v3.26.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
ASSETS    
Real estate, at cost $ 1,244,213 $ 1,297,013
Less: accumulated depreciation (209,351) (198,261)
Total real estate, net 1,034,862 1,098,752
Lease intangibles, net 2,837 3,129
Real estate and related assets held for sale, net 28,536 0
Cash and cash equivalents 5,012 27,177
Crop inventory 9,359 1,663
Investments in water assets 42,092 41,549
Other assets, net 59,018 66,902
TOTAL ASSETS 1,181,716 1,239,172
LIABILITIES:    
Borrowings under lines of credit 37,100 200
Notes and bonds payable, net 454,019 473,435
Accounts payable and accrued expenses 15,060 22,005
Total Liabilities 516,679 568,886
Commitments and contingencies (Note 9)
EQUITY:    
Common stock, $0.001 par value; 68,581,010 shares authorized, 43,292,846 shares issued and outstanding as of September 30, 2026; 65,100,617 shares authorized, 38,014,918 shares issued and outstanding as of December 31, 2025 43 38
Additional paid-in capital 899,167 870,847
Distributions in excess of accumulated earnings (240,746) (205,511)
Accumulated other comprehensive income 6,559 4,896
Total Equity 665,037 670,286
TOTAL LIABILITIES AND EQUITY 1,181,716 1,239,172
Related Party    
LIABILITIES:    
Other liabilities, net 2,720 2,844
Nonrelated Party    
LIABILITIES:    
Other liabilities, net 7,780 10,061
Series D Preferred Stock    
LIABILITIES:    
Series D cumulative term preferred stock, net, $0.001 par value, $25.00 per share liquidation preference; 0 shares authorized, issued, or outstanding as of September 30, 2026; 2,415,000 shares authorized, issued, and outstanding as of December 31, 2025 0 60,341
Series B Preferred Stock    
EQUITY:    
Cumulative redeemable preferred stock 5 6
Series C Preferred Stock    
EQUITY:    
Cumulative redeemable preferred stock 9 10
Series E Preferred Stock    
EQUITY:    
Cumulative redeemable preferred stock $ 0 $ 0