Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS

v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Real estate, at cost $ 1,295,975 $ 1,297,013
Less: accumulated depreciation (208,264) (198,261)
Total real estate, net 1,087,711 1,098,752
Lease intangibles, net 3,032 3,129
Cash and cash equivalents 8,623 27,177
Crop inventory 4,323 1,663
Investments in water assets 41,697 41,549
Other assets, net 58,326 66,902
TOTAL ASSETS 1,203,712 1,239,172
LIABILITIES:    
Borrowings under lines of credit 16,700 200
Notes and bonds payable, net 467,522 473,435
Accounts payable and accrued expenses 18,232 22,005
Total Liabilities 515,387 568,886
Commitments and contingencies (Note 9)
EQUITY:    
Common stock, $0.001 par value; 67,649,874 shares authorized, 41,759,181 shares issued and outstanding as of March 31, 2026; 65,100,617 shares authorized, 38,014,918 shares issued and outstanding as of December 31, 2025 42 38
Additional paid-in capital 904,551 870,847
Distributions in excess of accumulated earnings (221,258) (205,511)
Accumulated other comprehensive income 4,974 4,896
Total Equity 688,325 670,286
TOTAL LIABILITIES AND EQUITY 1,203,712 1,239,172
Related Party    
LIABILITIES:    
Other liabilities, net 3,122 2,844
Nonrelated Party    
LIABILITIES:    
Other liabilities, net 9,811 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 March 31, 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 6 6
Series C Preferred Stock    
EQUITY:    
Cumulative redeemable preferred stock 10 10
Series E Preferred Stock    
EQUITY:    
Cumulative redeemable preferred stock $ 0 $ 0