Inside our 40-point due diligence process

Our diligence starts with the soil. We commission independent lab reports on organic matter, drainage, and nutrient profile. Farms below our threshold are rejected on day one.

Next comes water. Water rights are the single most valuable asset attached to any farm, and often the most contested. We require documented, senior water rights or long-term irrigation contracts.

Then the operator. Farming is a craft. We look for operators with a 10-year track record, low staff turnover, and demonstrated adoption of modern practices — cover cropping, precision inputs, integrated pest management.

Financials get the same scrutiny you'd expect for any private investment: audited P&L, five-year cash flow model, insurance coverage, and a stress test against a 30% commodity price shock.

Only about 1 in 14 farms make it through. That discipline is why our defaults sit near zero.