v3.26.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
ASSETS    
Land, at cost $ 546,664 $ 565,002
Grain facilities 7,249 7,476
Groundwater 8,858 8,858
Irrigation improvements 18,002 22,741
Drainage improvements 6,385 6,401
Permanent plantings 12,894 28,049
Other 3,184 3,334
Construction in progress 540 1,190
Real estate, at cost 603,776 643,051
Less accumulated depreciation (19,735) (26,783)
Total real estate, net 584,041 616,268
Cash and cash equivalents 7,882 9,293
Assets held for sale 3,244  
Loans and financing receivables, net 70,955 80,232
Right of use asset, net 384 169
Accounts receivable, net 7,617 4,408
Derivative asset   141
Inventory 2,237 2,316
Equity method investments 3,881 4,245
Prepaid and other assets 442 1,993
TOTAL ASSETS 680,683 719,065
LIABILITIES    
Mortgage notes and bonds payable, net 238,981 160,842
Lease liability 384 169
Dividends payable 3,913 11,483
Accrued interest 2,454 2,116
Accrued property taxes 1,785 1,411
Deferred revenue 792 1,243
Accrued expenses 5,199 3,831
Total liabilities 253,508 181,095
Commitments and contingencies (See Note 8)
Redeemable non-controlling interest in operating partnership, Series A preferred units   70,583
EQUITY    
Common stock, $0.01 par value, 500,000,000 shares authorized; 41,978,212 shares issued and outstanding at September 30, 2026, and 43,093,127 shares issued and outstanding at December 31, 2025 420 431
Additional paid in capital 509,618 520,899
Retained earnings 105,453 117,314
Cumulative dividends (191,295) (179,641)
Other comprehensive income   350
Non-controlling interests in operating partnership 2,979 8,034
Total equity 427,175 467,387
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS IN OPERATING PARTNERSHIP AND EQUITY $ 680,683 $ 719,065