Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Real estate, at cost $ 1,287,071 $ 1,297,013
Less: accumulated depreciation (214,738) (198,261)
Total real estate, net 1,072,333 1,098,752
Lease intangibles, net 2,934 3,129
Real estate and related assets held for sale, net 3,143 0
Cash and cash equivalents 22,551 27,177
Crop inventory 6,534 1,663
Investments in water assets 41,713 41,549
Other assets, net 42,988 66,902
TOTAL ASSETS 1,192,196 1,239,172
LIABILITIES:    
Borrowings under lines of credit 21,100 200
Notes and bonds payable, net 464,934 473,435
Accounts payable and accrued expenses 17,502 22,005
Total Liabilities 519,085 568,886
Commitments and contingencies (Note 9)
EQUITY:    
Common stock, $0.001 par value; 68,096,587 shares authorized, 43,136,573 shares issued and outstanding as of June 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 908,539 870,847
Distributions in excess of accumulated earnings (240,810) (205,511)
Accumulated other comprehensive income 5,323 4,896
Total Equity 673,111 670,286
TOTAL LIABILITIES AND EQUITY 1,192,196 1,239,172
Related Party    
LIABILITIES:    
Other liabilities, net 3,210 2,844
Nonrelated Party    
LIABILITIES:    
Other liabilities, net 12,339 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 June 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 6 6
Series C Preferred Stock    
EQUITY:    
Cumulative redeemable preferred stock 10 10
Series E Preferred Stock    
EQUITY:    
Cumulative redeemable preferred stock $ 0 $ 0