v3.26.3
SUBSEQUENT EVENTS
 9 Months Ended
Sep. 30, 2026
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Acquisition Activity
Subsequent to September 30, 2026, through the date of this filing, we acquired one farm, which is summarized in the table below (dollars in thousands, except for footnotes):
Property
Name		Property
Location		Acquisition
Date		Total
Acres		No. of
Farms		Primary
Crop(s) / Use		Lease
Term		Renewal
Options		Total
Acquisition
Value
Acquisition
Costs(1)
Annualized
Straight-line
Rent(2)
Ash Road(3)
Franklin, WA10/2/20261801Alfalfa, hay, & oats0.3 yearsNone$2,848 $42 $74 
1801$2,848 $42 $74 
(1)Acquisitions will be accounted for as asset acquisitions in accordance with ASC 360, and the acquisition value and related purchase price allocation are preliminary and subject to change. The figures above represent only costs paid or accrued for as of the date of this filing.
(2)Annualized straight-line rent is based on the minimum cash rental payments guaranteed under the applicable leases, as required under GAAP, and excludes contingent rental payments, such as participation rents.
(3)Property was acquired in partial satisfaction of outstanding obligations owed to us by a tenant in default pursuant to a forbearance agreement.
Solar Option Agreements
In October 2026, we entered into two agreements granting a third-party solar company options to purchase up to 5,638 acres of farmland in California for potential solar energy development. The agreements have terms of five and six years, respectively, and provide for aggregate annual option payments beginning at approximately $331,000 in the first year and increasing thereafter, provided the options remain in place. The options may be exercised or terminated by the solar company at any time during their respective terms.
Repurchase Program
The following table summarizes repurchase activity under the Repurchase Program subsequent to September 30, 2026 (dollars in thousands, except per-share amounts):
Series B Preferred Stock:
Number of shares repurchased86,067 
Gross repurchase price(1)
$1,690 
Weighted-average repurchase price per share$19.63 
Gain on repurchase$225 
Series C Preferred Stock:
Number of shares repurchased96,805 
Gross repurchase price(1)
$1,901 
Weighted-average repurchase price per share$19.64 
Gain on repurchase$294 
(1)Inclusive of broker commissions.
Series E Redemptions
Subsequent to September 30, 2026, through the date of this filing, 14,400 shares of our Series E Preferred Stock were tendered for optional redemption, which were satisfied with aggregate cash payments of approximately $325,000.
Distributions
On October 13, 2026, our Board of Directors declared the following monthly cash distributions to holders of our preferred and common stock:
IssuanceRecord DatePayment DateDistribution per Share
Series B Preferred Stock:October 23, 2026October 30, 2026$0.125 
November 19, 2026November 30, 20260.125 
December 21, 2026December 31, 20260.125 
Total Series B Preferred Stock Distributions:$0.375 
Series C Preferred Stock:October 23, 2026October 30, 2026$0.125 
November 19, 2026November 30, 20260.125 
December 21, 2026December 31, 20260.125 
Total Series C Preferred Stock Distributions:$0.375 
Series E Preferred Stock:October 28, 2026November 5, 2026$0.104167 
November 25, 2026December 4, 20260.104167 
December 28, 2026January 5, 20270.104167 
Total Series E Preferred Stock Distributions:$0.312501 
Common Stock:October 23, 2026October 30, 2026$0.0467 
November 19, 2026November 30, 20260.0467 
December 21, 2026December 31, 20260.0467 
Total Common Stock Distributions$0.1401 
Resignation of Director
On October 22, 2026, Walter H. Wilkinson Jr. resigned from our Board of Directors, effective immediately. Following Mr. Wilkinson’s resignation, the Board of Directors elected George “Chip” Stelljes, III to succeed Mr. Wilkinson as Lead Independent Director and fixed the number of directors at seven, effective October 26, 2026.