Amber Farmland Investments Review 2026: Returns, Mortgage Risk and Redemption Limits
Amber Farmland Investments, called Iroquois Valley until September 2026, is a private REIT that owns organic farmland and sells its stock directly to anyone with $10,000 at a price its board sets twice a year. The filings show a falling share price, a weakened mortgage book and redemptions near the program's limit, alongside no separately charged management fee or sales load and an unusually detailed NAV disclosure.
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What the data actually shows - TL;DR
An internally managed organic-farmland REIT with no separately charged management fee or sales load and a fully itemized NAV, whose price has fallen four times since mid-2024 through tenant write-offs, mortgage defaults, operating losses before farm sales and redemptions near the program's limit.
Board-set price per share from August 17, 2026 (NAV at June 30, 2026), used for purchases, the DRIP and redemptions. Split-adjusted history: $76.88 (December 2016), $77.25 (December 2020, in effect until the December 2021 valuation), $85.75 (2021), $100.00 (2022), $107.00 (June 2023), $110.00 (December 2023), $117.00 (June 2024), $116.42 (December 2024, first price under the January 2025 policy), $113.52, $108.06 (December 2025).
AltStreet arithmetic, annualized: three years to June 30, 2026 ($107.00 to $107.57, plus $0.98 of dividends); five years ($77.25 in effect at June 30, 2021 to $107.57, plus $2.06); since December 31, 2016 ($76.88, plus $3.94). Dividends are those the circular assigns to each year, added at face value without reinvestment. Company figures (Q2 2026 RIA update): 3%, 7.5%, and 8.1% since inception, with 9.2% since inception stated on the same page and 8% on the fact sheet.
NAV equity at June 30, 2026 on 1,149,623 shares: farmland $124,889,458 (appraised $119,888,335 plus an organic premium of $5,001,123), mortgages $19,838,961, cash $2,347,952 and other assets $1,190,945, less notes at fair value of $23,548,351 and payables of $1,049,508. GAAP equity was $89,521,796 on total assets of $117,209,068. Valuing the 1% to 4% notes at a 6.02% market rate adds $3,089,413.
Farm mortgages rated performing: $10,688,230 of $22,931,202 (December 31, 2025) and $11,875,099 of $19,931,662 (June 30, 2026). Year-end 2025 other ratings: watch, defined as 90 or more days past due, $4,671,868; at-risk, 'borrowers whose paying capacity makes full collection questionable,' $4,278,157; default $3,292,947 (2024: $602,697). Allowance $107,991, then $346,046. The circular puts mortgages 90 or more days delinquent at about 7.8% of the asset base.
FY2025 recognized leasing revenue, $2,042,289 against $3,240,210, after $980,497 of tenant write-offs and a $289,858 reduction in expected variable rent. Five tenants were classified in default at year-end, two of them written off, across 78 leased farms. H1 2026: rental income $1,457,235 (up 11%), provision for credit losses $242,547 (H1 2025: $17,049).
FY2025 overhead ratio: employee expenses $1,666,168, general and administrative $1,566,736 and professional fees $1,094,771, together $4,327,675, divided by average NAV-basis equity of $122.8 million (December 2024 and December 2025). On average GAAP equity of $83.3 million the ratio is 5.2%. Total revenue was $3,849,943, operating expenses $5,681,278, gains on farm sales $3,945,062 and net income $539,755. H1 2026 funds from operations were -$133,823.
Redemption cap after a five-year hold: at most 1.5% of shares outstanding per quarterly window (about 6% a year), pro-rated when reached. Redemptions paid: $1,864,571 (2025) and $3,715,257 (H1 2026, against an AltStreet-estimated capacity of about $3.75 million for the windows closing January 15 and April 15). New stock sold: $9,590,026 (2025), $5,000,089 (H1 2026).
Unsecured operating-company notes at June 30, 2026, at 1% to 4%, about 210 holders, 20% held by stockholders. Original maturities at year-end 2025: $9.53 million (2026), $11.73 million (2027). Available liquidity: a $15 million revolving line from one lender, undrawn at June 30, 2026, collateralized by Illinois farmland and subject to restrictive covenants.
Bank mortgages of $6.28 million were repaid in H1 2026. Debt to assets: 30% at year-end 2025, against a 40% board limit.
Current Regulation A Tier 2 offering (file 024-12624), qualified June 13, 2025 and requalified June 3, 2026, running to June 13, 2028 at the latest. $10,000 minimum; non-accredited investors limited to 10% of the greater of income or net worth. About $72.5 million of Reg A proceeds since May 2019 and about 870 stockholders. No selling commission is paid.
Sources: SEC EDGAR filings of CIK 1706350 and CIK 1516957 (FY2024 and FY2025 audited by Plante & Moran, PLLC; June 30, 2026 unaudited); offering circular of May 12, 2026 and Supplements 1 to 3; valuation memo of June 30, 2026; amberfarmland.com and its documents captured October 15, 2026. NAV figures are on the company's valuation basis, not GAAP.
What's Actually Happening
In plain English, here is what is actually happening.
- 1Amber buys farmland, usually land a farmer has chosen, and rents it to that farmer on three-year leases that renew. The farmer farms organically or converts the land over about three years. In states where companies can't own farmland it made mortgages instead, a business it is now winding down.
- 2You buy shares directly from the company, $10,000 minimum, with no accreditation test. Twice a year the board sets the price from farm appraisals, plus a premium for organic certification, minus what the company owes.
- 3Expect very little income. The return comes mainly from changes in that price, which rose from 2016 to mid-2024 and has fallen since.
- 4You cannot sell shares back for five years. After that you can ask to be redeemed in one of four windows a year, and the company buys back at most 1.5% of all shares per window.
