Farm Management Services (U.S.) — NAICS 115116

1. Overview

Farm management services is the business of running someone else's farmland for a fee. A landowner who does not farm — an heir in another state, a retired farmer, a doctor, a pension fund, an endowment — hires a professional manager to find and supervise the tenant farmer, negotiate the lease, market the grain, handle taxes and insurance, sign up for government programs, and send the owner a check and a report. On specialty-crop ground — orchards, vineyards, citrus groves — the manager may go further and coordinate the actual farming: labor, irrigation, spraying and harvest. The North American Industry Classification System (NAICS) code 115116 covers firms that do this on a contract or fee basis. [1]

Why this matters: the United States has more absentee farmland ownership than almost any other productive asset class. Of U.S. farmland that is rented out, roughly 79% is owned by people who do not farm it themselves, the average landlord is about 69 years old, and roughly 40% of all U.S. farmland is rented. [4][5] Someone has to oversee that land, and that "someone" is a fragmented, recurring-fee, low-capital service industry sitting on top of a multi-trillion-dollar asset base.

There is no clean way to buy the industry itself. There is no publicly traded pure-play farm-management company. Public-market investors reach it indirectly through farmland real estate investment trusts (REITs) that also run small fee-management arms, through diversified asset managers whose farmland desks manage land for institutions, or through specialty-crop operators that once ran (or still run) third-party grove-management contracts. Private investors reach it the way most people do — by hiring a manager, or by putting money into a professionally managed farmland fund or fractional platform. Public versus private routes are detailed in sections 4 and 10.

2. What it is and how it's structured

Scope. A farm manager is the owner's agent, not the tenant. Core services include: selecting and vetting the operating farmer; choosing the lease structure (fixed cash rent, flexible/variable rent, crop-share, or a higher-risk custom-farming arrangement); negotiating and enforcing lease terms; visiting the farm; overseeing improvements, input purchases and grain marketing; paying expenses; buying insurance; enrolling in U.S. Department of Agriculture (USDA) programs; and preparing budgets and year-end financial reports. [6] Larger firms bundle in related lines — farmland brokerage and auctions, appraisals, crop insurance, oil-and-gas and mineral management, even hunting-lease networks. [8]

The chain of relationships looks like this:

Landowner or fund → farm manager → tenant farmer (or, for specialty crops, labor / input / irrigation / harvest contractors) → grain buyer or crop market.

The formal NAICS definition says these firms serve farms "usually … citrus groves, orchards, or vineyards" and always provide management while sometimes contracting the actual field operations. [1] Read that legacy example language loosely. In practice the industry has two poles:

• Row-crop management (the bulk of it by acreage). The largest U.S. practitioners oversee Midwest corn-and-soybean ground and ranchland. Here the manager is mostly an asset manager and lease administrator; the tenant does the farming.
• Specialty / permanent-crop management (operating-intensive). Orchards, vineyards and citrus require long planning horizons, specialized labor, irrigation, pest control and harvest coordination, so the manager often runs day-to-day operations and shares more of the crop risk.

What it excludes (adjacent NAICS). This code is narrow, and much of "managing farmland for others" lives elsewhere:

• Doing the field work — soil prep and planting (115112), machine harvesting (115113), postharvest activities (115114), and farm labor contracting without management (115115) — sits elsewhere in the same 1151 "Support Activities for Crop Production" group. [1]
• Support activities for animal production is 115210.
• Actually operating a farm you control (even as a corporate entity) is crop or animal production (NAICS 111/112), not this code.
• Real-estate brokerage of farmland is 531210; appraisal is 531320.
• The big institutional money — pension and endowment farmland managed by investment firms — is classified as portfolio management / investment advice (NAICS 523), not here. This matters a lot for the size figures below.

Ownership mix of the firms. The industry is overwhelmingly private: independent regional firms, family-owned brokerages with a management desk, bank and trust-company farm-management departments, farmer partnerships, non-listed farmland funds, and financial-institution subsidiaries. At the top sits the nation's largest player, Farmers National Company, which is 100% employee-owned. [7] Clients range from family landowners, estates and trusts to corporations, pension funds and institutional investors. [7][13] Publicly traded operators are rare and are structured as REITs, insurers or crop operators rather than as management companies.

