 
                                 

Net income (loss) before taxes

  (24,106,594)  (273,230)  (7,276,815)  (22,269,340)  (1,607,673)  (30,093)  1,603,240   (53,960,505)
                                 

Current Tax Expense

  -   -   -   -   -   2,578   -   2,578 
                                 

Net income (loss) after taxes

 $(24,106,594) $(273,230) $(7,276,815) $(22,269,340) $(1,607,673) $(32,671) $1,603,240  $(53,963,083)

 

Combining Statements of Operations for the Six Months Ended  June 30, 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

 $(5,402,481) $2,460,065  $(6,095,759) $18,883,972  $-  $(1,498) $-  $9,844,299 

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

  (20,555,941)  1,483,455   472,602   (17,353,544)  -   11,033   -   (35,942,395)

Realized gain (loss) on securities

  -   -   -   -   (1,801,668)  -   1,801,668   - 

Net change in unrealized appreciation (depreciation) on securities

  -   -   -   -   1,124,406   -   (1,124,406)  - 

Realized gain (loss) on foreign currency

  -   -   -   -   -   (185)  -   (185)

Net change in unrealized appreciation (depreciation) on bitcoin

  -   -   -   -   -   (39,394)  -   (39,394)

Interest income

  2,856,904   922,950   819,305   3,961,684   2,382   615   -   8,563,840 

Total income (loss)

  (23,101,518)  4,866,470   (4,803,852)  5,492,112   (674,880)  (29,429)  677,262   (17,573,835)
                                 

Expenses

                                

Management fees

  794,202   256,480   229,656   1,115,154   -   614   -   2,396,106 

Professional fees

  275,342   134,099   83,703   479,405   25,312   -   -   997,861 

Distribution and marketing fees

  599,968   260,129   165,443   1,129,168   68,557   -   -   2,223,265 

Custodian fees and expenses

  62,343   29,860   20,152   116,486   10,475   50   -   239,366 

Business permits and licenses fees

  22,967   17,435   16,518   40,051   11,394   -   -   108,365 

General and administrative expenses

  41,085   18,525   12,313   71,068   4,618   -   -   147,609 

Other expenses

  -   -   -   -   8   -   -   8 

Total expenses

  1,795,907   716,528   527,785   2,951,332   120,364   664   -   6,112,580 
                                 

Expenses waived by the Sponsor

  -   -   -   -   (112,830)  -   -   (112,830)
                                 

Total expenses, net

  1,795,907   716,528   527,785   2,951,332   7,534   664   -   5,999,750 
                                 

Net income (loss) before taxes

  (24,897,425)  4,149,942   (5,331,637)  2,540,780   (682,414)  (30,093)  677,262   (23,573,585)
                                 

Current Tax Expense

  -   -   -   -   -   2,578   -   2,578 
                                 

Net income (loss) after taxes

 $(24,897,425) $4,149,942  $(5,331,637) $2,540,780  $(682,414) $(32,671) $677,262  $(23,576,163)

 

Combining Statements of Operations for the Three Months Ended  June 30, 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

 $(1,168,091) $(35,053) $(750,468) $(6,080,137) $-  $-  $-  $(8,033,749)

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

  (1,171,337)  514,312   (421,808)  (45,543)  -   -   -   (1,124,376)

Realized gain (loss) on securities

              (261,858)     261,858   - 

Net change in unrealized appreciation (depreciation) on securities

              (164,615)     164,615   - 

Interest income

  536,511   276,434   112,041   1,282,389   134   -   -   2,207,509 

Total income (loss)

  (1,802,917)  755,693   (1,060,235)  (4,843,291)  (426,339)  -   426,473   (6,950,616)
                                 

Expenses

                                

Management fees

  123,779   63,365   25,999   298,015   -   -   -   511,158 

Professional fees

  65,562   33,999   20,392   156,085   15,747   -   -   291,785 

Distribution and marketing fees

  245,629   131,839   51,926   481,728   36,760   -   -   947,882 

Custodian fees and expenses

  23,803   10,335   6,701   49,700   2,123   -   -   92,662 

Business permits and licenses fees

  11,444   9,299   7,004   8,941   3,744   -   -   40,432 

General and administrative expenses

  19,804   11,406   5,901   34,781   3,785   -   -   75,677 

Other expenses

  1,238   634   260   2,980   6   -   -   5,118 

Total expenses

 $491,259  $260,877  $118,183  $1,032,230  $62,165  $-  $-  $1,964,714 
                                 

Expenses waived by the Sponsor

 $-  $-  $-  $-  $(59,263) $-  $-  $(59,263)
                                 

Total expenses, net

 $491,259  $260,877  $118,183  $1,032,230  $2,902  $-  $-  $1,905,451 
                                 

Net income (loss)

 $(2,294,176) $494,816  $(1,178,418) $(5,875,521) $(429,241) $-  $426,473  $(8,856,067)

 

Combining Statements of Operations for the Six Months Ended  June 30, 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

 $(181,948) $(409,265) $(1,251,722) $(9,540,387) $-  $-  $-  $(11,383,322)

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

  (2,755,595)  701,772   1,089,719   (301,357)  -   -   -   (1,265,461)

Realized gain (loss) on securities

              (374,921)     374,921   - 

Net change in unrealized appreciation (depreciation) on securities

              18,481      (18,481)  - 

Interest income

  1,197,798   557,143   244,760   2,576,812   241   -   -   4,576,754 

Total income (loss)

  (1,739,745)  849,650   82,757   (7,264,932)  (356,199)  -   356,440   (8,072,029)
                                 

Expenses

                                

Management fees

  278,021   128,797   57,315   598,639   -   -   -   1,062,772 

Professional fees

  149,817   77,802   47,973   292,184   27,216   -   -   594,992 

Distribution and marketing fees

  492,045   252,234   123,349   918,507   64,429   -   -   1,850,564 

Custodian fees and expenses

  54,973   26,693   14,530   102,011   4,583   -   -   202,790 

Business permits and licenses fees

  23,783   14,533   9,509   50,767   13,569   -   -   112,161 

General and administrative expenses

  44,920   24,492   12,164   82,881   5,777   -   -   170,234 

Other expenses

  1,238   634   260   5,986   7   -   -   8,125 

Total expenses

 $1,044,797  $525,185  $265,100  $2,050,975  $115,581  $-  $-  $4,001,638 
                                 

Expenses waived by the Sponsor

 $-  $-  $-  $-  $(110,117) $-  $-  $(110,117)
                                 

Total expenses, net

 $1,044,797  $525,185  $265,100  $2,050,975  $5,464  $-  $-  $3,891,521 
                                 

Net income (loss)

 $(2,784,542) $324,465  $(182,343) $(9,315,907) $(361,663) $-  $356,440  $(11,963,550)