- 5The company also borrows from accredited investors through unsecured notes at 0.5% to 4%. The operating company owes them, not the REIT you would own shares in.
- 6No outside manager takes a fee, but the company's own staff, board and advisers cost money, and those costs reduce what shareholders own.
- 7Some farmers fell behind in 2025. The company wrote off rent, classified several mortgages as in default and is foreclosing on two, including a Vermont dairy property.
Quick Verdict
Is this platform right for you?
Amber is internally managed, charges no separately charged management fee, performance fee, sales load or redemption fee, publishes each component of its NAV, keeps leverage near 30% and has followed one strategy since 2007. Its weaknesses are in the farm economics and the exit.
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Tenant write-offs and mortgage defaults rose in 2025, operating costs exceeded revenue, and the share price has fallen at four straight valuations. Redemptions in early 2026 ran near the program's limit. The first half of 2026 shows some repair: rent up 11%, mortgages 60% performing and bank mortgages repaid. The stock suits a long-term holder who wants farmland exposure and accepts little income, a board-set price and a five-year lock.
Best for
- Investors who want organic farmland exposure for the long term and treat income as incidental
- Non-accredited investors looking for a diversified farm portfolio at a $10,000 minimum without a sales load
- Investors who will read the semiannual credit table and NAV memo
Avoid if
- You need income
- You may need the money within five years, or on a date
- You are relying on the since-inception return figure
- You want a market price or daily liquidity
Top strengths
- No separately charged management, performance, sales or redemption fee; offering costs under 1%
- Unmodified audit opinions on FY2024 and FY2025 from Plante & Moran, PLLC, with no going-concern paragraph; semiannual NAV memos that itemize every component
- Nineteen years of operation, three successive Reg A offerings, about 870 stockholders, no vacancies reported at March 31, 2026, the largest farmer at 6.5% of invested assets, and an undrawn $15 million revolving line
- No SEC, FINRA or state action and no suit naming the company as a defendant located in AltStreet's searches
Key limitations
- Four consecutive price cuts and a three-year return of about 0.5% a year on AltStreet's arithmetic
- A mortgage book 47% performing at year-end 2025 and 60% at mid-2026, with two foreclosures
- Operating costs above revenue in 2025 and negative funds from operations in H1 2026
- A five-year hold, a 1.5%-per-window redemption cap, $21.3 million of note maturities in 2026 and 2027, and a director-tenant in the finance role
Where It Fits
Where Amber fits relative to the alternatives.
A diversified private farmland REIT open to non-accredited investors
If you want
Long-term exposure to a pool of organic farms, a $10,000 minimum and no sales load
Use
Amber Farmland Investments, the instrument this review covers; board-set NAV twice a year, five-year hold, capped quarterly redemptions
Single-farm investments you choose yourself
If you want
To pick one farm and get your money back when that farm is sold
Use
AcreTrader (see AltStreet's review): accredited investors only, one LLC per farm, upfront and disposition fees, and a published record of realized exits
A farmland fund for accredited investors
If you want
A professionally managed pool of farms with fund-level fees
Use
FarmTogether (see AltStreet's review): accredited only, with a farmland fund and single-farm offerings
Listed farmland REITs
If you want
Daily liquidity and a market price, without an organic focus
Use
Gladstone Land (LAND) and Farmland Partners (FPI), which the offering circular names as indirect competitors
Compare Before Deciding
Where Amber Farmland Investments fits against alternatives
Use these hooks to pressure-test whether this is the right platform, or whether a nearby alternative matches the job better.
How this compares to AcreTrader
AcreTrader
One LLC per farm for accredited investors, with fees and capital returned at each farm's sale.
How this compares to FarmTogether
FarmTogether
Accredited-only farmland fund and single farms with manager fees.
How this compares to Streitwise
Streitwise
A Reg A REIT with a published NAV, a quarterly redemption program and a meaningful dividend, with a 2.00% fee.
Overview
Platform Overview
A concise read on what the platform is, how the structure works, and where the practical friction shows up for real investors.
Ownership and leasing of certified organic and transitioning farmland for independent farmers in 18 states, with a farm mortgage book now being wound down, financed by common stock sold directly under Regulation A Tier 2, unsecured notes sold to accredited investors under Rule 506(c), a revolving bank line and farm sales; a Delaware public benefit corporation taxed as a REIT and internally managed.
Miller and Dr. Stephen Rivard, who bought a farm in Iroquois County, Illinois and converted it to organic production. It raised money privately as an LLC (Form Ds from 2011) and on December 31, 2016 converted into a Delaware public benefit corporation taxed as a REIT, with the LLC as operating company. It has sold stock under Regulation A Tier 2 since May 3, 2019 and unsecured notes to accredited investors since 2015.
Christopher Zuehlsdorff became CEO in February 2023. The company moved from Chicago to Roanoke, Indiana in April 2026, became Amber Farmland Investments PBC on September 2, 2026, ended its operating lines of credit in September 2026 and is sunsetting its mortgage product. At the May 2026 circular it held 78 farms and 39 mortgages and reported 66 farmers in 18 states.
