Iroquois Valley Farmland REIT Is Now Amber Farmland Investments PBC: NAV $107.57, 40 Loans, Jun 30, 2026

Iroquois Valley Farmland REIT and Amber Farmland Investments: the same company

If you hold shares or notes bought as Iroquois Valley Farmland REIT, PBC, or you are looking for that name, here is what the filings say. On September 9, 2026 the company filed a Form 1-U saying that it had announced “a rebrand and the changing of its corporate name from ‘Iroquois Valley Farmland REIT, PBC’ to ‘Amber Farmland Investments PBC.’” The name change was made by a Certificate of Amendment filed with the Delaware Secretary of State, effective September 2, 2026. The same day it filed Supplement No. 3 to its offering circular, which also renamed the operating company from Iroquois Valley Farms LLC to Amber Farmland Investments LLC and the wholly owned taxable REIT subsidiary from Iroquois Valley Farmland TRS, Inc. to Amber Farmland Investments TRS Inc.

The old name has not disappeared from the filings. The 1-SA for June 30, 2026 uses the new name on its cover and in its notes, which say the company “previously operated under the brand ‘Iroquois Valley’ but a rebrand, including formal legal name changes, was completed in September 2026”, but the signature block of the same report, dated September 30, 2026, still reads “IROQUOIS VALLEY FARMLAND REIT, PBC”. Supplement No. 3 describes the offering circular as that of “Iroquois Valley Farmland REIT, PBC”, because it supplements the circular dated May 12, 2026. Searching EDGAR for either name finds the same filer. The company’s own press release, filed as Exhibit 9.1 to the 1-U, says the new name “evokes the familiar phrase ‘amber waves of grain’”, that Amber “will remain structured as a REIT” and that the company has “$117.2 million in total assets with 33,500 acres across 18 states”.

Our guide to farmland investing in 2026 covers how this REIT compares with listed farmland owners and with the accredited-only platforms. This page is the filing read for the issuer itself.

The price per share: three cuts, from $116.42 to $107.57

The company sets its offering price from NAV twice a year. Each supplement shows how it built the number. The same price applies to purchases, to dividend reinvestment and to redemptions.

The offering circular of May 12, 2026 quotes $108.06, which was the price until August 17, 2026. The current price in the filings is $107.57. Supplement No. 2 states it: “the purchase price per share of our common stock in this Offering is now $107.57/share.” We read the filings through November 5, 2026; a newer supplement would change the number.

The build-up shows where the equity value comes from:

At June 30, 2026 the farmland line is an appraised value of $119,888,335 plus an “organic premium” of $5,001,123 (it was $5,120,575 at December 31, 2025). Between January 1 and June 30, 2026 there were $6,469,973 of divestments and $1,271,171 of new acquisitions on the NAV basis. The notes are valued at a 6.02% market rate, which is why $26,637,764 of unsecured notes at face value in the financial statements appears as $23,548,351 here (our reading of the two documents, which the filing does not reconcile in words). The supplement warns that the price “may not bear any relationship to what our assets or shares would sell for in an open market or in the event of a liquidation.”

Two gaps matter to a holder. Total assets are $148,267,316 on the NAV basis and $117,209,068 in the financial statements, a difference of $31,058,248 (our arithmetic), because the statements carry land at cost less depreciation and the NAV uses appraisals. And the equity behind each share, $89,521,796 in the statements, is 72.4% of the $123,669,456 NAV equity (our arithmetic). Neither is unusual for a REIT that does not mark its land to market in its accounts; both mean the share price rests on the appraisals and the organic premium, not on the book figures.

The six months to June 30, 2026

The filing’s explanation of the lease revenue is that the company has “slightly fewer farms” (75 under lease against 78) but has “divested under-producing farms and acquired higher quality farms”. Rental income is fixed cash rent. The lease schedule shows contracted base rent of $2,720,433 for 2026, $2,541,745 for 2027, $1,980,447 for 2028 and $61,288 for 2029, a total of $7,350,668 (Note H); leases run two or three years and auto-renew, so the later years fall because renewals have not happened yet, not because the rent is ending. On the 2025 full-year rental income of $2,853,320, the first half of 2026 is running at an annual rate of about $2.91 million (our arithmetic).

What the rent earns on the farmland: $1,457,235 over six months is about 2.3% a year of the $124,889,458 NAV-basis farmland value and 3.1% of the $93,831,210 book value (our arithmetic, before property tax, which the company pays, and all other costs). That is a rent yield, not a total return; appraisals and the share price carry the rest.

