Farmland Opportunity

“There are people in space to talk about at least mid teen returns, right on farmland. That's just not reality. We talk about high single digits in terms of returns”

“We don't buy farms even if they're cheap, and it's the greatest farm in the world, and it sits behind a levee on either the Missouri or the Mississippi River.”

“We're buying for what is perceived as an individual or an individual entity rather than buying for a fund or a publicly traded REIT or anything along those lines. And we think that that gives us a great advantage or our clients a great advantage in order to ge…”

“The exit is you want to be selling in a market that Farm incomes are flush and commodity prices are high is what you want to wait for, especially if you have the ability to wait for that. And then you want to do a public auction. You want to get the local farm…”

“There is no carry on the actual sale of the farm, and there's no carry at some artificial Based on a third party mark to market that no one can believe, right? We do a mark to market on a yearly basis. Every three to four years, there's an external third party…”

“And core U.S. Farmland stretches further afield in that way into Illinois, Indiana, Ohio. We don't go there because we don't see any relative value in terms of the farmland there, and we don't have the inside connections.”

“80% plus of the land are bought by farmers. We don't see a lot of competition from other farmland investment funds.”

“Our management fee, we basically take 20% of the gross revenue off of the farm. So that's Any lease revenue, that's primarily farming, but it could be windmills and, you know, various other things. So our gross cash yield rates are around five percent. So we'r…”

“Our historic returns actually are at four percent because we are buying at a discount to the market rate, as well as we're using an operator that's getting 20% higher crop yields and can pay more in terms of cash rents. So our underwriting number is net of fee…”