Platform Model
Direct issuer and owner-operator; buys and leases farmland itself; sells its own stock and notes without a broker-dealer or commission
Primary Function
Long-term farmland ownership and three-year evergreen leases for organic and transitioning farmers; farmers may generally buy their land after seven years
Target Users
Individuals, foundations, family offices, trusts and IRAs; stock open to non-accredited investors at $10,000; notes and the 721 exchange for accredited investors only
Instruments
Common stock at a board-set NAV price; Series 3 Rooted in Regeneration Notes (Standard 1.5%, Catalytic 0.5%); 721 Farmland Exchange operating partnership units
Verification Strategy
Regulation A Tier 2: audited 1-K (Plante & Moran), 1-SA, 1-U, semiannual valuation memos; Form D for the notes; no registered transfer agent (FTI Consulting administers)
Investment Structures
Reg A 024-12624 (open, $65M) after 024-11881 (2022 to 2025) and 024-10919 (2019 to 2022); Rule 506(c) notes 021-598644 (Series 3), 021-549626 (Series 2), 021-486960 (Series 1) and earlier Soil Restoration series
ASHow It Works
- A farmer identifies land; Amber buys it and leases it on three-year evergreen terms, with rent often due after harvest. Amber pays property taxes and insurance, and the farmer runs the farm
- Twice a year the board revalues the portfolio, and that price applies to purchases, the DRIP and redemptions until the next valuation
- Cash for farms, redemptions and maturing notes comes from new stock and notes, the revolving line, loan repayments and farm sales
- Dividends are declared annually and have been under 1% of the price; only accredited holders may reinvest them in shares
- After five years a holder may request redemption in a quarterly window, subject to the 1.5% cap and pro-rating
Key Gaps & Non-Disclosures
- Redemption requests and any queue
- Foreclosure recoveries and collateral values
- The method behind the marketing return figures
Platform Intelligence
Amber Farmland Investments (Iroquois Valley) timeline
Key platform events, regulatory turns, liquidity stress points, and product launches that shape how the review should be read.
Iroquois Valley Farms LLC formed
David E. Miller and Dr. Stephen Rivard buy a farm in Iroquois County, Illinois and convert it to organic production; the LLC is formed June 5, 2007.
First Form D
Private member-unit raises begin (021-157676: $1,230,000 to 25 investors); unsecured notes follow from 2015.
Conversion to a REIT and public benefit corporation
Effective December 31, 2016, with the LLC as operating company; split-adjusted year-end price $76.88.
Regulation A offering opens to non-accredited investors
First Reg A Tier 2 offering qualified May 3, 2019 (024-10919); about $30.98 million raised through May 2022. The Peterffy Foundation buys 12% in February 2019.
Follow-on Reg A offering
Qualified May 31, 2022 (024-11881); price $100.00 at year-end.
New CEO; FTI engaged; Rooted in Regeneration Notes
Christopher Zuehlsdorff becomes CEO February 28, 2023; FTI Consulting takes over accounting and investor administration in the fall; 8-for-1 split in October; RNR Series 1 notes launched.
Price peaks at $117; SEC comments
The last CFO leaves February 13, 2024. Price $117.00 at June 30, 2024. SEC staff issue three comment letters on the 2024 amendments before requalification in August. FY2024 net loss $124,483.
New valuation policy; third Reg A offering
January 22, 2025 policy (appraisals plus organic premium, notes at fair value) sets $116.42 for December 31, 2024. Third offering qualified June 13, 2025 (024-12624).
Vermont foreclosure filed
Foreclosure of an $850,000 mortgage on the Norwich Farm Foundation's property, Windsor County Superior Court; the court denies the company's one-day redemption period request in October.
FY2025 results
Leasing revenue down 37% after $980,497 of write-offs; mortgages 47% performing; net income $539,755 after $3.95 million of farm-sale gains; price $108.06. Office moves to Roanoke, Indiana.
Finance role changes
Independent director and unpaid PFO Joseph Mantoan retires May 12; Jeffrey Anderson becomes Finance Committee chair. Offering requalified June 3.
Fourth consecutive price cut: $107.57
Supplement No. 2 sets $107.57 from the June 30, 2026 NAV of $123.7 million.
Renamed Amber; Series 3 notes; 1-SA
Name change effective September 2; Series 3 notes launched September 15; operating lines of credit ended; the 1-SA reports two mortgages in foreclosure, two lease disputes, $3.72 million of redemptions and the sunsetting of the mortgage product.
Investment Structures
Common stock of Amber Farmland Investments PBC (Reg A Tier 2, file 024-12624)
Continuous offering of up to $65,000,000, including $1,000,000 reserved for the DRIP, at the board-set price ($107.57 from August 17, 2026). $10,000 minimum; non-accredited investors within the Reg A 10% limit; subscriptions accepted twice a month; can be held in self-directed IRAs and at some brokerages. One vote per share. Redemption and dividend terms are described in the summary and risk sections. Earlier offerings raised about $30.98 million (2019 to 2022) and roughly $28 million (2022 to 2025).
Series 3 Rooted in Regeneration Notes (Rule 506(c), Form D 021-598644)
Up to $10,000,000 of unsecured, unguaranteed notes of Amber Farmland Investments LLC, dated September 15, 2026, for verified accredited investors. Standard Notes pay 1.5% (up to $8,000,000) and Catalytic Notes 0.5% (up to $2,000,000), equal in priority, with interest semiannually and principal at maturity. $25,000 minimum, $3,000,000 maximum. The term is stated as three years in the key terms and five years in the cover table.
The notes rank behind secured debt, and 'Amber PBC is not the borrower and will have no legal obligation to repay the Notes.' Proceeds are to buy farmland, at least equal to the notes sold by 2030, for farmers who have faced barriers to land access.
Earlier note programs (Soil Restoration Notes; Rooted in Regeneration Series 1 and 2)
Unsecured notes sold since 2015: Soil Restoration Notes at 2.00% to 2.25% maturing 2026 to 2030 (Series IV, from December 2021: $6,737,000 to 35 investors), RNR Series 1 ($6,052,500 to 76 investors by December 2024) and Series 2 ($4,726,667 to 45 by June 2026) at 0.5% to 3.00% maturing to 2033, and other promissory and term notes ($8,383,333 at 1.25% to 3.75%). Total $28,462,764 at year-end 2025 and $26,637,764 at June 30, 2026. No missed payment is reported.
