Episode 80: Investing in Farmland with Carter Malloy

[00:00:00] Ben: Welcome to the alt asset allocationpodcast, exploring alternative investment opportunities available to theeveryday investor. Here's your host Ben Lakoff.

Hello and welcome to the alt asset allocation podcast. Today'sinterview is with Carter Malloy of. Anchor trader you might recognize Carterfrom the podcast I had him on in September, 2020.

So this is a recurring theme. I'm having a lot of this previousguests on again, and with all of them, especially this one, a lot has happenedsince then September, 2020. This is. Bananas that it's almost two years withCarter and the acre trader this is investing in farmland. So something that wasvery interesting to me then as an asset, all cater and still interesting to menow.

So this episode is all about investing in. Farmland and moredetails specifically on what acre trader is doing more allowing investors toaccess this previously inaccessible asset class of farmland. That might bevery, very interesting for asset allocators. Before you listen, please don'tforget to like, or subscribe to the podcast.

All of these things very much help send it to a friend. If youfind value. Really, really appreciate it. All right. Enjoy this episode withCarter of acre trader Carter. Welcome to the alt asset allocation podcast. Goodto see you again.

[00:01:34] Carter: Thanks, man. It's nice to be back.

[00:01:35] Ben: Yeah, it's been a long time. So episodeseven, which was published on September, 2020, but that meant that was probablyrecorded in June or July, 2020.

So we've come a long way since then. That was early pandemicdays. And you know, we're still dealing with it. Here we are really,

[00:01:55] Carter: really excited to be here. And yeah,it's a lot has happened for, for you and me both. So I really, reallyappreciate the opportunity to speak with you again.

[00:02:01] Ben: Yeah, man. We had this episode before, sohighly encouraged my listeners to jump on that episode seven.

I thought it was a really good one about going over thebenefits of investing in farmland. We'll cover a lot of that on this one aswell. And, and you. Give you the opportunity to talk about what's going on withacre trader cuz you've raised substantial funding since then grownsubstantially. It's a very different company than it was two years ago.

But before we get into all of that, let's just do a, a briefoverview who you are and what you're doing with acre trader.

[00:02:33] Carter: Sure. So acre trader is a farmlandinvesting platform. We allow individual. To come on and invest individualaccredit investors to come on and invest as little as $10,000 into us.

And now Australian farmland, as well as other land assets likeTimberland and a few others to come. We are really excited about land for anumber of reasons that I'm sure you and I will, will talk about. And theinvestors are as well, but I think the problem that we solve and the problemfor me was that I'd individually been buying and selling land, grew up in afarming family and was, was buying and selling farm land with my dad and hadfriends that wanted to, but it's really, really hard to do.

Right. It's it's technically difficult. It's using the middleof nowhere where most people have, have not been and managing that farm is hardand oh yeah, by the way, putting up real capital to go buy a farm is alsodifficult. So. We built this platform to make, make investing in land veryeasy. So with a, with a few clicks and a few minutes investor can add land totheir portfolio and, and diversify their holding.

[00:03:29] Ben: Yeah. And big fan on this channel abouttalking about previously UN more difficult asset classes being a little bitmore attainable, still is accredited investors only which, which is kind of ashame, but you know, that's a whole nother conversation about the accreditedinvestor law, but we'll stay out of that.

But more importantly, farmland this prior to that lastconversation, I think we talked about it, but my grandfather, my mom grew up ona farm, like farmland was this thing that I didn't know much about, but nowbill gates is the number one owner of farmland in the us. Like it. It deservesa second look.

Let's just start off with why farmland investing from yourperspective,

[00:04:14] Carter: we, we see a lot of interest infarmland investing for a couple of reasons. I'll I'll bullet point here. One ishistorically consistent. Returns where it has put up, call it low double digit,like 11% type of annualized cumulative returns.

So nothing like gasp huge, but it has done that, which isroughly in line or with the S and P with, with stocks, but it has done so withfar less volatility than other similarly returning asset classes. So theconsistency of returns over time through, including through some recessionaryenvironments has certainly been a something that attracts people to to, tofarmland that historically lower risk and higher return profile.

