v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
OPERATING REVENUES:        
Lease revenue, net $ 28,507 $ 17,736 $ 55,661 $ 46,835
Crop sales 2,939 0 5,021 0
Other operating revenue 25 49 33 50
Total operating revenues 31,471 17,785 60,715 46,885
OPERATING EXPENSES:        
Depreciation and amortization 7,369 8,395 25,624 25,198
Property operating expenses 2,428 1,383 6,150 3,753
Cost of sales 0 0 (414) 0
Base management fee 1,937 1,992 5,827 6,040
Incentive fee 3,174 0 3,174 0
Administration fee 693 650 2,136 1,863
General and administrative expenses 611 556 2,239 1,760
Impairment charge 2,193 316 7,272 316
Total operating expenses 18,405 13,292 52,008 38,930
Incentive fee waiver (3,174) 0 (3,174) 0
Total operating expenses, net of credits to fees 15,231 13,292 48,834 38,930
OTHER INCOME (EXPENSE):        
Other income 30 79 1,511 2,298
Interest expense (4,969) (4,850) (14,358) (15,004)
Dividends declared on cumulative term preferred stock 0 (755) (243) (2,264)
(Loss) gain on dispositions of real estate assets, net (185) 3,062 (207) 16,323
Property and casualty (loss) recovery, net 0 0 (115) 137
(Loss) gain from investments in unconsolidated entities (91) 58 (209) (128)
Total other (expense) income, net (5,215) (2,406) (13,621) 1,362
NET INCOME (LOSS) 11,025 2,087 (1,740) 9,317
Dividends declared on cumulative redeemable preferred stock (5,687) (6,002) (17,537) (18,006)
Gain on extinguishment of cumulative redeemable preferred stock, net 777 0 1,884 0
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 6,115 $ (3,915) $ (17,393) $ (8,689)
NET INCOME (LOSS) PER COMMON SHARE:        
Basic (in dollars per share) $ 0.14 $ (0.11) $ (0.41) $ (0.24)
Diluted (in dollars per share) $ 0.14 $ (0.11) $ (0.41) $ (0.24)
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) 43,174,454 36,190,889 42,322,478 36,186,758
Diluted (in shares) 43,174,454 36,190,889 42,322,478 36,186,758
NET INCOME (LOSS)        
NET INCOME (LOSS) $ 11,025 $ 2,087 $ (1,740) $ 9,317
Change in fair value related to interest rate hedging instruments 1,236 (409) 1,663 (2,583)
COMPREHENSIVE INCOME (LOSS) $ 12,261 $ 1,678 $ (77) $ 6,734