FREQUENTLY ASKED QUESTIONS
Investment Questions
A: Yes, you can use the money in your IRA to invest in either the REIT shares or the RNR Notes. This capital is generally not available to withdraw for use until you are 59 ½ (without penalties), so it is a perfect choice for a long-term investment like Amber.
A: Organic farmland plays a different role in a portfolio than publicly traded stocks. Experienced investors consider farmland as a way to diversify a traditional portfolio (public market stocks and bonds) across asset classes. With the addition of as little as 5% allocated to farmland, the resulting portfolio will generally outperform a traditional portfolio. The portfolio also gains exposure to a real asset with a different set of underlying market drivers.
Farmland has historically experienced less volatility than the stock market and its valuation is influenced by factors that differ from those driving publicly traded companies. Demand for farmland is tied to fundamental factors such as food production, land scarcity, and the economics of agriculture. Strong demand paired with a limited supply typically leads to higher valuations. Public stock markets are driven by factors beyond fundamentals, such as overall market sentiment, current events, economic trends, and other factors.
Farmland is a valuable source of diversification. Historically, actively managed farmland has generated positive returns through periods of significant stock market downturns. Some recent examples are the dot-com bust of the early 2000s, the 2008–2009 great financial crisis, and the period of elevated inflation in 2022.
For those working with Amber, the opportunity also lies in investing in an asset with the potential to deliver financial returns while helping build a more resilient food system for generations to come.
Sources: Sherrick, Bruce J., and Juo-Han Tsay. Performance of Farmland Investment. TIAA Center for Farmland Research, University of Illinois Urbana-Champaign, Nov. 2025. & “Are U.S. Stock Market Valuations Outpacing Fundamentals?” Goldman Sachs. July 2026. & “Farmland Correlation with Other Assets by Holding Interval.” farmdoc, University of Illinois Urbana-Champaign. February 2025.
A: We revalue our REIT share price twice a year, and the price is directly linked to the estimated fair market value of our farmland portfolio.
To determine the fair market value of our farmland, every property undergoes an independent third-party appraisal with an in-person site visit at least once every three years. In the years between, we use rigorous internal desktop appraisals, leveraging industry-standard methods. The primary difference between desktop appraisals and a full appraisal is that the desktop method doesn’t include a typical farm visit.
To recognize the unique added value of organic certification, we apply an “Organic Premium” to certified organic farms, ranging from 1% to 9%. This premium primarily reflects the length of certification and rewards environmentally responsible stewardship.
The share price is calculated by totaling the fair market values of all our assets (including the fair market value of our farmland and the Organic Premium, where applicable), less the fair market value of our liabilities to determine the amount of equity in the company. The resulting equity is determined by the number of outstanding shares to determine the NAV (or value) per share.
A: The 5-year commitment is an important feature of investing with Amber. We provide patient capital to organic, regenerative, and transitioning farmers across the country. For farmers, success doesn’t happen overnight—transitioning from conventional to organic certification alone takes at least three years, and it often takes five or more years for a farm to stabilize and become profitable.
The 5-year lock-up allows us to match the time horizon of our farmers’ businesses with the time horizon of our investors’ capital and still provide investors with a shorter lock-up than most other private equity investments. From an investor’s perspective, the commitment period is designed to be a long-term investment that provides low volatility, attractive yields, uncorrelated returns, portfolio diversification and a strong inflation hedge.
Many of our investors view Amber as a natural fit for retirement capital. You can invest through tax-deferred accounts (IRAs, SEPs) with third-party custodians. Additionally, Amber REIT Equity Shares are approved as an Alternative Investment with Fidelity, Charles Schwab & Co. Inc., and Pershing, so you can hold shares directly in your brokerage account!
A: Returns on Amber REIT shares consist of two components: a dividend and the long term appreciation of the shares. Historically, the dividend has been approximately 1/2 of 1% per year. It is taxed as ordinary income. Share price appreciation is the largest component of your total return and is measured by the increase in the share price over time. It isn’t taxed until you sell your shares.