Another, another thing that brings P folks interest in thefarmland is diversification. It doesn't really tend to be correlated. Itdoesn't move with other asset prices. As we've seen as example, you knowcrypto, we, you know, you and I had talked a little bit before the show hasshown some real diversification with, with broader indices but over decades anddecades of history, farmland tends to just beat to the March of its own drum.

So portfolio diversification's obviously something that many ormost of us as investors. Another reason is inflation. So it has historicallyshown the one KPI or one economic indicator that it has shown real correlationto has been inflation. And, and to, to that point with CPI and PPI, bothindicators of inflation, it has Been correlated a little more than goldactually.

So pretty, pretty fascinating from that standpoint. And thenlastly, and perhaps a really fun part of our platform is, oh yeah, by the way,you get to invest, invest in American farmland and support a farmer and be a,be a part of their business growth. And so it's a really exciting. Piece of ourbusiness to, to have that, that within your portfolio to have, have that typeof growth, where as, as many people know, and listening and viewing here today,know we're running out of land.

We, we have less land physically every minute than we did theminute before, and we have more and more mal to feed.

[00:06:08] Ben: Yeah. And I'm just gonna share. So forpeople listening this, that there there's a, a chart on acretrader.com/investors that I think is quite good. So this demonstrates like thedifferent returns across different asset classes from 1991.

But like farmland has just been very, very consistent andactually this whole page is, is quite good and just demonstrate. Why farmlandmight be interesting from an investor perspective. So kudos to, to you guys forputting that together, cuz it answers a lot of the questions. I think, I thinkit's worth kind of double clicking on the inflation portion.

So this is being recorded end of June, 2022 and inflation ishot on everybody's minds. And you brought up multiple times. Farmland couldserve as a good or historically as served as a good inflation hedge. Can wejust talk a little bit more about how that works?

[00:07:09] Carter: It's pretty simple in that we farmlandproduces goods that tend to be components of inflation, right?

So food fuel and fiber come off of the land. And, and sothere's just, this tends to be a fairly direct, direct link between thecommodities that are produced on farmland. And, and ultimately over, over time,the rents that that farmland produces because the revenue is growing should begrowing along some of those commodity values and the value of that land itselfalongside its.

[00:07:35] Ben: Yeah, that makes sense. I mean, bearmarket people probably aren't gonna stop eating anytime soon. Also a pretty,pretty good one. Although I do intermittently fast now, supposedly it's verygood for you. And that is stop eating at at times. Terrible. I've tried thatone.

[00:07:48] Carter: That was the worst thing.

That was the worst day yet.

[00:07:50] Ben: It's good for you. You know, maybe I'lllive forever. Maybe I'm just inconveniently, skipping breakfast and drinking anabsurd amount of coffee. Well, we'll fight down. Ask me again in 80 years. Sowith with farmland, like lots of positives this is with acre trader, primarilyfocused on if, if not exclusively focused on us farmland.

So it begs a question of like risks. Farm of food productiongoing abroad for investors or higher prevalence of lap grown meat or, or likeless reliance on us agriculture land, as we know it. How do you think throughthose potential risks in terms of timeline or reality?

[00:08:35] Carter: I think, I think ultimately there,there have been and, and should remain very material secular and cyclicaltrends behind farmland in that we have, we continue to have more and moremouths to feed those mals are demanding more and more calories.

Right? Look, look across emerging economies and proteinconsumption is still teeny, teeny tiny. Right? And so those alternative meatsby the way, are made out of soybeans or, or things we still grow on the farm.And, and so. There are lots of great solutions out there, necessary solutionsto catch up with the fact that we will need to feed more and more likedramatically more and more mals every year.

And I think what, what you've seen over time is this, we havealready had very material improvements in yield on, on a per acre basis, right?Through, through genetics, through improved well, first mechanization then,then genetic improvements. Farming improvements, not precision farming. And sowe're very big fans of the, the farm yield, continuing to improve.

