Related Party Transactions

3 Months Ended

Mar. 31, 2024

Related Party Transactions

Related Party Transactions

Note 4—Related Party Transactions

On July 21, 2015, the Company entered into a lease agreement with American Agriculture Aviation LLC (“American Ag Aviation”) for the use of a private plane. American Ag Aviation is a Colorado limited liability company that is owned 100% by Paul A. Pittman, the Company’s Executive Chairman. The private plane was generally utilized when commercial air travel was not readily available or practical to and from a particular location. The Company incurred no costs during either of the three months ended March 31, 2024 or 2023 to American Ag Aviation for use of the aircraft in accordance with the lease agreement. Generally, costs are recognized based on the nature of the associated use of the aircraft consistently with other travel expenses, as follows: (i) general and administrative - expensed as general and administrative expenses within the Company’s consolidated statements of operations; (ii) land acquisition (accounted for as an asset acquisition) - allocated to the acquired real estate assets within the Company’s consolidated balance sheets; and (iii) land acquisition (accounted for as a business combination) - expensed as acquisition and due diligence costs within the Company’s consolidated statements of operations. In November 2023, the lease agreement was terminated due to American Ag Aviation’s disposition of its private plane.

On January 20, 2021, the Company entered into property sale and long-term management agreements with the OZ Fund. The OZ Fund is a Delaware limited liability company whose manager is the brother of Thomas P. Heneghan, who was one of the Company's independent directors until April 29, 2024. Mr. Heneghan has an indirect investment in the OZ Fund. As of each of March 31, 2024 and December 31, 2023, the Company had a 9.97% interest in the OZ Fund. The aggregate balance of the Company’s equity method investment in the OZ Fund was approximately $4.1 million, including aggregate capital contributions of $1.7 million, as of March 31, 2024 and December 31, 2023. The Company has received aggregate distributions of $0.2 million and less than $0.1 million, respectively, from inception of the joint venture through

March 31, 2024 and December 31, 2023. The Company’s capital contributions are capped at $4.3 million. The Company earned management fees of $0.1 million during each of the three months ended March 31, 2024 and 2023, respectively.