3. How big it is

Our ground-truth federal figures for NAICS 115116 come from the U.S. Census Bureau's County Business Patterns (CBP), 2023: [2]

The Small Business Administration (SBA) size standard for the industry — the receipts ceiling below which a firm counts as "small" for federal purposes — is $15.5 million in average annual receipts, which tells you this is a small-business industry by design. [3] Census does not publish a suppression-free revenue total for the code in our source set, so we do not state one; these figures describe employer establishments, not total industry revenue.

The undercount — important. Those 684 establishments and 4,250 employees badly understate the economic footprint of managing U.S. farmland for others, for four structural reasons:

1. CBP counts employer establishments only. A large share of professional farm management is done by sole practitioners and one-person shops (self-employed accredited farm managers) that have no payroll and never appear here; they would show up, if anywhere, in Census Nonemployer Statistics, which we do not have at a compatible six-digit level. [2]
2. Bundled providers get classified elsewhere. Farm management embedded inside a real-estate brokerage, a bank/trust department, an insurance agency, or a registered investment adviser is counted under that firm's primary code, not under 115116.
3. The institutional tier is invisible here. The firms that manage the most acres for outside owners — Nuveen/Westchester, Manulife, PGIM and peers — are classified as investment managers. Nuveen's natural-capital arm alone reported about $13.1 billion across roughly 3 million acres globally at the end of 2024, and its parent describes controlling more than 2 million U.S. farm acres. [15] None of that shows up in the 4,250-employee figure.
4. Public extension and university services also advise landowners without appearing in the commercial employer count.

So treat NAICS 115116 as the visible tip — standalone, payrolled farm-management firms — of a much larger activity that spans banks, brokerages and Wall Street asset managers.

4. The investable universe

There is no publicly traded pure-play farm-management company. The closest public exposure is through farmland REITs, diversified asset managers with farmland desks, and specialty-crop operators with (past or present) third-party management contracts. Most of the actual industry is private. Treat every public name below as a proxy: its reported earnings are driven mainly by insurance, asset management, land rent, crop production or real estate — not by NAICS 115116 alone.

Public and semi-public exposure

TIAA/Nuveen, the single largest U.S. farmland manager, is not separately listed; its farmland exposure reaches public investors only through TIAA annuity and institutional products. [15]

Major private and institutional owners/managers

• Farmers National Company — the largest farm and ranch manager in the country; ~2 million acres, roughly 5,000 farms and ranches across 28 states; employee-owned; founded 1929; also does brokerage, appraisal, insurance and commodity marketing. [7]
• Halderman Farm Management & Real Estate — 650+ farms across 19 states; founded 1930. [9]
• Hertz Farm Management — regional Midwest manager, brokerage and appraisals; founded 1946. [10]
• Stalcup Ag Service — partner-owned regional manager, expanded by acquisition (including Midstates Farm Management). [11]
• Greene Farm Management — privately owned regional firm diversified across management, insurance, appraisal and real estate. [12]
• Capital Agricultural Property Services (CAPS) — PGIM-affiliated national platform serving private owners, corporations, pension funds and institutions. [13][14]
• Institutional managers/funds: Nuveen/Westchester (TIAA), Manulife, PGIM, plus AgIS Capital, Ceres Partners, Homestead Capital, International Farming Corporation, Goldcrest Farm Trust Advisors, Farmland LP, Iroquois Valley, Dirt Capital Partners, and church-affiliated Farmland Reserve / AgReserves — these own or manage farmland for pensions, endowments, insurers and family offices, using in-house operators, tenants or third-party managers. [15][16][22][23][24][25]
• Fractional/tech platforms: AcreTrader and FarmTogether let accredited investors buy stakes in individual farms, with an in-house entity handling leasing, rent collection, taxes and distributions. [26]

These are examples, not a ranked market-share list; federal statistics do not disclose a reliable ownership ranking for this niche.

5. How the money works

Farm managers are paid a management fee, usually tied to the farm's income rather than a flat retainer. The exact structure tracks how much operating risk the manager takes:

• Percentage-of-income fee (row-crop norm). Commonly 5% to 10% of gross rent or gross farm income, varying with local competition, lease type and services bundled in. [6] Iowa examples run around 5%–7% of cash-rent income, and some firms use a hybrid — for instance $3.00 per acre plus a percentage of net crop income. [30] Predictable, but sensitive to acres under management and client retention.
• Per-acre or cost-plus fees. The owner reimburses operating costs and pays a management charge; working-capital risk is lower, but reported revenue can include large pass-through costs.
• Crop-share or incentive fees (specialty-crop and custom-farming). More upside, but direct exposure to crop prices, yields and weather.
• Integrated / ancillary services. Brokerage, appraisal, crop insurance, commodity marketing, water management and farm accounting raise revenue per client and retention.

