Iroquois Valley's Board of Directors (not pictured: Malaika Maphalala & Arnold Lau)
A parting vision from the Miller Farm, Iroquois County, Illinois: From Co-Founder, David Miller, on reaching $100 million market capitalization
Recently the market capitalization of Iroquois Valley exceeded $100 million. For a company that started operations in 2007 with one farm and one farmer, reaching this asset level is a dream come true. After all, our business plan was never to grow with real estate commissions, fees to investors, or charitable support. The primary source of revenue was always to be from the farmers, primarily rental income from leases or interest income from mortgages. If we couldn’t make it work from farmer cash flow, it probably wasn’t going to work at all. Reaching this size is a milestone for us; an affirmation that we can stick to our uncompromising commitment of supporting organic farmers and not selling the farms to payoff investors. 

In the early years it was not easy to raise capital. One could not “solicit” accredited investors or even financial advisors. But we could attend conferences and I remember in 2011 when we prepared our first Company "Fact Sheet". We highlighted the four farms and two farmers in the portfolio at that time. I brought the Fact Sheet (not a solicitation tool of course) to the SRI conference (now called ESG for Impact) being held at the Mohegan Indian Reservation in Connecticut. Iroquois Valley was not yet $5 million in assets, and we couldn't afford to sponsor the conference, but we promoted our impact at the lunch tables and in the lounges full of financial advisors looking for impact investments. This capital-sourcing connection with SRI-focused (i.e., socially responsible investments) financial advisors continues today and has served us well.

In the following years, we attended conferences regularly and I dreamed of the Company reaching $10 million in assets, then $20 million, then $50 million. I thought that I would retire at $50 million but that idea faded with the excitement of our direct public offering (our DPO), enabling non-accredited investors to invest in our REIT Equity Shares. The DPO was a corporate promise that taxed the entire staff, but one we kept without regrets. The excitement of small investors is quite contagious and has energized all investors, large and small. Today we have over 650 investors in 45 states and 5 countries that support our mission.

There have been many milestones over the years to celebrate. We have worked hard to do what we said we would do and earn the trust of both our farmers and our investors. The job is far from over, but it is with great confidence that I can say it is time for me to step back and let our new management team carry the Company forward. The Company has scaled enough to attract many types of investors and I expect that we will reach $200 million market capitalization much faster.

No leadership transition should occur without a parting vision, so below is both historical recap of our financial growth to date as well as thoughts on our capital raising going forward:

  1. A diversified equity base is still our Company’s lifeblood and foundational support. Small investors matter and they help us stay on mission and retain our independence.
  2. Iroquois Valley developed a "Key Operating and Financial Statistics" presentation to share with prospective investors and advisors. We still love the bar graphs and pie charts and the stories they represent. Our farm blasts like this one personalize the work we do and have always helped us raise capital and showcase our impacts.
  3. We realized that not everyone wants to invest in equity. So, with our Soil Restoration Notes, we created a product for accredited investors who may want to utilize fixed income investments. Offering SRNs means that Iroquois Valley is no longer reliant only on bank funding and we can control the financing costs passed on to our farmers.
  4. Raising our own capital has always been important. We have been willing to grow slowly and do our own marketing to educate our prospects and our mission-aligned investor base about our Company. The savings have been significant and have accrued to our shareholders.
  5. Almost half of the equity we raise is from SRI-focused financial advisors (FAs). FAs will continue to be a critical part of our future growth, and they appreciate that Iroquois Valley allows non-accredited investors to buy our REIT equity. Many FAs use our REIT shares as a lead investment when building impact portfolios (aka "start with something real and healthy" as the foundation for your impact portfolio).
  6. Iroquois Valley is by nature, a place-based impact investment. The farms in our portfolio are now located in 18 states and many different bioregions, watersheds, and counties. Expect more diversification to come.
  7. The number one reason investors buy our REIT Equity Shares or our SRNs is our impact on independent organic farmers. Our mission is critical to our capital-raising success, and we promise to always remain committed to our mission.
  8. Increasingly climate change is going to dictate the success of our agricultural production and food security. To increase our impact and public benefit, we might expand the products we offer. We could raise community capital or use more grants and other philanthropic capital to integrate with our mortgages and leases.
  9. Finally, we must continue to encourage investors, FAs, family offices, foundations, institutions, farmers, and the public to visit our farms and see the work that Iroquois Valley does and the impact we make. Communities are going to play a greater role in food security and nutrition. As a parting vision, I believe that our Company will take on an additional role of educating and showcasing more models of regenerative change such as our investments in Rock Creek Farm (Peotone, IL), Locavore Farm (Grant Park, IL) and Sharing Our Roots (Northfield, MN).

