Farm: Legacy Farmland Fund
During the fourth quarter, Sower completed an important consolidation within its farmland platform by transitioning the Legacy Farmland Fund into the Sower Farmland Fund, which has been operating as Sower’s primary farmland investment vehicle. Going forward, the Legacy Farmland Fund will no longer operate as a separate fund. Instead, farmland owners associated with the legacy structure may contribute their land directly to the Sower Farmland Fund’s Legacy 721 Exchange.
This change brings all farmland ownership, management, and capital formation under a single fund structure, simplifying the platform while preserving the flexibility that legacy landowners value. Rather than maintaining parallel vehicles, Sower is aligning farmland contributions within the existing Sower Farmland Fund to support greater consistency in management, reporting, and long-term strategy.
Legacy 721 Transactions within the Sower Farmland Fund
As part of this consolidation, references to the Legacy Farmland Fund will transition to “Legacy 721 Exchanges” under the Sower Farmland Fund. These transactions provide a pathway for farmland owners to contribute property to the fund in exchange for fund units, deferring capital gains while converting a concentrated, illiquid asset into diversified farmland ownership.
Contributed farms become part of a nationally diversified portfolio of U.S. row-crop farmland managed by Sower’s farmland team. Sower works with professional farm managers and established tenants, maintains relationships with local producers, and applies consistent lease and oversight practices across the portfolio. Where appropriate, transaction structures may allow for continued operational involvement through lease-back or similar arrangements.
Strategic Rationale
Consolidating the Legacy Farmland Fund into the existing Sower Farmland Fund supports both contributors and the broader platform. For landowners, it provides continuity of ownership and management while offering additional flexibility for succession planning, diversification, and liquidity over time. For the fund, it improves portfolio cohesion, enhances diversification across geography and crops, and streamlines operational oversight.
This consolidation reflects Sower’s ongoing focus on building a scalable farmland platform that balances long-term land stewardship with disciplined investment management.
