FPI

FPI is not a growth story — it is a managed, shareholder-friendly wind-down. FY2025 revenue fell 10.4% to $52.2M and total assets shrank 17.3% to $719M as management sold farms and its Murray Wise brokerage. The headline P/E of 15.9 and 60.5% net margin flatter the business: the MD&A shows FY2025 net income of $31.5M (down 47.3%) leaned on a $10.5M gain from disposing 23 Corn Belt properties and a $1.0M gain on the brokerage sale, not recurring rent. Operating cash flow was just $17.4M. Earnings quality here is low and lumpy — FY2024's $59.9M net income likewise came from dispositions — so I'd anchor on the balance sheet, not the income statement.

On that basis the setup is defensible. Equity is $467M against 43.5M shares, or roughly $10.74 book per share, so at $9.71 the stock trades near 0.9x book — and for a farmland REIT carrying land at cost while the MD&A argues values are appreciating on scarcity and food demand, true NAV likely sits above book. Leverage is low (liabilities/equity 0.39x, long-term debt down 21% to $162M), and management is buying back stock ($37.8M) below book and redeeming the Series A preferred ($68.2M in cash in Feb 2026). Deleveraging and sub-book buybacks are accretive.