Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2024

Schedule III-Real Estate and Accumulated Depreciation

Schedule III-Real Estate and Accumulated Depreciation

		Initial Cost to Company			Cost Capitalized Subsequent to Acquisition			Gross Amount at Which Carried at Close of Period						Life on Which Depreciation in Latest Income
Description	Encumbrances	Land	Improvements	Total	Land	Improvements	Total	Land	Improvements	Total	Accumulated Depreciation	Date of Construction	Date Acquired	Statements is Computed
California	(j)	44,994	—	44,994	—	—	—	44,994	—	44,994	—		2017		—
California	(j)	33,482	—	33,482	—	—	—	33,482	—	33,482	—		2017		—
California	(q)	19,925	11,521	31,446	—	1,782	1,782	19,925	13,303	33,228	6,221	2017, 2019, 2022, 2023	2017		17
Illinois	(k), (l)	29,677	431	30,108	—	2,593	2,593	29,677	3,024	32,701	727	2017, 2018, 2023	2017		25
California	(j)	31,567	—	31,567	—	—	—	31,567	—	31,567	—		2017		—
Illinois	(h)	22,887	1,484	24,371	39	1,820	1,859	22,926	3,304	26,230	664	2017, 2018, 2019, 2023	2017		26
Louisiana		24,882	128	25,010	131	195	326	25,013	323	25,336	73	2021, 2022	2021		6
California	(q)	7,647	11,518	19,165	—	991	991	7,647	12,509	20,156	3,453	2017, 2018, 2020, 2021, 2022, 2024	2017		24
California	(q)	10,935	6,878	17,813	—	409	409	10,935	7,287	18,222	2,792	2017, 2021, 2023, 2024	2017		28
California	(q)	9,998	8,116	18,114	—	(488)	(488)	9,998	7,628	17,626	3,131	2017, 2021	2017		19
California	(q)	8,326	6,075	14,401	—	2,649	2,649	8,326	8,724	17,050	1,783	2017, 2018, 2019, 2021, 2022, 2024	2017		27
California	(q)	11,888	3,398	15,286	—	789	789	11,888	4,187	16,075	1,739	2017, 2021, 2022, 2023, 2024	2017		20
Illinois		14,188	110	14,298	—	—	—	14,188	110	14,298	19	2024	2024		6
Texas	(d)	5,773	6,338	12,111	—	312	312	5,773	6,650	12,423	980	2022, 2023, 2024	2022		11
Colorado	(p)	10,716	70	10,786	—	—	—	10,716	70	10,786	19	2014	2014		39
California	(q)	8,340	4,546	12,886	—	(2,345)	(2,345)	8,340	2,201	10,541	807	2017, 2020, 2021, 2023	2017		23
California	(q)	9,534	263	9,797	—	(31)	(31)	9,534	232	9,766	154	2017	2017		17
California	(q)	6,191	2,772	8,963	—	(70)	(70)	6,191	2,702	8,893	1,181	2017	2017		15
South Carolina	(l)	7,904	133	8,037	—	72	72	7,904	205	8,109	40	2015, 2017, 2020, 2024	2015		23
Illinois	(e)	7,359	420	7,779	1	(350)	(349)	7,360	70	7,430	43	2016	2016		15
Illinois	(o)	6,097	—	6,097	—	450	450	6,097	450	6,547	78	2018	2016		40
Missouri	(d)	6,493	15	6,508	—	—	—	6,493	15	6,508	6	2021	2021		15
Illinois	(o)	6,429	—	6,429	—	—	—	6,429	—	6,429	—		2016		—
Illinois	(e)	5,502	—	5,502	—	338	338	5,502	338	5,840	279	2016	2016		10
California	(d)	5,446	390	5,836	—	—	—	5,446	390	5,836	148	2021, 2023	2021		11
California	(q)	3,559	3,317	6,876	—	(1,122)	(1,122)	3,559	2,195	5,754	641	2017	2017		27
