Annual report [Section 13 and 15(d), not S-K Item 405]

COMMITMENTS AND CONTINGENCIES (Tables)

v3.25.4
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Operating Lease Obligations
In connection with the execution of certain lease agreements, we have committed to provide capital improvements on certain of our farms. Below is a summary of certain of those projects for which we have incurred or accrued costs as of December 31, 2025 (dollars in thousands):
Farm
Locations		 Farm
Acreage		 Total
Commitment
Obligated
Completion
Date(1)
Amount Expended
or Accrued as of December 31, 2025
Hartley, TX 2,219 $ 1,300 
(2)
 Q4 2030 $ 1,190 
Franklin & Grant, WA, & Umatilla, OR 1,126 4,447 
(2)
 Q4 2032 3,603 
Wicomico & Caroline, MD, and Sussex, DE 833 155  Q3 2034 47 
(1)Our obligation to provide capital to fund these improvements does not extend beyond these respective dates.
(2)Pursuant to contractual agreements, we will earn additional rent on the cost of these capital improvements as the funds are disbursed by us.
As of December 31, 2025 and 2024, we recorded the following as a result of these operating ground leases (dollars in thousands, except for footnotes):
December 31, 2025 December 31, 2024
Operating lease right-of-use assets(1)
$ 764  $ 521 
Operating lease liabilities(2)
$ 702  $ 498 
Weighted-average remaining lease term (years) 12.4 14.9
Weighted-average incremental borrowing rate 7.68  % 8.35  %
(1)Operating lease right-of-use assets are shown net of prepaid lease payments of approximately $62,000 and $23,000 as of December 31, 2025 and 2024, respectively, and are included within Other assets, net on the accompanying Consolidated Balance Sheets.
(2)Included within Other liabilities, net on the accompanying Consolidated Balance Sheets.
Schedule of Future Lease Payments
Future minimum lease payments due under the remaining non-cancelable terms of these leases as of December 31, 2025, are as follows (dollars in thousands):
Period
Future Lease Payments(1)
For the fiscal years ending December 31: 2026 $ 45 
2027 100 
2028 100 
2029 100 
2030 100 
Thereafter 657 
Total undiscounted lease payments 1,102 
Less: imputed interest (400)
Present value of lease payments $ 702 
(1)Certain annual lease payments are set at the beginning of each year to then-current market rates (as determined by the lessor). The amounts shown above represent estimated amounts based on the lease rates currently in place.