Because the core fee is a percentage of farm income, a manager's revenue rises and falls with cash rents and land values. In 2025 U.S. cropland averaged a record $5,830 per acre (up 4.7%), while Iowa cash rents ran about $271–$274 per acre — the first decline in several years, down roughly 3% — with rent equal to about 2.7% of land value. [27][28][29] The fee base is enormous per acre but grows slowly and can dip when commodity prices soften.

The economics of a farm-management firm therefore look like this:

• Revenue ≈ acres (or farms) under management × fee rate, plus ancillary income — a recurring, annuity-like fee stream layered on a durable asset. The relevant operating gauge is not manufacturing capacity or retail same-store sales; it is productive acreage under management and the margin earned per managed acre, alongside renewal/retention rates, client and tenant concentration, and crop mix.
• Ancillary/cross-sell is where the upside is. The management relationship is the front door to higher-margin, transactional revenue: brokerage commissions and auction fees when a managed farm sells, appraisals, crop-insurance commissions, grain-marketing, and mineral/oil-and-gas or hunting-lease management. [8] The manager who has the owner's trust captures the eventual land sale.
• Low capital intensity, people-driven margins. For the pure fee model there is little to buy — the key input is skilled managers. Profitability hinges on how many acres one manager can competently oversee and on retaining clients. (An operating manager who takes on orchard redevelopment, irrigation or equipment can turn asset-light into asset-heavy — see section 9.)
• Countercyclical demand. Rising land values and generational transfers create new absentee owners who need managers even in years when farm income is weak, partly offsetting fee-base pressure from lower rents.

6. What drives demand

• Absentee and non-farmer ownership. Roughly 79% of rented U.S. farmland is owned by non-farming landlords; about 52% of principal landlords have never farmed, and roughly 40% of all U.S. farmland is rented. [4][5] The less an owner knows about farming — or the farther away they live — the more they need a manager.
• An aging landowner base and the coming land transfer. The average principal landlord is about 69 years old and only 12% are under 55. [4] As this land passes to heirs — often urban, non-farming and geographically scattered — demand for professional management structurally rises. This generational transfer is the industry's single biggest tailwind.
• Farm consolidation. U.S. production keeps shifting toward larger operations, and many farms expand by renting more acreage; larger, dispersed operations support professional management platforms. [41]
• Institutional capital entering farmland. The value of farmland held in institutional funds tracked by NCREIF (the National Council of Real Estate Investment Fiduciaries) rose to about $16.6 billion at the end of 2023, up from $7.4 billion in 2020 and $1.8 billion in 2008. [31] Every institutional dollar needs a professional manager. Individuals and families still own about 84% of U.S. farmland, so the institutional share is small but growing fast. [31]
• Specialty crops and permanent plantings. Orchards, vineyards and citrus require long horizons, specialized labor, irrigation, pest control and harvest coordination — favoring experienced operating managers over generalist advisers.
• Rising complexity. Government farm programs, crop insurance, conservation and sustainability requirements, seasonal-labor and pesticide compliance, precision-agriculture data, and water rights (especially in the West) all raise the value of an expert intermediary.
• Farm income and land-value cycles. Higher rents and land values expand the fee base and encourage owners to hire help; downturns do the reverse for the fee base even as they push stressed or distant owners toward professional management.

The broader farm economy is cyclical. USDA's 2025 net farm income was revised down to about $154.6 billion (roughly $25 billion below the prior estimate), with production expenses at a record ~$473.1 billion; USDA's 2026 forecast is for net farm income of about $153.4 billion (down ~0.7%) against expenses of ~$477.7 billion. [39][40] Managers on fixed fees are partly insulated; those with crop-share or direct-operating exposure are not.