Colorado	(d)	3,388	147	3,535	—	2,179	2,179	3,388	2,326	5,714	499	2021	2021		21
Colorado	(g)	793	4,731	5,524	—	173	173	793	4,904	5,697	643	2016, 2017, 2019, 2021, 2022, 2024	2016		22
Illinois	(e)	5,463	105	5,568	—	7	7	5,463	112	5,575	37	2016	2016		23
Colorado	(i)	4,156	1,280	5,436	—	(6)	(6)	4,156	1,274	5,430	408	2017	2017		28
Arkansas	(d)	5,169	185	5,354	—	—	—	5,169	185	5,354	114	2017	2017		15
Illinois	(e)	4,928	4	4,932	—	148	148	4,928	152	5,080	23	2017	2016		50
Illinois	(d)	4,819	20	4,839	—	—	—	4,819	20	4,839	10	2022	2022		5
Illinois	(q)	4,575	—	4,575	—	—	—	4,575	—	4,575	—		2017		—
Illinois	(o)	4,530	4	4,534	—	—	—	4,530	4	4,534	3	2016	2016		10
California	(k)	2,461	1,974	4,435	—	(2)	(2)	2,461	1,972	4,433	436	2017, 2018, 2022, 2023	2017		20
Illinois	(o)	4,358	—	4,358	—	—	—	4,358	—	4,358	—		2016		—
Colorado	(p)	3,566	359	3,925	—	130	130	3,566	489	4,055	167	2014, 2016, 2017, 2018, 2021	2014		20
Illinois	(o)	3,818	—	3,818	1	—	1	3,819	—	3,819	—		2016		—
Illinois	(d)	2,981	—	2,981	—	634	634	2,981	634	3,615	315	2015	2014		38
Illinois	(o)	3,547	—	3,547	—	—	—	3,547	—	3,547	—		2016		—
Illinois	(d)	1,290	—	1,290	—	2,199	2,199	1,290	2,199	3,489	806	2015, 2017	2014		38
Illinois	(o)	3,476	—	3,476	—	4	4	3,476	4	3,480	3	2016	2016		12
Illinois	(d)	3,401	16	3,417	—	—	—	3,401	16	3,417	4	2022	2022		10
Illinois	(o)	3,002	68	3,070	—	253	253	3,002	321	3,323	258	2016, 2018	2016		16
Illinois	(e)	3,218	—	3,218	—	95	95	3,218	95	3,313	17	2018	2016		40
Illinois	(o)	3,282	—	3,282	—	—	—	3,282	—	3,282	—		2016		—
Illinois	(q)	3,163	—	3,163	—	—	—	3,163	—	3,163	—		2017		—
Illinois	(o)	3,063	—	3,063	—	—	—	3,063	—	3,063	—		2016		—
Illinois	(o)	3,036	—	3,036	—	—	—	3,036	—	3,036	—		2016		—
Illinois	(d)	2,912	89	3,001	—	—	—	2,912	89	3,001	31	2022	2022		7
Illinois	(o)	2,687	—	2,687	3	204	207	2,690	204	2,894	31	2017	2016		50
Illinois	(e)	2,875	42	2,917	—	(42)	(42)	2,875	—	2,875	—	2016	2016		—
Illinois	(d)	2,572	—	2,572	—	236	236	2,572	236	2,808	38	2017	2014		50
Illinois	(o)	2,723	—	2,723	—	—	—	2,723	—	2,723	—		2016		—
Illinois	(d)	2,661	—	2,661	—	—	—	2,661	—	2,661	—		2021		—
California	(q)	967	1,357	2,324	—	333	333	967	1,690	2,657	510	2017, 2018, 2024	2017		27
South Carolina	(i)	1,321	91	1,412	246	997	1,243	1,567	1,088	2,655	156	2017, 2018, 2020, 2023, 2024	2017		32

		Initial Cost to Company			Cost Capitalized Subsequent to Acquisition			Gross Amount at Which Carried at Close of Period						Life on Which Depreciation in Latest Income
Description	Encumbrances	Land	Improvements	Total	Land	Improvements	Total	Land	Improvements	Total	Accumulated Depreciation	Date of Construction	Date Acquired	Statements is Computed
