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Loans and Financing Receivables (Tables)

9 Months Ended

Sep. 30, 2024

Loans and Financing Receivables

Schedule of loans and financing receivables


($ in thousands)								Outstanding as of						Maturity
Loan		Terms						September 30, 2024			December 31, 2023			Date
Loans under FPI Loan Program:
Mortgage Note ⁽¹⁾		Principal & interest due at maturity						$	207		$	210		12/7/2028
Mortgage Note ⁽²⁾		Principal due at maturity & interest due quarterly							1,842			1,900		3/3/2025
Mortgage Note ⁽³⁾		Principal due at maturity & interest due quarterly							1,800			1,800		11/17/2028
Mortgage Note ⁽⁴⁾		Principal due at maturity & interest due semi-annually							—			8,009		12/28/2024
Mortgage Note ⁽⁵⁾		Principal due at maturity & interest due semi-annually							—			1,491		12/28/2024
Mortgage Note ⁽⁶⁾		Principal due at maturity & interest due monthly							500			500		6/30/2025
Line of Credit⁽⁷⁾		Principal & interest due at maturity							749			—		1/31/2025
Total outstanding principal									5,098			13,910
Sale-leaseback transactions accounted for as financing arrangements:
Financing Receivable, net ⁽⁸⁾		Monthly payments in accordance with lease agreement							5,940			5,920		11/17/2037
Financing Receivable, net ⁽⁸⁾		Monthly payments in accordance with lease agreement							4,497			4,498		11/17/2037
Financing Receivable, net ⁽⁸⁾		Monthly payments in accordance with lease agreement							3,565			3,563		11/17/2037
Financing Receivable, net ⁽⁸⁾		Monthly payments in accordance with lease agreement							3,232			3,237		11/17/2037
Total financing receivable									17,234			17,218
Interest receivable (net prepaid interest and points)									48			60
Allowance for credit losses									(141)			(168)
Provision for interest receivable									—			—
Total Loans and financing receivables, net								$	22,239		$	31,020

(1)

The original note was renegotiated and a second note was entered into simultaneously with the borrower during the three months ended March 31, 2017. The note is secured against farmland properties.

(2)

On March 3, 2022, the Company entered into two loans with the same party secured against farmland.

(3)

On November 17, 2023, the Company entered into a loan agreement secured by farmland in connection with a property disposition.

(4)

On December 28, 2023, the Company entered into a loan agreement secured by farmland in connection with a property disposition.

(5)

On December 28, 2023, the Company entered into a loan agreement secured by farmland in connection with a property disposition.

(6)

On December 28, 2023, the Company entered into a loan agreement secured by farmland and a feedlot in connection with a property disposition.

(7)

On May 2, 2024, the Company entered into a line of credit agreement with a former tenant secured by growing crop, crop insurance, government payments related to growing crop, and a second lien on farmland properties owned by the former tenant.

(8)

On November 18, 2022, the Company acquired land and buildings for four agriculture equipment dealerships in Ohio, accounted for as financing transactions. The leases may be extended beyond the stated maturity date, for up to an additional 20 years, at the option of the tenant.

Schedule of allowance for credit losses details


		September 30, 2024
($ in thousands)		Amortized Cost			Allowance			Loans and financing receivables, net			Allowance as a % of Amortized Cost
Loans under FPI Loan Program		$	5,146		$	(49)		$	5,097			0.95	%
Financing Receivables			17,234			(92)			17,142			0.53	%
Totals		$	22,380		$	(141)		$	22,239			0.63	%


		December 31, 2023
($ in thousands)		Amortized Cost			Allowance			Loans and financing receivables, net			Allowance as a % of Amortized Cost
Loans under FPI Loan Program		$	13,970		$	(76)		$	13,894			0.54	%
Financing Receivables			17,218			(92)			17,126			0.53	%
Totals		$	31,188		$	(168)		$	31,020			0.54	%

Schedule of roll-forward of allowance for credit losses for loans and financing receivables


								Nine months ended September 30,
($ in thousands)								2024			2023
Balance at beginning of period								$	(168)		$	(92)
Initial allowance for financing receivables									—			—
Initial allowance for loan receivables									—			—
Current period change in credit allowance									10			—
Charge-offs									—			—
Recoveries									17			—
Balance at end of period								$	(141)		$	(92)