7. Regulation

Farm management is not a federally licensed profession, but several regimes touch it — and which ones bite depends on whether the firm is a row-crop lease administrator or a hands-on specialty-crop operator:

• Real estate and fiduciary rules. When a manager arranges leases or sells farmland, state real-estate brokerage licensing applies, and the manager owes fiduciary duties to the owner-client (a legal duty to act in the owner's best interest).
• Voluntary accreditation. The American Society of Farm Managers and Rural Appraisers (ASFMRA) grants the Accredited Farm Manager (AFM) designation — roughly four years of qualifying experience plus education, an exam and submitted year-end management reports; ASFMRA has more than 2,100 members across 31 chapters. [32] The AFM is a mark of competence, not a legal license.
• Labor. For operating managers, the U.S. Department of Labor's H-2A temporary agricultural worker program requires labor certification, recruitment of U.S. workers, specified wages, housing, transportation and recordkeeping; the Fair Labor Standards Act (FLSA), the Migrant and Seasonal Agricultural Worker Protection Act (MSPA) and state wage laws may also apply. [34][35]
• Pesticides. The Environmental Protection Agency's (EPA) Agricultural Worker Protection Standard (WPS) governs pesticide training, protective equipment, application-exclusion zones, reentry restrictions, decontamination and emergency assistance. [36]
• Water and environmental compliance. State water rights, groundwater pumping, wetlands, runoff and endangered-species rules can materially affect farm economics; California's Sustainable Groundwater Management Act (SGMA) is especially important for permanent-crop assets. [38]
• USDA programs and crop insurance. Managers routinely interact with USDA's Farm Service Agency (FSA) for program enrollment and the Risk Management Agency (RMA) for federal crop insurance, whose products shape producer risk and management decisions. [37]
• Investment-adviser and REIT rules. When management is bundled into pooled vehicles — institutional farmland funds, private or public REITs, fractional platforms — the sponsor comes under U.S. Securities and Exchange Commission (SEC) oversight (the Investment Advisers Act, REIT tax rules, securities-offering rules; fractional platforms typically limit deals to accredited investors). [26]
• Ownership restrictions shape the client base. Several farm states (e.g., Iowa, Minnesota, North Dakota) have anti-corporate-farming laws limiting who may own farmland, and foreign holdings must be reported under the Agricultural Foreign Investment Disclosure Act (AFIDA); foreign investors held an interest in nearly 45 million acres, about 3.5% of privately held U.S. agricultural land, as of the most recent full-year data. [33] Political pressure to further restrict institutional and foreign ownership is a live risk (section 9).

Managers often contractually allocate compliance duties among the owner, tenant, manager, labor contractor and crop operator. Investors should read those provisions rather than assume the manager bears all operating liability.

8. Competitive dynamics and consolidation

The industry is highly fragmented and consolidating. Competition is local and relationship-driven: regional managers know the soils, water rights, labor pools, tenants, contractors and crop markets, while national platforms compete on geographic coverage, standardized reporting, institutional relationships, technology and bundled services. At the top sits Farmers National Company (~2 million acres); below it a long tail of regional firms (Halderman, Hertz, Stalcup, Greene, Peoples Company and dozens of others), bank and trust farm-management departments, and independent AFMs. [7][9][10][11][12]

Entry barriers are modest for advisory/consulting work but much higher for full-service operating management, which needs agronomic talent, labor systems, insurance, compliance controls, working capital and credibility with landowners.

Three consolidation dynamics stand out:

• Bank/trust-department exits. Banks are shedding non-core farm-management units and the large managers are rolling them up — Farmers National, for example, has acquired bank farm-management businesses (including Peoples Bank and Trust's) to add acreage. [42] A steady supply of tuck-in deals.
• Regional roll-ups. Stalcup's acquisition of Midstates Farm Management illustrates ordinary regional consolidation. [11]
• REIT and platform experimentation. Farmland Partners bought brokerage-and-management firm Murray Wise Associates in 2021 to build a third-party fee platform, then divested it to Peoples Company — a reminder that the fee-management model is easier to admire than to scale profitably alongside a REIT. [43][44] Financial-institution ownership of management capability (the CAPS/PGIM model) is the other end of the spectrum. [13][14]

Competition turns on relationships and trust more than price. Switching costs are moderate — an owner can change managers but rarely does so casually — and the deepest moat is being the manager who handles the land at the moment it is sold or passed to heirs. The industry is too small and fragmented for a dependable public concentration statistic; the 684-employer count is not a complete competitive census.