Colorado	(b)	1,995	84	2,079	—	504	504	1,995	588	2,583	246	2015, 2016, 2017, 2018	2015		17
Illinois	(o)	2,547	—	2,547	—	—	—	2,547	—	2,547	—		2016		—
Illinois	(i)	2,525	—	2,525	—	—	—	2,525	—	2,525	—		2017		—
Illinois	(d)	2,416	22	2,438	—	—	—	2,416	22	2,438	3	2022	2022		20
Illinois	(o)	2,428	—	2,428	—	—	—	2,428	—	2,428	—		2016		—
Illinois	(e)	2,406	—	2,406	—	—	—	2,406	—	2,406	—		2016		—
Colorado	(p)	2,328	—	2,328	—	—	—	2,328	—	2,328	—		2014		—
Illinois	(e)	2,028	28	2,056	—	225	225	2,028	253	2,281	44	2018	2016		40
Illinois	(o)	2,019	—	2,019	—	216	216	2,019	216	2,235	38	2016, 2019	2016		34
Illinois	(e)	2,104	—	2,104	—	98	98	2,104	98	2,202	20	2018	2016		40
South Carolina	(k)	1,090	—	1,090	230	847	1,077	1,320	847	2,167	145	2018, 2019, 2021	2018		39
Illinois		2,128	34	2,162	—	—	—	2,128	34	2,162	10	2022	2022		7
Illinois		2,146	—	2,146	—	—	—	2,146	—	2,146	—		2023		—
Indiana		2,125	—	2,125	—	—	—	2,125	—	2,125	—		2022		—
Illinois	(d)	1,700	—	1,700	—	346	346	1,700	346	2,046	97	2017	2014		35
Illinois		2,041	—	2,041	—	—	—	2,041	—	2,041	—		2022		—
Colorado	(g)	1,760	—	1,760	—	248	248	1,760	248	2,008	67	2017, 2023	2016		23
Illinois	(e)	1,999	—	1,999	—	—	—	1,999	—	1,999	—		2016		—
Illinois	(e)	1,877	105	1,982	—	—	—	1,877	105	1,982	37	2016	2016		25
Illinois	(e)	1,975	—	1,975	—	—	—	1,975	—	1,975	—		2016		—
Illinois	(e)	1,960	—	1,960	—	—	—	1,960	—	1,960	—		2016		—
Illinois	(e)	1,949	—	1,949	—	—	—	1,949	—	1,949	—		2016		—
Illinois	(g)	1,905	—	1,905	—	—	—	1,905	—	1,905	—		2016		—
Colorado	(p)	1,810	210	2,020	—	(129)	(129)	1,810	81	1,891	30	2014, 2016, 2021	2014		18
Illinois	(e)	1,863	—	1,863	—	—	—	1,863	—	1,863	—		2016		—
Illinois	(e)	1,856	—	1,856	—	—	—	1,856	—	1,856	—		2016		—
Illinois	(q)	1,825	—	1,825	—	—	—	1,825	—	1,825	—		2018		—
Illinois	(d)	1,815	—	1,815	—	—	—	1,815	—	1,815	—		2022		—
Illinois	(o)	1,696	—	1,696	—	109	109	1,696	109	1,805	17	2017	2016		50
South Carolina	(l)	1,303	225	1,528	—	265	265	1,303	490	1,793	93	2016, 2017, 2020, 2023, 2024	2016		34
Illinois	(o)	1,772	—	1,772	—	—	—	1,772	—	1,772	—		2016		—
Illinois	(d)	1,750	—	1,750	—	—	—	1,750	—	1,750	—		2014		—
Nebraska	(p)	1,608	32	1,640	—	98	98	1,608	130	1,738	40	2014, 2015, 2024	2014		23
Illinois	(q)	1,735	—	1,735	—	—	—	1,735	—	1,735	—		2017		—
Illinois	(e)	1,734	—	1,734	—	—	—	1,734	—	1,734	—		2016		—
Illinois	(o)	1,646	88	1,734	—	—	—	1,646	88	1,734	34	2016	2016		23
Illinois	(o)	1,721	—	1,721	—	—	—	1,721	—	1,721	—		2016		—
Illinois	(o)	1,617	94	1,711	—	—	—	1,617	94	1,711	36	2016	2016		23
Illinois	(e)	1,678	4	1,682	—	(4)	(4)	1,678	—	1,678	—		2016		—
Illinois	(d)	1,496	—	1,496	—	159	159	1,496	159	1,655	6	2023	2021		30
Illinois	(o)	1,526	—	1,526	—	126	126	1,526	126	1,652	19	2017	2016		50
Arkansas		1,575	60	1,635	—	—	—	1,575	60	1,635	—	2024	2024		10