721 Farmland Exchange (operating partnership units; accredited only)
A farmland owner contributes land for operating partnership units, deferring capital gains tax under Section 721, with up to 25% of the contribution value available in cash and redemption rights after five years, per a one-page flyer. No offering document describing the units' terms was available to AltStreet.
Earlier private equity raises (2011 to 2018)
Rule 506 and 506(c) sales of LLC units (2011 to 2015; for example $5,800,000 to 66 investors under the 2015 notice) and of REIT stock in 2017 and 2018, recorded in AltStreet's deal data from the Form Ds.
Risk
Risk Structure
This is where the marketplace pitch gives way to the actual operating reality: delayed exits, limited disclosure, fee drag, and path-dependent outcomes.
A Board-Set Price Built From Appraisals
NAV is set twice a year from third-party appraisals and desktop valuations plus an organic premium, with mortgages at book and notes at fair value. The board states 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.' There is no independent valuation agent.
A Five-Year Hold and a 1.5% Per-Window Cap
Redemption eligibility begins five years after each purchase. Each quarterly window is capped at 1.5% of shares outstanding, pro-rated when reached, at the board price. The board may amend, suspend or terminate the program by majority vote with 30 days' notice. There is no secondary market.
Unsecured Operating-Company Notes Ahead of the Stock
The notes rank ahead of the stock and behind secured debt. Their low rates benefit the company, and their maturities in 2026 and 2027 will shape its funding costs.
Director-Tenants
The chair leases three farms and the Finance Committee chair, who signs as principal financial officer, leases five; the VP Finance and Administration's spouse leases one. The circular discloses each relationship and states that the corporate structure and fees are not set at arm's length.
Further Declines in the Board Price
The drivers the circular names (lower appraisals, write-downs, sales of farms that no longer fit) and the 2025 credit losses were not fully resolved at June 30, 2026. The organic premium assumes certified farms keep their value edge.
Why it matters
With dividends under 1%, the price is almost the whole return, and redemptions are paid at it.
Mitigation / verification
Read each valuation memo and the matching 253G2 supplement on EDGAR (CIK 1706350).
Mortgage and Tenant Losses
Two mortgages are in foreclosure, one an $850,000 loan on a Vermont dairy property where the court denied the company's request for a one-day redemption period in October 2025. Two lease relationships are in litigation, unnamed.
Why it matters
If recoveries fall short of book value, the losses reach NAV when recognized. The allowance is small relative to the at-risk and default balances, and collateral values are not disclosed loan by loan.
Mitigation / verification
Track the risk-rating table and the provision in each 1-K and 1-SA, and ask about expected recoveries.
Redemption Demand Above the Cap
Paid redemptions in the first half of 2026 were close to the estimated capacity of the two windows paid. If requests exceed the cap, they are pro-rated and the remainder carries to the next window at the next board price.
Why it matters
In a falling-price period a holder could receive the money over several quarters at lower prices. The board can also suspend the program.
Mitigation / verification
Ask for requests and fills by window for 2025 and 2026; read the Stock Redemption Program (Exhibit 9.1 to the April 25, 2024 Form 1-U).
Note Maturities
$9.53 million of notes had original maturities in 2026 and $11.73 million in 2027, at 1% to 4%. The company's 2024 bank mortgages cost 6.20% to 6.35%, and the undrawn $15 million revolving line carries SOFR plus 2.35% and restrictive covenants.
Why it matters
Rollover keeps funding cheap; repayment shifts the company to costlier sources or farm sales.
Mitigation / verification
Watch the notes payable line, the maturity table in the FY2026 1-K and the next Form D/A for the Series 3 notes.
REIT Status and Public Benefit Trade-offs
The company relies on REIT qualification and, as a public benefit corporation, balances stockholder interests with its stated public benefit.
Why it matters
Losing REIT status would subject income to corporate tax. The charter permits decisions that favor the public benefit, such as the Series 3 commitment to buy farms for farmers who have faced barriers to land access and the rent support the company says it is exploring.
Mitigation / verification
Read the REIT-status risk factors and the annual public benefit report.
Biggest Misconceptions & What Actually Happens
- AltStreet found no SEC, FINRA or state action against the company or its officers as of October 15, 2026. The SEC staff's 2024 letters were disclosure comments on post-qualification amendments, and the staff did not review the 2025 offering statement.
- The two Form 1-A-W filings (May 2023 and May 2024) withdrew post-qualification amendments filed under a superseded file number.
- The foreclosures and lease disputes are actions by the company as lender and landlord.
- The 1-SA says the offering statement was 'most recently qualified ... on May 6, 2026'; the SEC qualification notice on EDGAR is dated June 3, 2026.
- The REIT guide lists a $0.20 dividend in 'Fall 2024' while the circular shows none for 2024; the circular assigns spillover dividends to the year they relate to, so the payment was likely the 2023 spillover.
Regulatory & Legal Posture
Security Status
Securities: Regulation A Tier 2 common stock (file 024-12624) of a REIT and Delaware public benefit corporation; Rule 506(c) unsecured notes of the operating company (Form D 021-598644); neither entity is a registered broker-dealer or investment adviser
The company files audited annual reports (1-K), semiannual reports (1-SA) and current reports (1-U). Qualification is not approval. Tier 2 limits non-accredited purchases to 10% of the greater of income or net worth, and the notes are sold only to accredited investors whose status the company must verify.
Disclosure Quality
Above the Reg A norm on valuation, credit and conflicts: itemized NAV memos, mortgage risk-rating tables, lease and mortgage terms by state, named director-tenant relationships, and compensation tables completed after SEC comments in 2024. Below it on redemption requests, foreclosure detail and farm-level values.