It's just not enough at the end of the day. We've food isbecoming more and more expensive for a reason in

[00:09:39] Ben: terms of getting exposure to farmland. Ijust kind of did a quick Google, but you know, it's buy and sell farmlandyourself individually. These plots of land like you did with your father earlyon.

You have publicly traded res and then you have crowd fundinvestment platforms. Are they, are these the main three categories?

[00:09:58] Carter: Yeah, I think so. There's also privateequity funds, right? So if you've got a, a million or plus to allocate, thenthere are some great funds out there. Sometimes 10 million to allocate, butthere, there are certainly some, some good funds as well.

And they're probably 30 or 40 billion at this.

[00:10:12] Ben: Gotcha. For most investors it, it wouldprobably fall into the crowd fund, which is what you do, or like publiclytraded pros of publicly traded more liquid bigger perhaps, but what, what arekind of the other positives of more liquid, publicly traded rates?

[00:10:31] Carter: There, there are positives andnegatives with, with all of the above, including ours. Right. And I think.You've hit on a, a pretty material and which is liquidity with, within the, thepublicly traded stocks, you can go get liquidity very quickly. In inversely,they are part of exchanges and, and often trade alongside other stocks, whichis one of the things that we, we like to be away from.

But, but again, there, there are a number of, of great optionsout there to gain access to farmland. What, what we are excited about providingis the ability to come in and. Gain access directly to, and, and build your ownportfolio of farmland through our platform and to work directly with our teamthat that can help as opposed to, Hey, here's a a piece of paper to read.

Like we, we've got real humans here that speak to you and, andhelp help ultimately our, our investor customers understand and dig further andfurther into the asset class, which. What we really like is an educatedinvestor.

[00:11:23] Ben: Yeah. That's awesome for the, for aninvestor that's interested, I mean, I'm on your website.

I go to like investments, you have a few different ones. Sohow, how should an investor think about different types of farmland as itpertains to one their farmland investment allocation, but then in terms of liketotal asset allocation overall, all.

[00:11:48] Carter: So there's a number of third party,white papers out there that can discuss allocation and how much to, to put intoit.

We we're not an investment advisor. We, we don't drive peopleon those types of decisions. And ultimately, I think it's very clear, but we'renot here to say, sell your portfolio and buy all farmland. Right? We, we thinkit can provide an interesting portfolio diversification. In, in terms of the,the types of offerings that we do, it, it boils down into a few that I'll, I'lltry to, to split apart.

Mostly it is row crops and permanent crops. So row crops arethings that grow and you plant every year, they grow in rows. You've seen theseeither flying over or on a country road and. That's things like corn soybeans,cotton rice, and those crops are over time, have produced less income, but moreappreciation in the value of the land relative to the other primary crop type,which is permanent crops.

So a, a permanent crop is something that you plant and it's atree, an example, we'll use an almond tree. It has a life of 23 plus yearswhere it produces almonds each year. Right? And so as the owner of that, you'vegot a little more commodity exposure and some depreciation of those treesworking against you.

But over time that is shown to. A little more income and alittle less appreciation due to the, the value of trees or long, long periodsof time going down. So each of those have produced similar type of returns.Call it low double digit IRS over time, just in a little bit differing fashion,the third type of offering we then have beyond.

Farms or, or things that grow food fuel and fiber are thingsthat grow land that grows trees. So we've, we've begun doing timber timberofferings. I've got a couple of great folks on our team that helped drive thoseefforts. We, we hired a incredible senior portfolio manager, mark fully whopreviously managed over a billion of timber assets.

To, to bring forward. And we he's been working here since lastyear. We just started ramping up and offering those just this, this month,actually. So we're really excited to bring timber forward as well, which is alittle different beast than the other two, but, but also a really fascinating

[00:13:50] Ben: asset class.

Fascinating. And, and what kind of percentage of offerings onthe platforms for row permanent timber? Are they pretty evenly distributed?Timber is obviously new, but yeah, I'm curious on the break. Say we're

[00:14:05] Carter: a little heavier on row crops than theother two. It's where we cut our teeth. It's where most of us being here in themiddle of the country grew up around.