Illinois	(o)	1,623	—	1,623	—	—	—	1,623	—	1,623	—		2016		—
Illinois	(o)	1,606	—	1,606	—	—	—	1,606	—	1,606	—		2016		—
Illinois	(e)	1,591	—	1,591	—	—	—	1,591	—	1,591	—		2016		—
Illinois	(p)	1,500	—	1,500	—	26	26	1,500	26	1,526	5	2015	2014		50
Illinois	(d)	1,423	60	1,483	—	38	38	1,423	98	1,521	71		2014		35
Illinois	(o)	1,484	—	1,484	—	—	—	1,484	—	1,484	—		2016		—
Illinois		1,475	—	1,475	—	—	—	1,475	—	1,475	—		2022		—
Illinois	(q)	1,471	—	1,471	—	—	—	1,471	—	1,471	—		2018		—
Illinois	(o)	1,438	—	1,438	—	—	—	1,438	—	1,438	—		2016		—
Illinois	(d)	1,437	—	1,437	—	—	—	1,437	—	1,437	—		2021		—
Illinois	(l)	1,403	—	1,403	—	—	—	1,403	—	1,403	—		2019		—
Illinois	(e)	1,231	—	1,231	—	116	116	1,231	116	1,347	20	2018	2016		40
Illinois	(e)	1,322	—	1,322	—	—	—	1,322	—	1,322	—		2016		—
Illinois		1,321	—	1,321	—	—	—	1,321	—	1,321	—		2022		—
Illinois	(e)	1,132	35	1,167	—	103	103	1,132	138	1,270	14	2016, 2022	2016		30
Illinois	(p)	801	97	898	—	364	364	801	461	1,262	69	2016, 2023	2014		40
Illinois	(e)	1,261	—	1,261	—	—	—	1,261	—	1,261	—		2016		—

		Initial Cost to Company			Cost Capitalized Subsequent to Acquisition			Gross Amount at Which Carried at Close of Period						Life on Which Depreciation in Latest Income
Description	Encumbrances	Land	Improvements	Total	Land	Improvements	Total	Land	Improvements	Total	Accumulated Depreciation	Date of Construction	Date Acquired	Statements is Computed
Illinois	(b)	1,120	—	1,120	—	138	138	1,120	138	1,258	25	2016	2014		50
Illinois	(e)	1,256	—	1,256	—	—	—	1,256	—	1,256	—		2016		—
Illinois	(o)	1,221	—	1,221	—	—	—	1,221	—	1,221	—		2016		—
Illinois	(p)	1,147	—	1,147	—	60	60	1,147	60	1,207	11	2016	2014		50
Illinois	(e)	1,173	—	1,173	—	—	—	1,173	—	1,173	—		2016		—
Illinois	(e)	1,160	—	1,160	—	—	—	1,160	—	1,160	—		2016		—
Illinois	(e)	1,117	28	1,145	—	9	9	1,117	37	1,154	18	2016, 2018	2016		20
Illinois	(e)	1,077	—	1,077	—	70	70	1,077	70	1,147	12	2018	2016		40
Illinois	(e)	1,128	44	1,172	—	(37)	(37)	1,128	7	1,135	2	2016	2016		30
Illinois		1,128	—	1,128	—	—	—	1,128	—	1,128	—		2024		—
Illinois	(e)	1,121	—	1,121	—	—	—	1,121	—	1,121	—		2016		—
Colorado	(p)	1,030	170	1,200	—	(87)	(87)	1,030	83	1,113	19	2014, 2016, 2017, 2021	2014		24
Colorado	(p)	1,105	—	1,105	—	—	—	1,105	—	1,105	—		2014		—
Illinois	(e)	1,082	—	1,082	—	—	—	1,082	—	1,082	—		2016		—
Illinois	(o)	991	—	991	—	77	77	991	77	1,068	13	2018	2016		40
Illinois	(e)	1,060	—	1,060	—	—	—	1,060	—	1,060	—		2016		—
Illinois	(e)	997	—	997	—	58	58	997	58	1,055	9	2017	2016		50
Illinois	(e)	1,065	27	1,092	—	(44)	(44)	1,065	(17)	1,048	—		2016		—
Colorado	(l)	809	141	950	10	62	72	819	203	1,022	65	2015	2015		31
Illinois	(e)	1,007	—	1,007	—	—	—	1,007	—	1,007	—		2016		—
Illinois	(e)	952	40	992	—	—	—	952	40	992	11	2016	2016		32
