Quarterly report [Sections 13 or 15(d)]

SUBSEQUENT EVENTS (Tables)

v3.26.3
SUBSEQUENT EVENTS (Tables)
 9 Months Ended
Sep. 30, 2026
Subsequent Events [Abstract]  
Schedule of Acquisition Activity
Subsequent to September 30, 2026, through the date of this filing, we acquired one farm, which is summarized in the table below (dollars in thousands, except for footnotes):
Property
Name		 Property
Location		 Acquisition
Date		 Total
Acres		 No. of
Farms		 Primary
Crop(s) / Use		 Lease
Term		 Renewal
Options		 Total
Acquisition
Value
Acquisition
Costs(1)
Annualized
Straight-line
Rent(2)
Ash Road(3)
Franklin, WA 10/2/2026 180 1 Alfalfa, hay, & oats 0.3 years None $ 2,848  $ 42  $ 74 
180 1 $ 2,848  $ 42  $ 74 
(1)Acquisitions will be accounted for as asset acquisitions in accordance with ASC 360, and the acquisition value and related purchase price allocation are preliminary and subject to change. The figures above represent only costs paid or accrued for as of the date of this filing.
(2)Annualized straight-line rent is based on the minimum cash rental payments guaranteed under the applicable leases, as required under GAAP, and excludes contingent rental payments, such as participation rents.
(3)Property was acquired in partial satisfaction of outstanding obligations owed to us by a tenant in default pursuant to a forbearance agreement.
Schedule of Sale of Stock by Subsidiary
The following table provides information on shares of common stock sold under the ATM Program during the three and nine months ended September 30, 2026 and 2025 (dollars in thousands, except per-share amounts):
Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
Number of shares sold 156,273  122,743  5,277,928  122,743 
Weighted-average offering price per share $ 9.90  $ 9.28  $ 10.02  $ 9.28 
Gross proceeds $ 1,547  $ 1,140  $ 52,896  $ 1,140 
Net proceeds(1)
$ 1,531  $ 1,128  $ 52,337  $ 1,128 
(1)Net of underwriting commissions.
The following table summarizes repurchase activity under the Repurchase Program during the three and nine months ended September 30, 2026 (dollars in thousands, except per-share amounts):
Three Months Ended September 30, 2026 Nine Months Ended September 30, 2026
Series B Preferred Stock:
Number of shares repurchased 168,578  350,890 
Gross repurchase price(1)
$ 3,531  $ 7,298 
Weighted-average repurchase price per share $ 20.94  $ 20.80 
Gain on repurchase(2)
$ 220  $ 507 
Series C Preferred Stock:
Number of shares repurchased 288,245  649,143 
Gross repurchase price(1)
$ 5,974  $ 13,316 
Weighted-average repurchase price per share $ 20.72  $ 20.51 
Gain on repurchase(2)
$ 564  $ 1,408 
(1)Inclusive of broker commissions.
(2)The gain on the repurchase of cumulative redeemable preferred stock is included within Gain on extinguishment of cumulative redeemable preferred stock, net on our accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.
The following table summarizes repurchase activity under the Repurchase Program subsequent to September 30, 2026 (dollars in thousands, except per-share amounts):
Series B Preferred Stock:
Number of shares repurchased 86,067 
Gross repurchase price(1)
$ 1,690 
Weighted-average repurchase price per share $ 19.63 
Gain on repurchase $ 225 
Series C Preferred Stock:
Number of shares repurchased 96,805 
Gross repurchase price(1)
$ 1,901 
Weighted-average repurchase price per share $ 19.64 
Gain on repurchase $ 294 
(1)Inclusive of broker commissions.
Schedule of Dividends Declared
The per-share distributions to preferred and common stockholders declared by our Board of Directors during the three and nine months ended September 30, 2026 and 2025 are reflected in the table below.
Three Months Ended September 30, Nine Months Ended September 30,
Issuance 2026 2025 2026 2025
Series B Preferred Stock $ 0.375  $ 0.375  $ 1.125  $ 1.125 
Series C Preferred Stock 0.375  0.375  1.125  1.125 
Series D Term Preferred Stock(1)(2)
—  0.312501  0.104167  0.937503 
Series E Preferred Stock 0.312501  0.312501  0.937503  0.937503 
Common Stock 0.1401  0.1401  0.4203  0.4203 
(1)Dividends are treated similarly to interest expense on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.
(2)The Series D Term Preferred Stock was redeemed in full on January 30, 2026.
On October 13, 2026, our Board of Directors declared the following monthly cash distributions to holders of our preferred and common stock:
Issuance Record Date Payment Date Distribution per Share
Series B Preferred Stock: October 23, 2026 October 30, 2026 $ 0.125 
November 19, 2026 November 30, 2026 0.125 
December 21, 2026 December 31, 2026 0.125 
Total Series B Preferred Stock Distributions: $ 0.375 
Series C Preferred Stock: October 23, 2026 October 30, 2026 $ 0.125 
November 19, 2026 November 30, 2026 0.125 
December 21, 2026 December 31, 2026 0.125 
Total Series C Preferred Stock Distributions: $ 0.375 
Series E Preferred Stock: October 28, 2026 November 5, 2026 $ 0.104167 
November 25, 2026 December 4, 2026 0.104167 
December 28, 2026 January 5, 2027 0.104167 
Total Series E Preferred Stock Distributions: $ 0.312501 
Common Stock: October 23, 2026 October 30, 2026 $ 0.0467 
November 19, 2026 November 30, 2026 0.0467 
December 21, 2026 December 31, 2026 0.0467 
Total Common Stock Distributions $ 0.1401