I would like to thank all that have been involved in supporting our vision over these first 15 years. I would also like to specifically thank the farmers that have trusted us to create a Company that can buy and hold indefinitely the many farms that we have helped steward. Effective immediately, I am stepping down as Co-Chair of the Company’s Board. In reflection, I have the great privilege of deferring to Dr. Steve Rivard, Board Chair; Dr. Anna Jones-Crabtree, Board Vice Chair; Bill Stoddart, CEO; and Chris Zuehlsdorff, COO, along with a seasoned staff well-tuned to organic agriculture. I will continue to serve as a member of the Board and as a senior advisor to the Company.

In community, with gratitude and reflection,

Co-Founder and Board Member
Iroquois Valley Farmland REIT, PBC
Sharing our Public Benefit Report & semi-annual financials
We are happy to share our 2021 Public Benefit Report alongside our 2022 semi-annual financials (unaudited). Both documents can be found on our website. Our Public Benefit Report highlights the triple-bottom line impact that we make on our farmers, our investors, our staff, and our board. We are pleased that the semi-annual financials show an 18% increase in revenue for the six months ended June 30, 2022, compared to the same period in 2021. Funds from Operations (“FFO”) increased $266,586 from $(117,829) to $148,757 for the six months ended June 30, 2022, compared to the same period in 2021. If you have any questions about our financial statements or our Public Benefit Report, please reach out to our Investor Relations team by emailing
The latest additions to the portfolio
Roann Farm - Alan and Shelley Wilson - Wabash County, IN
Alan and Shelley Wilson are organic row crop farmers in Indiana dedicated to producing organic crops and growing their commitment to regenerative soil health practices. The Wilson's practices include the consistent use of diverse cover crops and crop rotations. Alan is a veteran that served over a decade in the U.S. Army before pursuing a career in agriculture. The property that Iroquois Valley leases to Alan is adjacent to a bat sanctuary and a section of the Paw Paw Creek, a critically important place for chemical-free, organic farming. 
Pittwood Farm - Kevin Behrends - Iroquois County, IL 
Kevin Behrends is an Illinois farmer with a passion for diversified organics. He is excited to expand his organic row crop operation after spending years working with other organic farmers in the Iroquois County area, including Harry Carr, Harold Wilken, and Gary and Bobby Cooper. He is collaborating with Gary and Bobby Cooper on transitioning Pittwood to organic status. In addition to growing row crops, Kevin raises sheep in a pasture-based system. Kevin believes in crop rotation, integrating livestock, planting cover crops, and adding organic matter to improve soil health; he uses these techniques as much as possible. 
Eli’s Ridge - Shawn and Jennifer Hatley - Stanly County, NC
We featured Shawn and Jennifer Hatley in our previous farm blast, and we are excited to share that we have now officially closed on the purchase of their property, marking our first investment in North Carolina! Shawn and Jennifer are fourth-generation farmers that raise sheep, pigs, cows, ducks, and chickens using regenerative and sustainable farming principles. For more about the Hatley's operation, check out our blog post.
Legal Disclaimer
The information contained on this website is not an offer to sell or a solicitation of an offer to buy any security, insurance product, or service. Any product or service discussed in this website is intended for and is only appropriate for accredited and institutional investors and other qualified purchasers as determined by current SEC regulations and orders. The information available on this website is for informational purposes only.

Securities involve risk, and investment may result in a partial or total loss. Some of the statements herein may constitute forward-looking statements under federal securities laws. Such forward-looking statements are subject to various risks and uncertainties, including those described in offering circulars prepared for the purpose of offering and selling securities by Iroquois Valley. Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance.

Iroquois Valley and its affiliates are not liable for any investment decisions by its readers or subscribers. It is strongly recommended that any purchase or sale decision be discussed with a financial advisor, tax advisor, broker-dealer, or a member of any financial regulatory body. The information contained herein has been provided as an information service only. The accuracy or completeness of the information is not warranted and is only as reliable as the sources from which it was obtained.

In particular, Iroquois Valley Farmland REIT, PBC is offering its common stock for sale pursuant to Tier 2 of Regulation A+, and as such intends to be exempted from state qualification pursuant to federal law. Offerings are only made through our Offering Circular, available here. No offer to sell securities or solicitation of an offer to buy securities is being made herein or in any state where such offer or sale is not permitted under the blue sky or state securities laws thereof.
As a corporate guideline, we do not look for specific farmland to purchase or finance. We develop relationships with farmers who want to grow their businesses. We move forward when we have a ready, willing, and able farmer. 
Iroquois Valley Farmland REIT | Public Benefit Corporation  
 Certified B Corporation | Est. 2007