Illinois	(e)	982	—	982	—	—	—	982	—	982	—		2016		—
Illinois	(e)	977	—	977	—	—	—	977	—	977	—		2016		—
Illinois	(e)	974	—	974	—	—	—	974	—	974	—		2016		—
Illinois	(e)	970	—	970	—	—	—	970	—	970	—		2016		—
Illinois	(e)	846	—	846	—	112	112	846	112	958	14	2019	2016		40
Illinois	(d)	923	53	976	—	(29)	(29)	923	24	947	6		2014		50
Illinois	(e)	940	—	940	—	—	—	940	—	940	—		2016		—
Illinois		878	33	911	—	—	—	878	33	911	7	2022	2022		13
Illinois	(e)	847	63	910	—	—	—	847	63	910	28	2016	2016		22
Illinois	(e)	881	—	881	—	4	4	881	4	885	2	2016	2016		20
Illinois	(l)	866	18	884	—	—	—	866	18	884	2	2020	2020		48
Illinois	(f)	815	—	815	—	60	60	815	60	875	10	2017	2015		50
Illinois	(e)	865	—	865	—	—	—	865	—	865	—		2016		—
Illinois	(e)	856	55	911	—	(47)	(47)	856	8	864	2	2016	2016		30
Illinois	(e)	858	—	858	—	—	—	858	—	858	—		2016		—
Illinois	(e)	855	—	855	—	—	—	855	—	855	—		2016		—
Illinois	(d)	644	93	737	—	115	115	644	208	852	56	2015, 2022, 2023	2014		42
Illinois	(b)	700	110	810	—	20	20	700	130	830	46	2015	2014		50
Illinois		829	—	829	—	—	—	829	—	829	—		2024		—
Illinois	(i)	825	—	825	—	—	—	825	—	825	—		2017		—
Illinois	(e)	776	47	823	—	—	—	776	47	823	17	2016	2016		25
Other	(r)	43,651	1,642	45,293	(6,507)	495	(6,012)	37,142	1,888	39,030	478
Totals		$ 651,440	$ 82,137	$ 733,577	($ 5,846)	$ 20,327	$ 14,481	$ 645,592	$ 102,215	$ 747,807	$ 31,501

(b)	Properties denoted with (b) are part of a collateral pool for the $13.8 million Farmer Mac Bond #6 .	Farmer Mac Bond #6	$ 13,827
(c)	Properties denoted with (c) are part of a collateral pool for the $11.2 million Farmer Mac Bond #7.	Farmer Mac Bond #7	11,160
(d)	Properties denoted with (d) are part of a collateral pool for the $0.0 million Farmer Mac Facility.	Farmer Mac Facility	—
(e)	Properties denoted with (e) are part of a collateral pool for the $67.1 million MetLife Term Loan #1.	MetLife Term Loan #1	67,086
(f)	Properties denoted with (f) are part of a collateral pool for the $1.6 million MetLife Term Loan #4.	MetLife Term Loan #4	1,550
(g)	Properties denoted with (g) are part of a collateral pool for the $1.8 million MetLife Term Loan #5.	MetLife Term Loan #5	1,827
(h)	Properties denoted with (h) are part of a collateral pool for the $16.2 million MetLife Term Loan #6.	MetLife Term Loan #6	16,226
(i)	Properties denoted with (i) are part of a collateral pool for the $6.9 million MetLife Term Loan #7.	MetLife Term Loan #7	6,934
(j)	Properties denoted with (j) are part of a collateral pool for the $44.0 million MetLife Term Loan #8.	MetLife Term Loan #8	44,000
(k)	Properties denoted with (k) are part of a collateral pool for the $8.4 million MetLife Term Loan #9.	MetLife Term Loan #9	8,400