Custody Model
No custodian or registered transfer agent; the company records ownership, with FTI Consulting running accounting and investor administration since late 2023; subscriptions paid directly to the company
Regulatory Backing
Protections are disclosure-based (Reg A reporting, audited statements) and governance-based (an elected board with an independent majority). The circular says FTI 'is not a registered transfer agent.'
Tax Treatment
Reporting
Form 1099-DIV
REIT dividends are reported on Form 1099-DIV by January 31 of the following year. Dividends are declared annually, with a possible spillover dividend the next year.
Income Character
REIT dividends (ordinary, capital gain or return of capital as designated); most of the economic return is unrealized change in the board-set price
REIT status since tax year 2016 requires distributing at least 90% of REIT taxable income, which has been small. Gains on farm sales may be designated capital gain dividends. Redemptions are generally treated as sales, though the circular describes cases in which they can be treated as dividends.
Limitation
The character of each year's dividend is known only after year-end. Consult the circular's tax section and a tax adviser.
Special Considerations
- The DRIP is open to accredited investors only
- The five-year hold matters for IRA required minimum distributions
- The 721 exchange's tax treatment depends on terms not in a filed document
Account Suitability
Taxable
Small annual REIT dividends on Form 1099-DIV; most of the return is unrealized until redemption.
Roth IRA
Accepted through certain self-directed custodians; illiquid inside the account because of the five-year hold and capped windows.
Traditional IRA
As for a Roth, with deferral instead of exemption; plan required distributions around the lock.
HSA
Not mentioned by the company.
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AltStreet Data Layer
What the data actually shows
AltStreet rebuilt the board-price series on matched dates, the investor cash flows and the credit tables from the filings, and checked the company's marketing figures against them.
Returns on matched dates
Three years 0.5% a year, five years 7.3% and since 2016 4.0%, using the price in effect on each date and dividends at face value. The company states 3% and 7.5%.
What this means
The five-year figures are close; the three-year figures are not, and part of the difference may come from the 2025 change in valuation method.
Mortgage credit improved in 2026 as the book shrank
Performing share 47% at year-end 2025 and 60% at mid-2026; default $3.3 million then $1.9 million; book $22.9 million then $19.9 million; product being sunset.
What this means
Recoveries on the two foreclosures and the at-risk loans will determine whether further losses reach the price.
Overhead exceeds operating income
FY2025 overhead of $4.33 million, about 3.5% of average NAV equity and 5.2% of average GAAP equity, against revenue of $3.85 million.
What this means
Without a management fee, these corporate costs are what shareholders bear; until income covers them, profits depend on farm sales.
Redemptions near capacity
H1 2026 redemptions of $3.72 million against an estimated $3.75 million of capacity in the two windows paid.
What this means
Consistent with requests at or near the cap; the filings do not show whether any were pro-rated.
Funding: maturing low-rate notes and an undrawn line
$21.3 million of notes mature in 2026 and 2027 at 1% to 4%; a $15 million revolving line was undrawn at June 30, 2026, subject to covenants.
What this means
Rollover take-up, visible in the next Form D/A, will show whether the cheap funding persists.
Data as of 2026-10-15 . AltStreet review evidence layer . Public-source analysis
Full datasetDecision Fit
Investor Fit
Who this works for, who it does not, and what level of patience and complexity tolerance the platform really demands.
retail
Few farmland investments are open to non-accredited investors at $10,000 without a sales load. The recent price record, the credit table and the five-year lock argue for a small position.
accredited-income
The stock yields under 1% and the Series 3 notes pay 0.5% or 1.5%, rates noteholders accept as an impact choice.
impact-investors
The company's investor base and products are built around organic farmland and land access, as a B Corp public benefit corporation. Noteholders accept below-market rates, and stockholders accept low income, for that purpose.
institutional
Foundations and family offices hold the stock, but there is no institutional share class, no independent valuation agent and the same redemption cap for every holder.
Tradeoffs
Key Tradeoffs
The attraction of pre-IPO access is real, but every benefit comes bundled with a corresponding liquidity, transparency, or pricing cost.
No Separately Charged Fees vs Corporate Costs
No management fee or load; overhead equal to about 3.5% of average NAV equity in 2025, borne by shareholders.
An Itemized NAV vs a Falling One
Every component of the price is published; the last four prices went down.
Open Access vs Closed Liquidity
$10,000 without accreditation; five years before the first redemption window.
Farmer Representation vs Independence
Farmers on the board bring operating knowledge; two are tenants, one in the finance role.
Avoid
Who This Is Not For
This section should be read as a filter, not an afterthought. If you need income, simplicity, or near-term access to capital, the structure is working against you.
Investors Who Need Income
Dividends have been under 1% of the price every year since 2016.
Investors Who Might Need the Money Within Five Years
Redemption opens only after five years and is capped.
Investors Relying on the Marketing Return Figures
AltStreet's three-year figure from the filed prices is about 0.5% a year, against the company's 3%.
Investors Who Want a Market Price
There is no trading market; the board sets the price twice a year.
Editorial View
AltStreet Perspective
The compressed version of the review: what matters, what marketing tends to obscure, and how we would frame the platform for a serious allocator.
Verdict
Iroquois Valley built an organic-farmland company owned by about 870 investors, internally managed and audited, with a detailed NAV. The 2025 to 2026 filings record a hard stretch: tenant write-offs, mortgage defaults, operating losses before farm sales, four price cuts and redemptions near the limit, while the rename's marketing leads with a since-inception return. A buyer today is relying on farmland appraisals and the organic premium holding, on recoveries from the defaulted loans, and on noteholders continuing to lend at low rates. The first half of 2026 shows some improvement, and the semiannual filings will show whether it continues.