The interest expense fall from $851,172 to $474,900 comes mostly from the $6,278,190 mortgage payable the company repaid in the half and an operating line paid off. At June 30, 2026 nothing was drawn on the $15,000,000 bank line, against $4,875,422 a year earlier, and the line costs the bank’s adjusted one-month SOFR plus 2.35%.

Cash flow tells a quieter story than net income. Operating activities used $425,874. The cash came from selling farms ($5,564,238) and collecting mortgage principal ($4,035,616), and it went to repaying the mortgage payable ($6,278,190), redemptions ($3,715,257 in cash) and dividends ($282,927). The company paid $954,916 of cash interest in the half.

The mortgage book: smaller, with more of it rated Performing

The company lends to organic farmers as well as owning farms, and it is “sunsetting its mortgage product”. It also says that as of September 4, 2026 “we no longer have any operating lines of credit”. The risk ratings it publishes for the mortgage book, at four dates:

The company defines Watch as loans with payments 90 days or more past due, At-risk as loans with an increased likelihood of default, and Default as loans “currently failing to meet contractual obligations or for which the Company has temporarily waived certain contractual requirements”. The three groups add to $8,056,564 at June 30, 2026, 40.4% of the book, against $12,242,972, 53.4%, at December 31, 2025 (our arithmetic). The ratings moved a lot between dates: Performing was 67.0% in June 2025 and 46.6% six months later, so one period’s improvement is not a trend. The loans are at rates from 1.25% to 10.5%, mature from 2026 to 2052, and the company’s policy is collateral appraised at 1.33 times the loan and loans of no more than 35% of farmland assets.

The allowance for credit losses on the mortgages was $346,046 at June 30, 2026 against $107,991 at December 31, 2025, 1.7% of the gross balance (our arithmetic), while 40.4% sits outside Performing. The filing explains the half-year provision of $242,547: “a greater likelihood of expected losses on two mortgages in foreclosure and two lease relationships in active litigation.” It also says that, as a public benefit corporation, it seeks “reasonable compromises” with a delinquent farmer and that such resolutions “may not solely consider shareholders’ best interests”. That is a stated policy, and it is the reason the ratings above need reading with the Default line, not only the allowance.

Where the land is: a sum of the property table

Note B3 of the 1-SA lists each owned property with its book value. We summed its rows by state (the table gives county and state; for two rows it gives no state). The table’s totals match the balance sheet exactly: $97,624,096 at December 31, 2025 across 77 rows and $93,831,210 at June 30, 2026 across 74 rows including a new row called “West”.

Illinois and Indiana together are 81.3% of book value (our arithmetic). Four rows that had a December 31, 2025 value have none at June 30, 2026: Healing Ground Farm in Rockcastle County, Kentucky, Tippecanoe Farm in Kosciusko County, Indiana, Mossburg in Wells County, Indiana and Freed in McLean County, Illinois, with a combined December 31 book value of $2,666,450 (our arithmetic). The Oregon row, the single largest, fell from $7,897,437 to $5,712,784, a $2,184,653 or 27.7% drop (our arithmetic), which the table does not explain. The “West” row, $1,271,196, is the acquisition; the NAV supplement counts $1,271,171 of acquisitions and the cash flow statement $1,312,814 of purchases. The press release’s “33,500 acres across 18 states” is a company statement; the 1-SA table has no acreage and shows fewer states than that, which is a difference the filings do not reconcile.

Redemptions and new money in the half year

The redemption program is the exit for the shares. From the May 12, 2026 offering circular: shares must be held five years, there are four redemption periods a year (January 16 to April 15, April 16 to July 15, July 16 to October 15 and October 16 to January 15), each period is limited to 1.5% of the shares outstanding at its start (about 6% a year), the price is the board-approved price, and “our board of directors may modify, suspend, or terminate” the program. A request for at least 100 shares is the minimum, unless you hold fewer than 100. Unfilled requests roll into the next period. The circular describes the program as “designed to provide our stockholders with limited liquidity approximately four times a year”.

Redemptions were 3.03% of the opening shares (our arithmetic). Two quarters at the 1.5% cap would be about 3.0%, so the program ran at roughly its limit; the 1-SA does not say whether any request was cut back. The company’s MD&A says it “raised $5,964,630 through the sale of our common stock”, while the equity statement shows $5,809,799 of contributions; we cannot tell what the $154,831 difference is. The $5,809,799 breaks into cash of $5,000,089, $745,000 of notes converted to stock, $63,000 of director stock and $1,710 of reinvested dividends (our arithmetic matches the total). From June 30 to September 15, 2026 the company says it issued about $3.9 million more of equity shares, and on September 15, 2026 it launched Series 3 Rooted in Regeneration Notes of up to $10 million.