Since your shares must be held for at least 5 years, the appreciation will be treated as a long-term capital gain. Long-term capital gains are generally taxed at lower rates than ordinary income. Income that you receive from public equities (that are held less than one year), and income on a CD are both taxed at your ordinary tax rate. If you invest in the REIT with money in your IRA, your taxes will be deferred until you withdraw the money, typically when you are retired.
A: A 1031 Farmland Exchange entails a property sale to a 3rd party, and a time-sensitive and often complex sourcing and exchange into a like-kind property of a similar value. Because farmland property owners often don’t have the expertise to source, diligence, and close on appropriate like-kind properties, they often opt for professional management, which may enable a sale and exchange for an interest in a professionally managed, larger, like-kind property or properties (such as an apartment complex or hotel), despite the often substantial fees.
In contrast to those often substantial fees, a sale to a 3rd party, and an exchange into an often unfamiliar property type, a 721 Exchange within an Amber Farmland Hub, may enable the contributed farmland property to be leased in partnership with a neighboring organic farmer, keeping the land in active production while supporting the growth of the next generation of organic farmers, in addition to providing tax deferral, diversification, and professional farmland management to the landholder.
For expanding organic farmers within a Farmland Hub, a 721 Exchange may create opportunities to access additional farmland through long-term lease arrangements with Amber.
Sources: Peterson, Jeff. “1031 Exchange Deadlines Explained: 45 Days, 180 Days, and What They Mean.” CPEC1031, LLC, 22 July 2025, www.cpec1031.com/blog/1031-exchange-deadlines-explained-45-days-180-days-and-what-they-mean. Chicagoland 1031 Exchange. “A Primer on Fees of DSTs.” Chicagoland 1031 Exchange, 3 June 2019, chicagoland1031exchange.com/a-primer-on-fees-of-dsts/.
Agriculture Questions
A: Our partners, the Organic Farming Research Foundation, say it well:
Organic is an age old, holistic system of farming. Organic is principles-based, works with nature, builds healthy soil, and enhances clean water, biodiversity, and farm communities. Many organic practices are rooted in Indigenous land stewardship and Traditional Ecological Knowledge.
Although the term ‘regenerative’ has gained widespread traction among farmers and the food industry, there is no definition of the term “regenerative farming,” and interpretations vary widely. Organic agriculture shares many of the same practices and goals as regenerative farming, and it has a clear legal definition with objective standards. Additionally, organic farmers are required to be recertified each year, which ensures that our farmers make the impact our shareholders expect when they invest.
A: The impact is measurable—and material. In 2022, nitrous oxide accounted for at least 49% of U.S. agricultural greenhouse gas emissions, much of it tied to nitrogen fertilizers. Nitrogen loss occurs through nitrate leaching, ammonia volatilization, and nitrous oxide emissions—negatively affecting air quality, waterways, and climate.
A 2019 analysis found that air pollution from fertilizer use in corn production is associated with an estimated 4,300 premature deaths annually and $39 billion in economic damages in the United States. Communities near fertilizer production and heavy application areas face disproportionate health risks. Regions along the Mississippi River—often referred to as “Cancer Alley”—and parts of Iowa experiencing elevated nitrate levels in drinking water illustrate the downstream consequences.
Amber focuses its investments in the Midwest, where synthetic fertilizer use is most concentrated, supporting organic systems that reduce reliance on these inputs and strengthen long-term soil and community health.
Source: McKnight Foundation. “Report: Nitrous Oxide – A Hidden Threat.” McKnight Foundation, 2026, https://www.mcknight.org/n2oaction/
A: Organic farming systems are prohibited from using synthetic inputs. Synthetic fertilizers may deliver quick nutrients, but they also disrupt natural soil processes, pollute waterways, and contribute to greenhouse gas emissions. Organic farmers take a different path: building soil health through crop rotations, cover crops, compost, and sometimes integrated livestock. These practices allow the land to cycle nutrients the way nature intended, supporting resilient soils that store more carbon, hold more water, and nourish healthier crops without relying on fossil-fuel-based inputs.