Positioning
Scores below AcreTrader, which returns capital at each farm's sale and publishes more than 80 realized exits, and above FarmTogether on disclosure, audit and access. It is the only one of the three open to non-accredited investors and has no sales load. Against Streitwise and other Reg A REITs it offers a more detailed NAV but much lower income and a longer lock.
The Bottom Line
An internally managed organic-farmland REIT open to anyone with $10,000 and no sales load, now with a falling board price, a weakened mortgage book, little income and a five-year lock.
Action
Next Steps
If you still want to engage after reading the review, these are the practical next moves that reduce avoidable mistakes.
Read the May 12, 2026 offering circular and its supplements on EDGAR (CIK 1706350, file 024-12624), especially the redemption program, the delinquency sections and the conflicts of interest.
Compare the latest valuation memo with the prior one, component by component.
Read the mortgage risk-rating table in the latest 1-SA or 1-K.
Ask investor relations for redemption requests and fills by window, the status of the foreclosures, the method behind the three-year return, and the Series 3 note term.
Compare with AcreTrader, FarmTogether and listed farmland REITs if you need a defined exit or daily liquidity.
Final Answer
What this means for your decision.
Finding
The price has fallen at four straight valuations, and the recent return is close to zero
Meaning
The board-set price peaked at $117.00 (June 30, 2024) and stood at $107.57 two years later. On AltStreet's arithmetic, the three years to June 30, 2026 returned about 0.5% a year; the five years returned about 7.3% a year; the period since the 2016 REIT conversion about 4.0% a year. The company's Q2 2026 update states 3% for three years and 7.5% for five. AltStreet could not reproduce the three-year figure. The June 2023 starting price was set under the valuation policy the board replaced in January 2025, which included an operating premium, so a different method or window may explain part of the gap.
Action
Use the filed price table and the NAV memos rather than the marketing summary, and ask the company how its three-year figure is calculated.
Finding
The mortgage book weakened in 2025, and the company is now winding it down
Meaning
At December 31, 2025, 47% of $22.9 million of farm mortgages was rated performing and $3.3 million was rated default, up from $0.6 million a year earlier. By June 30, 2026 the book was $19.9 million, 60% performing, with $1.9 million in default and two loans in foreclosure. The company says it is 'sunsetting its mortgage product.' The allowance ($346,046 at mid-2026) is small beside the at-risk and default balances, but delinquent or at-risk principal is not expected loss: the lending policy required farmland appraised at 1.33 times each loan at origination, and current collateral values and expected recoveries are not disclosed loan by loan.
Action
Watch the risk-rating table and the provision in each semiannual report, and ask which loans are in foreclosure and what the company expects to recover.
Finding
Operating income does not cover the company's costs, so the return depends on land values
Meaning
In FY2025 recognized leasing revenue fell 37%, mostly because $980,497 of rent was written off as uncollectible and expected variable rent was reversed. Total revenue of $3.85 million was below $5.68 million of operating expenses, and net income came from gains on farm sales. Dividends have been under 1% of the share price every year since 2016. The company describes returns as 'driven primarily by land value appreciation.'
Action
Treat the stock as a long-held land investment with little income, not an income holding.
Finding
Liquidity is a five-year hold, then a capped redemption window
Meaning
Shares become redeemable after five years, in four quarterly windows each capped at 1.5% of shares outstanding, at the board price. Redemptions paid in the first half of 2026 ($3.72 million) were roughly the full capacity of the two windows paid in that period, on AltStreet's estimate. That is consistent with requests reaching the cap. It does not show that requests exceeded it, and the filings report no pro-rating or queue.
Action
Invest only money you can leave for five years or more, and ask whether recent redemption requests were filled in full.
Finding
A director who leases five of the company's farms now chairs its Finance Committee
Meaning
Jeffrey Anderson, a tenant of five farms whose rent exceeded 5% of FY2025 revenue (so the board does not count him as independent), became Finance Committee chair on May 12, 2026 and signed the June 2026 semiannual report as Principal Financial Officer. The board chair also leases three farms. The conflicts are disclosed. The board has an independent majority, accounting is outsourced to FTI Consulting, and the filings do not describe how Mr. Anderson's lease terms are approved or what oversight applies to his finance role.
Action
Ask how lease terms with director-tenants are set and approved, and who reviews the financial statements before the audit.
If you read nothing else
Amber charges investors no separately charged management fee, performance fee, sales load or redemption fee, publishes the components of its NAV and is audited by a national firm. Investors still bear the company's operating costs, which exceeded its revenue in 2025. The filings for 2025 and 2026 show a business under pressure: a lower share price, mortgage defaults, written-off rent, redemptions near the limit and $21 million of low-rate investor notes due in 2026 and 2027. It suits investors who want organic farmland exposure for the long term and accept little income and a five-year lock.
AltStreet Research Desk
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Deal Intelligence →Appendix
Sources, Disclosures, and Supporting Context
The lower section is structured like a report appendix: relationship context first, adjacent reading second, and evidence last.
Report Appendix
Disclosure
Relationship and compensation context
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Report Appendix
Disclosure
Relationship and compensation context
Report Appendix
Related Resources
Adjacent platform comparisons, frameworks, and category links
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Report Appendix
Related Resources
Adjacent platform comparisons, frameworks, and category links
Further Reading
Related Resources
Adjacent frameworks and reviews that help place the platform in a broader allocation or due-diligence context.
Fund Landscape
Similar Platform Reviews
- AcreTrader
One LLC per farm for accredited investors, with fees and capital returned at each farm's sale.
- FarmTogether
Accredited-only farmland fund and single farms with manager fees.
- Streitwise
A Reg A REIT with a published NAV, a quarterly redemption program and a meaningful dividend, with a 2.00% fee.