(l)	Properties denoted with (l) are part of a collateral pool for the $21.8 million MetLife Term Loan #10.	MetLife Term Loan #10	21,806
(m)	Properties denoted with (m) are part of a collateral pool for the $0.0 million MetLife Term Loan #11.	MetLife Term Loan #11	—
(n)	Properties denoted with (n) are part of a collateral pool for the $0.0 million MetLife Term Loan #12.	MetLife Term Loan #12	—
(o)	Properties denoted with (o) are part of a collateral pool for the $0.0 million MetLife Facility.	MetLife Facility	—

(p)	Properties denoted with (p) are part of a collateral pool for the $11.8 million Rabobank.	Rabobank	11,758
(q)	Properties denoted with (q) are part of a collateral pool for the $0.0 million Rutledge Facility.	Rutledge Facility	—
			$ 204,574
(r)	Other category is comprised of 83 farms in 6 states that on an aggregate basis make up less than 5% of gross total land plus improvements as of December 31, 2024.
	Approximately $0.4 million is part of a collateral pool for Farmer Mac Bond #6
	Approximately $6.8 million is part of a collateral pool for the Farmer Mac Facility
	Approximately $15.1 million is part of a collateral pool for MetLife Term Loan #1
	Approximately $2.5 million is part of a collateral pool for MetLife Term Loan #4
	Approximately $1.3 million is part of a collateral pool for MetLife Term Loan #5
	Approximately $3.7 million is part of a collateral pool for the Rabo Agrifinance Note
	Approximately $4.1 million is part of a collateral pool for the Rutledge Facility
(s)	all of the above properties listed in Schedule III are farms.
(t)	The aggregate cost of land and depreciable property for federal income tax purposes was approximately $648.9 million as of December 31, 2024.

	Years ended December 31,
	2024		2023
Real Estate:
Balance at beginning of year	$	990,052	$	1,129,485
Additions during period
Additions through construction of improvements		4,305		10,424
Disposition of property and improvements		(264,291)		(165,335)
Acquisitions through business combinations and/or asset acquisitions		17,891		22,171
Impairment of assets		(150)		(6,693)
Balance at end of year	$	747,807	$	990,052
Accumulated Depreciation:
Balance at beginning of year	$	33,048	$	38,433
Disposition of improvements		(7,114)		(12,010)
Additions charged to costs and expenses		5,567		7,478
Impairment of assets		—		(853)
Balance at end of year	$	31,501	$	33,048
Real Estate balance per schedule	$	747,807	$	990,052
Construction in progress		1,484		4,453
Other non-real estate		109		109
Balance per consolidated balance sheet	$	749,400	$	994,614
Accumulated depreciation per schedule	$	31,501	$	33,048
Other non-real estate		56		35
Balance per consolidated balance sheet	$	31,557	$	33,083