9. Risks

• Fee base tied to farm income and land values. A commodity downcycle compresses rents and therefore fees; 2025 brought the first Iowa cash-rent decline in years and a sharp cut to the national farm-income forecast. [39][40]
• Interest rates and land values. Higher rates pressure farmland values and cool institutional demand; value growth is still positive but slowing, and some regions may decline. [40]
• Relationship attrition on land sales. When a managed farm is sold, the management relationship often ends. Growth requires constantly replacing lost acres — good for brokerage fees in the moment, a leaky bucket for recurring management revenue.
• Talent scarcity. The pool of experienced, accredited farm managers is aging and hard to replenish, capping how fast firms can grow acres per manager.
• Weather, climate and water. Drought, heat, frost, flooding, wildfire, hurricanes and disease hit the underlying farms; loss of water access or higher pumping costs can impair both operating margins and farmland values.
• Labor and compliance. Shortages, wage inflation, H-2A delays, housing requirements and worker-safety or pesticide violations raise cost and liability, especially for operating managers.
• Client and counterparty concentration. Losing one large landowner or fund can materially cut managed acreage; tenants, growers, contractors and crop buyers can fail in weak cycles.
• Capital intensity creep. Orchard redevelopment, irrigation, equipment and water infrastructure can turn an asset-light manager into an asset-heavy operator.
• Political/regulatory backlash. Restrictions on institutional or foreign farmland ownership could dampen the fastest-growing demand segment, even as they raise compliance-driven management needs. [33]
• Disintermediation. Fractional platforms and technology-driven managers could commoditize basic oversight and pressure fees at the low end. [26]
• Liquidity and public-proxy risk. Private managers and farmland funds have limited exit options, periodic valuations and long holding periods; and a listed parent may have little earnings sensitivity to farm management even when it owns a relevant subsidiary.

10. How to invest and the outlook

Public-market routes (limited and indirect). There is no listed pure-play. Start with business exposure, not the ticker. The nearest exposure is the two U.S. farmland REITs — Farmland Partners (FPI) and Gladstone Land (LAND) — where farm-management/fee income is a minor line item alongside owning and leasing land; note LAND's oversight economics flow to its private external adviser, not to shareholders. [18][19] Diversified parents with farmland desks — Prudential/PGIM (PRU) and Manulife (MFC) — offer only a diluted sliver where farmland is immaterial to the stock. [14][15][16][17] Specialty-crop operators Limoneira (LMNR) and Alico (ALCO) carry the NAICS-115116 label historically, but their third-party management contracts have largely ended, so current results are crop production and land. [20][21] Tickers, prices and yields belong to these vehicles, not to the management industry itself.

Private routes (where the industry actually lives).

• Hire a manager — the "customer" side — if you own or buy farmland; expect ~5%–10% of gross income in fees. [6]
• Invest through a professionally managed farmland fund — Nuveen (including its private farmland REIT targeting accredited investors), Manulife, PGIM/CAPS, AgIS, Ceres Partners, Homestead Capital, Farmland LP and peers — where management is done in-house. [13][15][16]
• Use a fractional platform — AcreTrader or FarmTogether — to own stakes in individual, managed farms (accredited investors only). [26]
• Back or acquire a regional management company, buy farmland directly and contract a local manager or bank trust department, or partner with an existing operator.

Due diligence should separate recurring fee revenue from pass-through revenue, and weigh managed-acre retention, customer/geographic/crop concentration, labor and water compliance, insurance, working capital, debt, capital expenditure, and the manager's ability to report property-level results.

Near-term drivers and outlook (forward-looking judgment). The structural case is strong and slow-moving: an aging, absentee, non-farming ownership base and a historic generational land transfer should raise demand for professional management for years, and institutional capital keeps flowing in from a small base. [4][31] Against that, the near-term cycle is a headwind — softening farm income, weak crop prices, the first cash-rent declines in years, and high interest rates all pressure the income-based fee pool and could stall land-value growth. [28][39][40] The most likely path is continued consolidation of a fragmented industry (bank-department exits and regional roll-ups feeding the larger firms) and the build-out of new fee lines — sustainability/ESG (environmental, social and governance) reporting, precision-agriculture data services, and mineral/water management — layered on top of the traditional lease-and-report business. The best businesses will pair local operating knowledge with disciplined reporting and compliance; returns will be least stable where the manager owns crops, guarantees outcomes, or depends on a single landowner, region or commodity. For investors, the honest takeaway is that this is an attractive service niche with no easy pure-play: the cleanest way in remains owning managed farmland (directly or through a fund/REIT) rather than buying "the industry."