And so that's where we've, this is where we started as acompany and we've expanded. So initially it was just row crops and we expandedinto permanent crops. We've since done permanent crops in Australia and nowdoing timber and we'll offer a few other land types as we continue to grow.

[00:14:27] Ben: Cool. And then, so walk me through howthe investment actually works.

So minimum of 10, K what what do the fees look like? Liquidity?How is return derived? Just walk me through like, and obviously each of thesedeals probably are, are slightly different. So you can talk about thosedifferences if need be, but just help me understand 10 K into the platform.What, what does that look like?

[00:14:53] Carter: So that, that minimum investment, youknow, again, usually anywhere from 10 to call it 25 K so offering by offering.So all the, these are very general statements, but generally the upfront fee ispaid by the land seller who, who will work through our, our land brokeragedivision. So we, we like. When we can make fees that we're already in thetransaction anyway, rather than charging charging extra, then through the lifeof that farm, we typically charge 0.7, 5%, sometimes 1%.

So a very low annual asset management fee. We, we are bigbelievers in the world is headed to low fee anyway. And so we've, we've builtour platform with, with that in mind. And with scalability ultimately is, isthe goal for us as a business. So it's fee structures in terms of liquidity.Usually deal terms are three to five years, five to 10 years, even 10 to 15.

Sometimes we are looking for long term investors that are hereto, to invest for the long term. But that is the nature of the asset itself.That being said after a one year minimum lockup period, if you been say, Hey,I've purchased this and I, I actually wanna go resell it. We're fine. If yougo.

Solve that to your neighbor or to your friend or throughanother platform. And then we actually have, have built the technology for ourown secondary platform within our business and hope to launch that pending somebunch of approvals and work and appraisals and fun, fun, fun, back off of stufflike that.

So, but it is something where we are really excited to bringthat forward. As soon as.

[00:16:20] Ben: Fascinating. In theory, that would meanthat after the one year I can exit have a little liquidity on those on, onwhatever investment there is.

[00:16:30] Carter: Should you need to that? That'scorrect though. Again, we, we, we prefer for you to, to stick around and investfor the long term.

[00:16:36] Ben: Yeah. So the fees are pretty clear and,and again, like reiterating long term mindset with all of this, like three to15 years is long, long maturity, but it is nice to have that liquidity option.How, how is return generated? So obviously with crops, there's like the, theyield each year, but do you get exposure to the underlying land appreciation?

So just walk me through the, the returned aspect. I

[00:17:02] Carter: knew there was a third part of yourquestion that I forgot. Sorry, man.

[00:17:05] Ben: it's all right. I, I put like 20 of themtogether, so

[00:17:09] Carter: that? That's correct. So investors canmake money two ways. Typically one is through appreciation and the underlyingland and the other is through income.

So the income can be. Either rent from, from a, a row cropfarmer, as an example, it can be a revenue share like selling apples and, andhaving a share of the revenues coming off of there. It could be from sellingthe trees. If you're growing timber on a, on a, on a Timberland investment Sothere there's potential for income from, from that.

And then there's also a potential for appreciation theunderlying land. So usually the way that it works is you, the investor own partof an LLC through our, through our platform that LLC then holds title to theland. Right. So, so you are through that LLC are exposed to the appreciation.So after a period of time, that land goes out and is sold, then you receivethe, the proceeds back from that.

So, and, and we have, we have completed several of those typesof transactions where we've had a, a full cycle on land and have paid investorsout beyond what we had hoped and expected.

[00:18:04] Ben: Awesome. Those are always positivesurprises for investors. A few questions here. So do you do the offering, like,I don't wanna speculate on land.

I just want crop yields. Just that portion, not exposure toboth of those. Do you, do you offer one without the other or it's always kindof a package

[00:18:22] Carter: deal. Not yet. It's a package deal sofar. There, there are certainly other ways to get exposure to one or the other,but we, we find that frankly, most investors do want exposure to the landitself.

