The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 12 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Philpot: Farmland has one-third the volatility of commercial real estate
“Agriculture real estate is so stable. It has one third of the volatility of commercial real estate. Over a long, long period.”
Philpot: Farmland real estate has a 97% correlation with inflation
“Has a 97% correlation with inflation.”
Philpot: Only sub-50-acre and 2,000-plus-acre US farms are expanding
“And there's two farm categories that are expanding and everything else is shrinking. Farms, 50 acres and smaller, that category is, is increasing, and farms, 2000 acres and more is increasing.”
Philpot: US has more navigable waterways than rest of world combined
“We have more navigable waterways than the world, rest of the world combined, and so we have the ability to move it around.”
Philpot: Bank share of agricultural real estate debt dropped from 40% to 30%
“15 years ago, 40% of the loans in agriculture, real estate were held by banks. We're down to about 30% now, and we continue to drop.”
Philpot: Farm Credit System co-ops hold about 50% of the agricultural loan market
“About 50% of the market are the co-ops, the farm credit system, and that stayed solid.”
Philpot: 60 to 70 US ag co-ops cannot lend outside their geographic areas
“So there are between 60 and 70 of these co-ops scattered around the U.S. Those co-ops cannot lend outside of their geographic area.”
Philpot: AgAmerica is the only nationwide agricultural mortgage REIT
“We're one of the Only lenders across the lower 48 and the only mortgage REIT in America that it's in agriculture.”
Philpot: The US lost several hundred thousand farms over the past decade
“Last 10 years, we've lost several 100,000 farms in America.”
Philpot: Institutional capital ignores the $3 trillion family-owned farm market
“97% of the farms are family-owned. There's really not a lot of institutional coverage in agriculture like in the other sectors of real estate, especially for a three trillion dollar real estate market.”