Report Appendix
Related Coverage
AltStreet newsroom articles on Amber Farmland Investments filings and disclosures
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Report Appendix
Related Coverage
AltStreet newsroom articles on Amber Farmland Investments filings and disclosures
- Amber Farmland's First Report Since Its Rebrand Shows Credit Losses Up 14-Fold on Two Mortgages in ForeclosureOct 5, 2026
The farmland REIT formerly called Iroquois Valley earned $312,893 in the first half of 2026, mostly from farm sales; its funds from operations were negative, redemptions took $3.7 million, and two mortgages are in foreclosure, per its September 30 Form 1-SA.
- Iroquois Valley Renames Itself Amber Farmland Investments After Four Straight Share-Price Cuts and a 37% Drop in RentSep 11, 2026
The organic-farmland REIT's September 9 filings change its name and nothing else. The filings around them show a board-set share price that has fallen at every valuation since June 2024, five tenant farmers in default, an operating business that lost money before farm sales, and redemptions rising fivefold, alongside a portfolio that still collects 92 cents of every rent dollar billed and has never carried an auditor's warning.
Report Appendix
Tracked Offerings
1 Amber Farmland Investments offerings with disclosed terms in the AltStreet database
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Report Appendix
Tracked Offerings
1 Amber Farmland Investments offerings with disclosed terms in the AltStreet database
Report Appendix
Evidence & Methodology
4,359 cited passages on file; sources, scope, and how the review was assembled
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Report Appendix
Evidence & Methodology
4,359 cited passages on file; sources, scope, and how the review was assembled
Evidence on file
4,359 supporting passages on file for Amber Farmland Investments and its offerings from 108 source documents, 25 discrepancies flagged. Each passage records the metric it supports, the value read from the document, the page, and the verbatim text where the document has it. Terminal subscribers read the passages; open them in the terminal.
- Cited passages
- 4,359
- Source documents
- 108
- Analyst verified
- 0
- Discrepancies flagged
- 25
ASReview Evidence
Methodology
Three primary sources: (1) all 166 EDGAR filings of CIK 1706350 and CIK 1516957, including the May 12, 2026 circular and supplements, Forms 1-K for FY2019 to FY2025, Forms 1-SA for June 2019 to June 2026, 2026 Forms 1-U, SEC staff correspondence and every Form D since 2011; (2) amberfarmland.com (125 pages) and 14 documents captured October 15, 2026; (3) a legal scan the same day (CourtListener, BrokerCheck, IAPD, SEC releases, VTDigger and Valley News).
Scope
Company-level filings and documents. Farm-level values, leases and loan files are not public; redemption requests are not disclosed; since-inception returns predate SEC reporting; state court dockets were not searched directly.
Key Findings
- *Name change (Supplement No. 3): 'Effective as of September 2, 2026, the Company's legal name is now "Amber Farmland Investments PBC" ... all rights and obligations of the Company remain unchanged.'
- *NAV (Supplement No. 2): farmland $124,889,458 ('an appraised value of $119,888,335 and an organic premium of $5,001,123'), mortgages $19,838,961, cash $2,347,952, total assets $148,267,316; notes at fair value $23,548,351 (6.02% rate; outstanding rates 1% to 4%); equity $123,669,456; 1,149,623.09 shares. 'This 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.'
- *Valuation policy (circular): 'Effective December 31, 2024, the Board of Directors adopted a new valuation policy, eliminating a company operating premium. Recently, market valuations have decreased primarily due to a reduction in the appraised value of the farmland in the portfolio. However, we also took several conservative write downs ... and we sold some properties that did not align with our strategic growth plans.'
- *Dividends (circular): 'Historically, we have paid dividends that total in value for a given fiscal year to less than 1% of the share price at the end of that year.' Table: $0.50 (2016), $0.69, $0.71, $0.02, $0.46, $0.74, $0.34, $0.51, none (2024), $0.47 (2025).
- *Mortgage credit (1-K; 1-SA): performing / watch / at-risk / default $10,688,230 / $4,671,868 / $4,278,157 / $3,292,947 at 2025-12-31 (allowance $107,991) and $11,875,099 / $3,544,031 / $2,658,493 / $1,854,040 at 2026-06-30 (allowance $346,046). Definitions: watch, 'payments that are 90 days past due or greater'; at-risk, 'borrowers whose paying capacity makes full collection questionable'. Lending policy: each mortgage 'collateralized by farmland appraised at a minimum value of 1.33 times the value of the loan.' 1-SA: 'The Company is also sunsetting its mortgage product, and expects to issue a limited amount of mortgages in the foreseeable future.'
- *Tenants (1-K): leasing revenue $2,042,289 vs $3,240,210, 'due primarily to $980,497 of tenant write-offs for uncollectible rent and a $289,858 reduction in variable rent expectations'; five tenants in default at year-end, two written off. 1-SA: provision $242,547 on 'two mortgages in foreclosure and two lease relationships in active litigation.' Circular: no vacancies at March 31, 2026.
- *FY2025 income statement (1-K): revenue $3,849,943; employee expenses $1,666,168; G&A $1,566,736; professional fees $1,094,771; credit losses $485,385; total operating expenses $5,681,278; net gain on sales of real estate $3,945,062; interest expense $1,473,972; net income $539,755. Auditor's report dated April 22, 2026, unmodified, no going-concern paragraph. Circular: for FY2025 'our auditors did not communicate in writing any significant deficiencies or material weaknesses.'
- *Capital flows (cash flow statements): contributions $9,590,026 (2025), $5,000,089 (H1 2026); redemptions $357,052 (2024), $1,864,571 (2025), $3,715,257 (H1 2026). Redemption program: 'not more than 1.5% ... of the number of shares of common stock of the Company outstanding as of the first day of the applicable redemption period'; pro rata when reached.