[00:18:32] Ben: Yeah, I would think so. I'm just, I, Idon't know what real estate farmland real estate has done over the past. Well,two and a half years since or two years since I talked to you, but I wouldimagine it's up into the right, like most, every other asset class, I. Farmlandin the us without like the, the crop yields up substantially over the past 20,30 years.

[00:18:59] Carter: Yeah, over 20, 30 years, certainly.But as we were discussing earlier, that kind of slow and steady wins the race,right. So it's been a fairly consistent performer over that time period. I, Ithink, you know, in the last couple of years it has performed well, certainly Ithink you could point to most major assets and say they have outperformed and,and farmland was starting from a lower base.

So I don't know that we've seen mean reversion yet in, in termsof the, the long term performance curve for farmland, where, whereas we haveseen you know, material out performance relative to the mean for most majorasset classes,

[00:19:33] Ben: is this bad. If all the investors buy upfarmland and whether it be through crowd funding or, or privately individually,Because it seems like it would be trending towards the farmland is unattainableexpensive for the, the people that are actually farming the land.

And they're like leasing it from this, these industrial groups.I mean, is that a bad thing for farmland in America overall?

[00:19:59] Carter: We, we take the position of, as longas we're helping the farmer grow, then that's a positive thing. And thatthat's, that's how we do most of the offerings that come to our platform.

They come from a farmer that wants to grow their business andthey know a neighbor that may be retiring or selling for whatever reason. Andso we can go in that way. What I can say further is that I'm speculating here,but probably 95%. Farmland transactions are being sold to another farmer,right? So you, you can look at the, the total amount of farmland in the UnitedStates is at this point I believe over over $3 trillion with a tea andprofessional investment groups.

Make up one, maybe, maybe 2% of that.

[00:20:39] Ben: Well, bill gates is 600 million orsomething alone. Right?

[00:20:43] Carter: So he he's like behind the decimalpoint in terms of his ownership. So, you know, a quarter million acres soundsreally big until you realize it's part of hundreds and hundreds of millions ofactual acres. Then, then you realize like, That's big, but it's literally,well, well behind a decimal point in terms of his, his ownership of land.

And so the, you know, and compare that to. Shopping malls,which are like 90% institutionally owned, right. Or retail centers or apartmentbuildings or sky rises or industrial centers, whatever that may be. Amazonfulfillment warehouses. Those tend to all be very, very heavily institutionalmajority often institutionally owned relative to farmland that's one or 2%.

So if institutional participation doubles and then doublesagain, it will still be relatively insignificant.

[00:21:32] Ben: Yeah, that that makes sense. I justthink, you know, institutional investors wanting diversification, it's greatasset class, like money, presumably will start piling in and curious, playingthat out a couple more stages.

Like what that looks like with acre trader specifically when.So each property, each deal is an LLC. You're buying into that. What else, whatelse should my listeners know about like that process and behind the scenes.

[00:22:04] Carter: The process itself is very for theinvestor is very simple. We've got a, you know, substantial softwaredevelopment team.

That's put together some, some pretty amazing software to walkyou through that process to become verified to make the investments themselves.It's, it's pretty well point and click through, through our software. So the,the process is very easy. The documentation. Fairly, if not very standardizedthose are always available and we we urge people to read them super excitinglegal docs.

But, but we, we have we have worked extensively with counselaround getting those as short as possible and as legible or, or asunderstandable as possible. Right. And, and then beyond that, we. Loads andloads of information and education on our website and our phone number ispublicly listed. You can call us anytime.

We've got a whole team of investor education specialists thatlive and breathe and eat land all day every day and would be thrilled to speakwith you.

[00:22:55] Ben: Yeah, that's awesome. Legally doesn'tmatter, it's still it, but should read it, you know, it's, it's there for areason. Going down that path a bit.

You are a young company.You're well capitalized at this moment, but like thinking about crisismanagement. You invest in few few of these deals, 15 year term. What happens ifacre tra disappears? How, how has that dealt with.