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Sources

1. U.S. Census Bureau, 2022 North American Industry Classification System Manual — NAICS 115116 Farm Management Services definition and 1151 group, 2022. https://www.census.gov/naics/reference_files_tools/2022_NAICS_Manual.pdf
2. U.S. Census Bureau, County Business Patterns (CBP) 2023 — NAICS 115116 (establishments, employment, payroll; ingested federal statistics), 2023. https://www.census.gov/programs-surveys/cbp.html
3. U.S. Small Business Administration, Table of Small Business Size Standards (March 2023) — NAICS 115116, $15.5M receipts, 2023. https://www.sba.gov/document/support-table-size-standards
4. USDA National Agricultural Statistics Service (NASS), "Most of the U.S. Rented Farmland is Owned by Non-Farmers" (TOTAL survey; ~79% non-farmer-owned, avg. landlord ~69, ~52% never farmed), 2026. https://www.nass.usda.gov/Newsroom/2026/03-12-2026.php
5. USDA Economic Research Service (ERS), "Farmland Ownership and Tenure" (~40% of farmland rented; non-operator landlords), 2026. https://ers.usda.gov/topics/farm-economy/land-use-land-value-tenure/farmland-ownership-and-tenure
6. High Plains Journal, "Farm management services: streamlining land ownership for agricultural investors" (services; 5%–10% fees), 2025. https://hpj.com/2025/04/03/farm-management-services-streamlining-land-ownership-for-agricultural-investors/
7. Farmers National Company, "Our Story" (~2M acres, ~5,000 farms, 28 states, employee-owned, founded 1929), 2026. https://www.farmersnational.com/our-story
8. Farmers National Company, "Farm and Ranch Management Services" (ancillary lines), 2025. https://www.farmersnational.com/farm-and-ranch/services/management
9. Halderman Farm Management & Real Estate Services, "Farm Management" (650+ farms, 19 states; founded 1930), 2025. https://www.halderman.com/farm-management/
10. Hertz Farm Management, "Our Story" / "Celebrates 80 Years" (founded 1946), 2026. https://www.hertz.ag/our-story
11. Stalcup Ag Service, "Farm Management Fee System" / company overview (Midstates acquisition), 2026. https://www.stalcupag.com/services/farm-management/unique-farm-management-fee-system/
12. Greene Farm Management, "Company Overview," 2026. https://greenefarm.com/
13. Capital Agricultural Property Services (CAPS), "Company Overview" (PGIM-affiliated national platform), 2024. https://capitalag.com/
14. PGIM, "Agriculture Investing," 2026. https://www.pgim.com/us/en/institutional/investments/strategies/alternatives/real-assets/agriculture-investing
15. Nuveen (TIAA) / Nuveen Natural Capital, "Investing in farmland" (~$13.1B, ~3M acres globally end-2024; >2M U.S. acres; private farmland REIT), 2026. https://www.nuveen.com/en-us/about-us/investment-specialists/natural-capital
16. Manulife Investment Management, "Timberland and Agriculture" platform overview, 2025. https://www.manulifeim.com/timberland-agriculture/global/en
17. Prudential Financial, 2025 Form 10-K (PGIM / agricultural property services), 2026. https://www.sec.gov/Archives/edgar/data/1137774/000113777426000048/pru-20251231.htm
18. Farmland Partners Inc., 2025 Form 10-K / company profile (acres owned and managed; 2025 revenue; former third-party management business), 2026. https://www.sec.gov/Archives/edgar/data/1591670/000110465926017533/fpi-20251231x10k.htm
19. Gladstone Land Corp., 2025 Form 10-K (144 farms, 98,688 acres, external management, advisory/admin fees), 2026. https://www.sec.gov/Archives/edgar/data/1495240/000149524026000007/land-20251231.htm
20. Limoneira, 2025 Form 10-K (farm-management revenue $1.622M FY2025; PGIM management agreement ended March 31, 2025), 2025. https://www.sec.gov/Archives/edgar/data/1342423/000134242325000039/lmnr-20251031.htm
21. Alico, 2025 Form 10-K (third-party grove-management agreement ended 2024; none significant at Sept. 30, 2025), 2025. https://www.sec.gov/Archives/edgar/data/3545/000000354525000140/alco-20250930.htm
22. Farmland Reserve / AgReserves, "About Farmland Reserve," 2026. https://farmlandreserve.org/