At Amber, we invest in farms that are actively transitioning away from synthetic fertilizers and toward organic, regenerative systems. Each investment helps farmers eliminate chemical inputs, rebuild their soil, and protect surrounding communities from fertilizer-related pollution. In fact, we estimate that every $100,000 invested can support roughly eight acres moving off synthetic fertilizers, removing over 12,000 pounds of chemical inputs and replacing them with agricultural systems that work with the land, not against it.
A: Under the USDA organic standards, synthetic fertilizers are prohibited in organic farming. Nutrient cycling, as noted by Amber farmer Paul Hoffman in the Chicago Tribune article linked here is a more sustainable alternative to conventional fertilizers.
Organic farming is differentiated by lower input (i.e., fertilizer) cost volatility, reduced exposure to global commodity shocks, and more predictable operating margins.
A: At Amber, we embrace the concept of Food as Medicine as the belief that healthy, nutrient-rich food is itself a form of preventative care. Organically grown foods, produced without pesticides, herbicides, synthetic fertilizers, genetic modification, growth hormones, or antibiotics, offer a powerful defense against illness. Yet, this vital “medicine” remains in short supply, with less than 2% of U.S. farmland dedicated to certified organic production.
Our co-founder, Dr. Stephen Rivard, practiced emergency medicine for 26 years and witnessed firsthand the consequences of a chemically dependent food system. Early in his career, he cared for a four-year-old boy who tragically passed away after he spilled a bottle of an organophosphate insecticide on himself. That experience, along with his growing concern about the widespread use of toxic chemicals in agriculture, left a lasting impression.
Over time, Dr. Rivard observed a troubling rise in patients suffering from diet- and environment-related illnesses. He noted correlations between our modern food system and increases in food allergies, obesity, heart disease, hypertension, diabetes, chronic inflammation, neurological conditions, and cancer. These experiences inspired Dr. Rivard and ultimately led to the founding of Amber, built on a model where investments directly support the expansion of organic farming—providing preventative medical care through chemical-free food.
Perspectives on Food as Medicine vary widely. For those interested in exploring this concept further, we invite you to read Dr. Rivard’s 2021 interview with Authority Magazine and go deeper into the research from the National Library of Medicine.
A: Less than 1% of U.S. cropland and pastureland is certified organic, even though organic demand has been growing at double-digit rates for years. That gap between demand and domestic supply is exactly the opportunity Amber farmers are stepping into. Every acre we help transition is one more acre meeting demand that can currently only be met by imports.
Source: SDA Economic Research Service, Organic Situation Report, 2025 Edition (EIB-281, February 2025)
Amber Farming Questions
A: About 70% of farmers in our portfolio include organic soybeans in their crop rotation. What differentiates them isn’t just the crop—it’s the market. Our farmers serve premium domestic buyers, thereby significantly reducing their exposure to the volatility conventional soybean growers face in global commodity markets.
Conventional soybeans depend heavily on exports and are therefore more vulnerable to tariff swings and geopolitical shifts. In contrast, as the Organic Trade Association notes, organic exports make up only about 5% of the U.S. organic market. The U.S. is primarily a consumption-driven organic market, meaning organic farmers are far less tied to external demand shocks.
A: In early 2025, we began our partnership with the Rodale Institute to provide essential, locally relevant post-investment support. The Rodale Institute’s Organic Consulting Team is offering Amber growers a suite of comprehensive, science-backed services designed to enhance farm profitability, operational performance, and ecological sustainability through their expertise in organic farming practices.
The collaborative program includes site visits, remote agronomic technical assistance, and guidance on topics such as weed and pest management, fertility recommendations, crop rotation planning, tillage reduction strategies, and certification assistance.
