v3.26.1
Concentration Risk (Tables)
6 Months Ended
Jun. 30, 2026
Concentration Risk  
Summary of concentrations

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Rental Income Recognized

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For the three months ended

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For the six months ended

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June 30,

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June 30,

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($ in thousands)

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2026

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2025

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2026

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2025

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Tenant A

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$

1,032

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$

977

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$

2,063

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$

1,955

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Tenant B

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$

729

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$

730

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$

1,967

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$

2,500

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Tenant C

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$

720

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$

722

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$

1,440

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$

1,450

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Approximate % of Rental Income

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For the three months ended

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For the six months ended

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June 30,

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June 30,

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2026

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2025

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2026

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2025

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Tenant A

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18.1

%

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16.2

%

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17.2

%

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15.0

%

Tenant B

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12.8

%

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12.1

%

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16.4

%

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19.2

%

Tenant C

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12.6

%

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12.0

%

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12.0

%

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11.2

%

Geographic concentration  
Concentration Risk  
Summary of concentrations

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Approximate %

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Rental Income (1)

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of total acres

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For the three months ended

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For the six months ended

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As of June 30,

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June 30,

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June 30,

Location of Farm (2)

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2026

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2025

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2026

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2025

 

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2026

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2025

Corn Belt

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51.8

%

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52.5

%

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67.5

%

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68.1

%

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64.6

%

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64.5

%

Delta and South

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9.2

%

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9.9

%

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5.7

%

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5.4

%

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5.4

%

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1.7

%

High Plains

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10.5

%

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9.7

%

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8.7

%

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7.0

%

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7.0

%

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7.5

%

Southeast

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14.5

%

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13.4

%

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3.5

%

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3.3

%

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3.4

%

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3.2

%

West Coast

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14.0

%

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14.5

%

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14.6

%

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16.2

%

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19.6

%

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23.1

%

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100.0

%

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100.0

%

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100.0

%

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100.0

%

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100.0

%

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100.0

%

(1)

Due to regional disparities in the use of leases with variable rent and seasonal variations in the recognition of variable rent revenue, regional comparisons by rental income are not fully representative of each region’s income-producing capacity until a full year is taken into account.

(2)

Corn Belt includes farms located in Illinois, Indiana, Missouri and eastern Nebraska. Delta and South includes farms located in Arkansas and Louisiana. High Plains includes farms located in Colorado and Texas. Southeast includes farms located in South Carolina and West Virginia. West Coast includes farms located in California.