23. Farmland LP, "About Farmland LP," 2026. https://www.farmlandlp.com/about/
24. Iroquois Valley, "Organic Farmland Investment," 2026. https://iroquoisvalley.com/
25. Dirt Capital Partners, "Investing in Land in Partnership with Regenerative Farmers," 2026. https://www.dirtpartners.com/
26. WallStreetZen, "AcreTrader Review" and "FarmTogether Review" (fractional platforms; accredited-investor rules; in-house management), 2026. https://www.wallstreetzen.com/blog/acretrader-review/
27. USDA NASS, "Land Values 2025 Summary" (U.S. cropland $5,830/acre, +4.7%; farm real estate $4,350/acre), 2025. https://www.nass.usda.gov/Publications/Highlights/2025/2025LandValuesCashRents_FINAL.pdf
28. Iowa Farm Bureau, "Iowa cash rental rates decline nearly 3%" (~$271/acre), 2025. https://www.iowafarmbureau.com/Article/Iowa-cash-rental-rates-decline-nearly-3
29. Iowa State University Extension, "Iowa Farmland Rental Rates 1994–2025" (~$274/acre; rent ~2.7% of value), 2025. https://www.extension.iastate.edu/agdm/wholefarm/pdf/c2-09.pdf
30. Midwest Land Management & Real Estate, "How Much Does It Cost to Hire a Farm Manager in Iowa?" ($3.00/acre + % of net crop income), 2025. https://www.midwestlandmanagement.com/7818/how-much-does-it-cost-to-hire-a-farm-manager-in-iowa/
31. Yale Law Journal, "Trading Acres" (NCREIF fund farmland value $16.6B end-2023 vs. $1.8B in 2008; ~84% owned by individuals/families), 2025. https://yalelawjournal.org/article/trading-acres
32. American Society of Farm Managers and Rural Appraisers (ASFMRA), "Accredited Farm Manager (AFM) Accreditation" (requirements; 2,100+ members, 31 chapters), 2024. https://www.asfmra.org/accreditations/accredited-farm-manager
33. USDA Farm Service Agency (FSA), "Foreign Holdings of U.S. Agricultural Land" — AFIDA annual report (~45M acres, ~3.5% of privately held ag land), 2026. https://www.fsa.usda.gov/resources/economic-policy-analysis/afida/annual-reports
34. U.S. Department of Labor, "H-2A Temporary Agricultural Program," 2026. https://www.dol.gov/agencies/eta/foreign-labor/programs/h-2a
35. U.S. Department of Labor, "Agricultural Employment" (FLSA, MSPA), 2026. https://www.dol.gov/agencies/whd/agriculture
36. U.S. Environmental Protection Agency (EPA), "Agricultural Worker Protection Standard (WPS)," 2026. https://www.epa.gov/pesticide-worker-safety/agricultural-worker-protection-standard-wps
37. USDA Risk Management Agency (RMA), "Insurance Plans," 2026. https://www.rma.usda.gov/about-crop-insurance/managing-farm-risk/insurance-plans
38. California Department of Water Resources, "Groundwater Sustainability Plans" (SGMA), 2026. https://water.ca.gov/Programs/Groundwater-Management/SGMA-Groundwater-Management/Groundwater-Sustainability-Plans
39. American Farm Bureau Federation, "USDA Cuts 2025 Farm Income as Weakness Persists into 2026" (2025 net farm income ~$154.6B; expenses ~$473.1B; slowing land-value growth), 2026. https://www.fb.org/market-intel/usda-cuts-2025-farm-income-as-weakness-persists-into-2026
40. USDA Economic Research Service (ERS), "Farm Sector Income Forecast" (2026 forecast: net farm income ~$153.4B; expenses ~$477.7B), 2026. https://ers.usda.gov/topics/farm-economy/farm-sector-income-finances/farm-sector-income-forecast
41. USDA Economic Research Service (ERS), "Examining Consolidation in U.S. Agriculture," 2018. https://ers.usda.gov/amber-waves/2018/march/examining-consolidation-in-u-s-agriculture
42. iGrow News / Yahoo Finance, "Farmers National Company Acquires Peoples Bank and Trust Farm Management Business," 2025. https://finance.yahoo.com/news/farmers-national-company-acquires-peoples-121500183.html
43. PR Newswire, "Farmland Partners Inc. Announces Acquisition of Murray Wise Associates LLC," 2021. https://www.prnewswire.com/news-releases/farmland-partners-inc-announces-acquisition-of-murray-wise-associates-llc-301424607.html
44. AgWeb, "Peoples Company Acquires Murray Wise Associates from Farmland Partners," 2024. https://www.agweb.com/news/business/business-farmland-news-peoples-company-acquires-murray-wise-associates