The dividend is a small number. At December 31, 2025, $284,637 of dividends was payable, and in the half year the company paid $282,927 in cash and $1,710 as reinvested shares. That is about $0.25 a share (our arithmetic), 0.23% of a $108.06 price. The circular says the board expects to declare and pay distributions “annually, typically in December of each year”, with a spillover dividend sometimes in spring or summer; the 1-SA states no rate.

Debt, and what the company owes its own investors

The company funds itself with unsecured notes sold to investors: $26,637,764 outstanding at June 30, 2026 against $28,462,764 at December 31, 2025, at rates of 0.5% to 4.0%. Of that, 19% or $4,937,000 is owed to stockholders. The 1-SA’s maturity table, dated December 31, 2025, shows $9,363,666.67 due in 2026 and $11,777,000 in 2027, then $1,455,000, $1,392,500, $3,436,666.67, $1,960,000 and $205,000 for 2028, 2029, 2030, 2031 and 2033. The rows add to $29,589,833 (our arithmetic), which is not the $28,462,764 balance at that date, and the filing does not explain the gap; the 2026 and 2027 rows are 71.4% of the rows’ total (our arithmetic). Debt is 22.7% of financial-statement total assets (our arithmetic: $26,637,764 over $117,209,068) and 15.9% on the NAV basis for the notes at fair value.

The company says in the circular that it has historically paid for redemptions with operating funds, note and share proceeds and bank debt. With the mortgage payable gone and the bank line undrawn, the cash flow statement shows $5,564,238 from farm sales and $4,035,616 of mortgage principal received in the same half, against the $3,765,257 paid in redemptions.

What a reader can do with this

• If you hold shares bought as Iroquois Valley: nothing needs to be done because of the rename. The 1-U says the structure and all rights and obligations are unchanged. Check that your statement shows the new name and the NAV price in force, $107.57 a share since August 17, 2026, and keep the old name for your tax records.
• If you want to sell: the only route in the documents is the redemption program. It needs a 5-year hold, is capped at 1.5% of shares a quarter, and the board may change or suspend it. The redemption period that runs from October 16, 2026 to January 15, 2027 is open at the time of this page; a request can be withdrawn in writing at least 10 calendar days before the period ends.
• If you are thinking of buying: the circular lets non-accredited buyers invest up to 10% of the greater of annual income or net worth, with a $10,000 minimum. Ask what the next price will be (the company says it updates winter and summer), and read the credit table above next to the allowance. Our guide to Regulation A real estate offerings lists the terms of the other Reg A issuers, and best real estate crowdfunding for non-accredited investors shows the alternatives.
• Watch five lines in the next 1-K and 1-SA: the NAV per share (next update expected in winter, per the company), the Performing share of the mortgage book (59.6% now), the Default line ($1,854,040), redemptions against the 1.5% cap, and FFO excluding the debt gain.
• Taxes: the company elected REIT status, so distributions are taxed as the year-end form describes. For how the 20% deduction applies to REIT dividends see Section 199A dividends from non-traded REITs. How redemptions and illiquid positions work across the market is in real estate crowdfunding liquidity.
• Compare farmland vehicles: the listed owners are in Farmland Partners, and a newer non-traded REIT is in Nuveen Farmland REIT.

If a meaningful part of your savings sits in shares of one illiquid farmland REIT with a quarterly cap on redemptions, a conversation with a qualified adviser about how that fits the rest of your holdings may be worth having.

FAQ

All figures are from SEC EDGAR filings of Amber Farmland Investments PBC, formerly Iroquois Valley Farmland REIT, PBC (CIK 1706350), read on November 5, 2026: Form 1-U of September 9, 2026 with its press release Exhibit 9.1 (accession 0001683168-26-007031), offering circular Supplement No. 3 of September 9, 2026 (0001683168-26-007033), Form 1-SA for June 30, 2026 filed September 30, 2026 (0001683168-26-007503), Form 1-SA for June 30, 2025 (0001683168-25-007344), offering circular Supplements of August 2025, February 26, 2026, June 17, 2026 and August 17, 2026 (0001683168-25-006269, 0001683168-26-001325, 0001683168-26-004907 and 0001683168-26-006535), Form 1-K for 2025 (0001683168-26-003145), the Form 1-A POS offering circular of May 12, 2026 (0001683168-26-003734) and Forms 1-U of March 26 and May 27, 2026. The last filing on this CIK was the Form 1-SA of September 30, 2026. The state table, ratios, sums, percentages, per-share averages and worked examples are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.