- *Liquidity (1-SA): 'we have access to a $15.0 million revolving line of credit from one lender'; Note D: no outstanding borrowings at June 30, 2026 or December 31, 2025; SOFR plus 2.35%; 'collateralized by real estate in the IL counties of Iroquois, Livingston, Dekalb, Kankakee, and Shelby'; 'The Company is subject to certain restrictive covenants.'
- *Notes payable (1-K Note E): total $28,462,764; maturities 2026 $9,531,597, 2027 $11,727,000; 20% ($5,592,000) held by stockholders.
- *Governance (circular; 1-SA): Mr. Anderson leases five farms ('a minimum of $197,000 in rent') and is not independent because his payments exceeded 5% of FY2025 revenue; 'Beginning May 12, 2026, Mr. Jeffrey Anderson will serve as the Chair of the Finance Committee'; the Finance Committee 'meets regularly with the Company's independent auditors' and recommends approval of the audit; 1-SA signed by Jeffrey Anderson as 'Principal Financial Officer and Director'. Dr. Jones-Crabtree leases three farms ('a minimum of $62,000').
- *RNR Series 3 PPM: cover 'Term Length 5 Year'; key terms 'Each tranche of Note has a 3-year term'; 'Amber PBC is not the borrower and will have no legal obligation to repay the Notes.'
- *Legal scan (2026-10-15): no SEC, FINRA or state action located; CourtListener shows no case with the company as a party; Vermont foreclosure by the company (Windsor County Superior Court, filed July 2025); SEC staff letters 2024 and 2025 (no review).
AltStreet Data Layer
AltStreet EDGAR read of two entities, 166 filings, the site and the legal record (2026-10-15)
AltStreet's dataset holds 21 offering records for both entities (2011 to 2026), every 1-K and 1-SA since mid-2019, a board-valuation series from 2016, fee details for the current stock and notes, and all 166 filings on the document pipeline. There are no investor-level exits: the stock has no maturity, and farm sales are company transactions.
- Board price: $76.88 (2016) · $77.25 (2020) · $100.00 (2022) · $117.00 (6/2024) · $107.57 (6/2026)
- AltStreet arithmetic (no reinvestment): 3-year 0.5%/yr · 5-year 7.3%/yr · since 2016 4.0%/yr
- Mortgages: 47% performing (YE2025) · 60% (6/2026) · product being sunset
- FY2025: overhead $4.33M (3.5% of average NAV equity) · revenue $3.85M · farm-sale gains $3.95M
- Redemptions: $1.86M (2025) · $3.72M (H1 2026), near estimated window capacity
- Notes: $26.6M at 1% to 4% · $21.3M of 2026 to 2027 maturities · $15M revolving line undrawn
Source: SEC EDGAR (CIK 1706350, CIK 1516957) + amberfarmland.com capture + legal scan, October 15, 2026
Primary Source Pages
Comparable Platforms
- AcreTrader
Single-farm LLCs for accredited investors with a published exit record and fees.
- FarmTogether
Accredited-only farmland funds and farms with manager fees.
- Streitwise
Reg A REIT with a published NAV and a meaningful dividend.
FAQ
Frequently Asked Questions
High-intent search questions answered directly, without making users hunt through the full review.
What is Amber Farmland Investments?
A private, non-traded REIT that owns organic farmland and leases it to independent farmers in 18 states. It was called Iroquois Valley Farmland REIT until September 2, 2026, was founded in 2007 and sells its stock directly under Regulation A Tier 2, with audited reports filed with the SEC.
Is Amber Farmland the same company as Iroquois Valley?
Yes. The legal name changed effective September 2, 2026, and the company states that 'all rights and obligations of the Company remain unchanged.' Existing shares and notes are unaffected.
Who can invest, and what does it cost?
Anyone, with a $10,000 minimum; non-accredited investors are limited to 10% of the greater of income or net worth. There is no separately charged management fee, sales load or redemption fee, but shareholders bear the company's operating costs. The notes and the 721 exchange are for accredited investors only.
What returns has Amber Farmland produced?
On AltStreet's arithmetic from the filed prices and dividends, about 0.5% a year over three years to June 30, 2026, 7.3% over five years and 4.0% since 2016. The company states 3% for three years, 7.5% for five and 8.1% since inception. See the summary for the method.
Does Amber Farmland pay dividends?
Small ones, under 1% of the share price every year since 2016; none was declared for 2024. Only accredited investors may reinvest them in shares.
How do I get my money out?
Through the Stock Redemption Program, after five years: four quarterly windows a year, each capped at 1.5% of shares outstanding and pro-rated when the cap is reached, at the board price. There is no trading market.
What are the Rooted in Regeneration notes?
Unsecured notes of the operating company for accredited investors: Standard Notes at 1.5% and Catalytic Notes at 0.5%, $25,000 minimum. The memorandum states the term as both three and five years. The REIT parent is not obligated to repay them.
Are Amber's tenants and borrowers paying?
Most are. In 2025 the company wrote off $980,497 of rent and five tenants were classified in default; 47% of its mortgages were rated performing at year-end and 60% at June 30, 2026, with two in foreclosure. The company is sunsetting the mortgage product.
Who audits Amber Farmland?
Plante & Moran, PLLC, which issued unmodified opinions on the FY2024 and FY2025 consolidated statements without a going-concern paragraph. An audit opinion covers the financial statements; it is not an assessment of internal controls or of investment merit.
How does Amber compare with AcreTrader and FarmTogether?
Amber is one perpetual REIT open to non-accredited investors, with no sales load and a five-year redemption path. AcreTrader and FarmTogether serve accredited investors with single farms or funds, charge fees and return capital when farms are sold.