A: When we acquire land for a farmer, our intention is to begin a long-term partnership. We expect to support the farmer through the organic transition and then benefit from their long-term stewardship of the land. Occasionally, however, a partnership ends, leaving us with farmland that has been thoughtfully transitioned to certified organic production, but no farmer to farm it.
In these situations, our first priority is to keep the land in organic stewardship. Our Farmland Hub Strategy helps make this possible. Because we invest in regional clusters of farms, there is often another organic farmer nearby who can steward the land—either temporarily or long term. If a farmer within our existing network cannot take over the land, we work to identify another qualified organic farmer in the region.
If we are ultimately unable to partner with an organic producer, we sell the land. While this sometimes means selling to a conventional farmer, our goal is always to preserve as much of the environmental and economic value created through the organic transition as possible. Auctions are considered only as a last resort, since the benefits of organic stewardship—and in some cases, farmland itself—can be lost when land changes hands at auction.
A: We have been in close communication with our farmers regarding new federal policies. Access to capital for projects such as organic transition and conservation easements has significantly impacted them. Organic, regenerative farmers must contend with uncertainties due to climate change, and unpredictability of funding sources should not add unnecessary volatility. For our team, this emphasizes that long-term private capital is more necessary than ever for farmers to access stable leases and affordable mortgages. As an Amber investor, there are a number of ways to support farmers in these uncertain times:
1/ Due to these federal cuts, blended capital (a combination of impact investments and philanthropy) is more critical than ever. Groups like our charitable affiliate, Healing Soils Foundation (HSF), have answered the call. Since the start of 2025, HSF has provided more than $450,000 in direct grant funding to farmers across the Midwest through their Regenerative Farmer Assurance Fund. Want to support the vital work of the HSF? Click here to learn more and donate.
2/ Our partners at the National Sustainable Agriculture Coalition, Organic Farming Research Foundation, and Rodale Institute regularly publish informative newsletters about the continuing impacts of federal funding changes on farmers across the U.S. Check out their vital work and sign up on each of their websites to stay informed on the latest changes.
3/ The good news is that the majority of our farmers produce corn, soy, wheat, and beef, and they have not seen the market demand reduced. This demand showcases that an investment in organic, regenerative farmers and farmland is not only an impact investment but can be a strong financial investment for the long term.
A: Extreme weather is a difficult test for any farming system. What we’ve consistently experienced is that organic agriculture holds up under extreme conditions. In periods of drought or flooding, organic fields tend to maintain yields while conventional production declines. In fact, organic corn yields have averaged 31% higher than conventional production over time.
That resilience starts with the soil. Organic practices build soil organic carbon, which improves the land’s ability to absorb heavy rainfall and hold moisture through dry periods. Healthier soil isn’t just better for the environment—it’s a more durable foundation for farm performance and our food system.
The regions of the country where we invest matter, too. Amber’s focus on the Midwest and farmland in regions around the Great Lakes is protected by the natural moderating effects. The region benefits from steady rainfall and fewer temperature extremes, reducing reliance on irrigation and preserving underlying water resources. It’s a practical approach to managing risk at the portfolio level.
The Great Lakes themselves are a critical advantage for farmland—one of the largest freshwater systems in the world, containing 84% of North America’s fresh surface water. That access, combined with disciplined land selection, helps position our farms to perform across many weather cycles.
In short, extreme weather resilience in our portfolio isn’t accidental. It’s built into where we invest and how we support land stewards for the long term—for the benefit of both farmers and investors.
Sources: Rodale Institute. “New Research Reveals Organic Agriculture Produces Higher Crop Yields During Periods of Extreme Weather.” Rodale Institute, 21 Dec. 2022, https://rodaleinstitute.org/blog/new-research-reveals-organic-agriculture-produces-higher-crop-yields-during-periods-of-extreme-weather. & United States Environmental Protection Agency. “Great Lakes Facts and Figures.” EPA, https://www.epa.gov/greatlakes/great-lakes-facts-and-figures.