[00:23:21] Carter: Yeah. So the great news is in, inthose legal documents, there's an instruction set for and has been there sinceday one of our business of here's what happens.

These, these folks don't run their business. Well. So, sothere, there is a little instruction set to have those overseen by, by anoutside firm. The management of, of those entities is, is through its ownindividual company are, are a wholly own trader management company. And, andthat is a well capitalized business that produces real revenue.

So there's, there's enough revenue in there to hire a team ofpeople to oversee those farms. So But, but again, while that concern is, isdiminished certainly for me personally today we unless wanna spell it out invery clear terms for all investors to see. And I think that's why I point billpeople to those legal docs is, as you can imagine, we've had lots and lots oflawyers and attorneys investment on our platform.

And they, you know, we often get calls of like, Hey, this isactually really friendly. We appreciate the way this is written.

[00:24:14] Ben: that's awesome that I. That's great.That's gotta make you feel really good as a founder as well. You're like this.I have you guys in mind. See, I told you like, this is what I'm saying.

[00:24:26] Carter: I think the fourth person on our teamwas an attorney, Elise Alexander, our general counsel. So she's, she's.

[00:24:32] Ben: Nice. So since we talked two years ago, Imean, you were one of the only teams in town working on this really. Nowthere's a few more competitors that have sprung up, you know, similar offering.

So I imagine you guys in the background are all fighting fordeal flow, but let's talk about some of your competitors and how they compareor differ.

[00:24:57] Carter: So we don't spend a lot of timethinking about them and that's not meant as an insult to those competitors. Youknow, and, and certainly we, we, the more people out discussing farmland andhelping educate consumers the, the better so we're, we're not anti-competitiveat all.

I, I would say as a company, we've, I think we've done moreand, you know, we've done well over a hundred offerings on our website. I thinkwe've, we've done far more than all those companies combined. So we, we don't,and, and we're friendly with those folks, but like again, with a hundredbillion dollars of farmland trading every year and, and countless assets outthere being invested what we are focused on is providing the absolute best.

Experience we can to the farmers that we work with and to theinvestors that we work with on our website. And, and I think that ultimately isproven out with the, the size of the team we have, which is, you know, again,we're well over a hundred person company at this point really focused onproviding great outcomes.

Okay.

[00:25:51] Ben: Yeah, that's awesome. And that's a lot ofknocking on doors and calling people. I would imagine it is, especially if allof that farmland is just inherited from one person to another. It's not likethey're putting a sign post out or listing it on any website when it's. Gettingready for sale.

Yeah, I think that's,

[00:26:09] Carter: that's worthy consideration, right?That we, we have, I think about deal flow. Like we've invested material, like amaterial seven figure investment into being in front of farmers and landowners.And I think that that affords us pretty, pretty unique insights and, and lookinto the flow of opportunities.

[00:26:27] Ben: Yeah, I bet. I mean, you have to getahead of these things. You've mentioned a few of them, but like, you know, twoyears of growth, let's talk about some of like the key milestones that you'vedone since then, because they've been substantial.

[00:26:42] Carter: So when we last spoke you and I lastspoke, I think we were.

Just under 10 people, something like that today. We're we'rewell, over a hundred. We had done a number of farms, but today we've done wellover a hundred. There also we have, since you and I last spoke, we've donethree rounds of financing. That's been a little over $70 million of capitalraised for the business itself to, to go out and, and grow our company.

I can say comfortably that we have. Extreme majority of that'sstill in our bank today. And so we, we run the business pretty conservatively.And to your point earlier, we do, we do plan on being here for the very, verylong term. So I think, you know, and, and we've learned a lot, like we've,we've made, you know countless, countless mistakes and we celebrate them loudlyas a company as, as we learn along the way we try not to make mistakes that ininvolve our customers.

Right. But, but internally, whether that's building software ortrying new products, Or, or falling flat on our face and a number of otherinitiatives, including within HR and marketing, et cetera. But we're, we'rereally, really proud of the culture we've built. I think that's a, a word thatI spent, we talked about earlier, but.

Prior tore trader. I spent a dozen years as a professionalinvestor in, in businesses, and I often heard this word culture get thrownaround a lot, thrown around a lot. It sounds very corporate. But, but in factit's the, what defines a business is the people that work within it. And Ithink that's of all the milestones and misses along the way.

The thing that I, and we are most proud of is that I get tocome to work every day and work with absolutely amazing.

[00:28:10] Ben: That's incredible, man. Well, kudos toyou. I mean, the culture comes, it's set from the top. So if you've got a greatcompany culture and people are loving it and you're doing great things, youknow, there's, there's some key driving force from the beginning.

So kudos, kudos there. You you've got an exciting future comingup. What, what excites you most about acre trader going forward or like let'sdo like in the near-ish term.

[00:28:37] Carter: We we have built this suite of toolsthat allows us to evaluate land. So if you, if you can imagine this, our, theindustry that we work in is, is so wildly old school that.

When a property comes in for review, quite literally, like wehave to pull out paper sometimes and pull out paper maps and log into sixdifferent online systems and county courthouses and GIS systems and all theother weird acronyms to try to understand land. So we built a tool for us.Today it's.

It's got a substantial engineering and data science team behindit. It's led by a former data scientist from, for Bridgewater and, andultimately they built a tool for us to go understand land and we are gonna begiving that ation. So we're gonna give it away to the market and try to bring alot more transparency to what's going on out there for landowners and farmersand investors alike.

[00:29:26] Ben: Fascinating. So that would that be itsown product of like proper land agricultural land valuation.

[00:29:33] Carter: That that's correct. So whether you'rewanting to look at, you know, how water's gonna flow across the property,topographical maps, or look at the history from satellites, looking at how thisthing has evolved over time to ownership records, comparable sales and host ofother, like all the water problems and, and opportunities within California asan example all of it is there in one tool.

So we're incredibly proud of it and really pumped to roll that

[00:29:55] Ben: fascinating. But that, that will be likea SAS product sort of thing in and of itself.

[00:30:01] Carter: For, for professional users, that'scorrect. For, for everyday landowners and, and investors be free.

[00:30:06] Ben: Cool. And it, in top of funnel for peoplelike looking to value their land, I guess they look straight to acre traderfascinating.

That's that's, that's really great. I'm, I'm excited to seethat. I, I don't know if I'll use it, but I'll, I'll certainly tinker around onit and see, see what you've built, especially cuz you're you're as excitedabout it as you, as you are. We've we've covered a lot about farmland, acretrader. Is there anything that I'm missing that we should have covered?

[00:30:37] Carter: You know, I think we've talked a lotabout we talked, I talked about our team and the unique expertise of having abunch of brilliant folks here at Arkansas with, with lots and lots of farmingbackgrounds. So that, that unique expertise helps. We've talked a lot aboutfarmland investing. We've talked about the ease of using the platform.

So no, I, I think we've, we've had a lot of the, the importanthigh notes here and, and why we're obviously incredibly excited to continuebuilding our.

[00:31:00] Ben: Yeah, well, Carter, I mean, from 10people, you've 10 plus Xed your, your, your head count there. I'm super excitedto see the continued success of baker trader and yeah, very, very excited fromthe sidelines.

Great to have you on today, where can listeners find out moreabout you or about acre trader? Where would you like to send them

[00:31:23] Carter: acre? trader.com? Pretty easy toremember.

[00:31:25] Ben: Easy. Great to see you, sir. Thanks forcoming.

[00:31:28] Carter: Awesome. Thank you so much, Ben. There

[00:31:30] Ben: you have it. Thank you for listening. Ireally appreciate your support.

Show notes, transcript links, and more can be found on [email protected]. If you'd be so kind, please share this withanyone you think might be interested or get some value from this conversation.If you have any questions or comments, please reach out. I'm always happy tohear. Lastly, if you're on YouTube, please like the video or subscribe to thechannel.

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