I'm here to today to write about yet another grift, and this time it's something that's occurring right my backyard. Please take a moment to read this [Substack](https://rachelandthecity.substack.com/p/how-peter-thiel-and-jd-vance-profit) **The Core Thesis:** The author argues that JD Vance's vocal opposition to foreign ownership of American farmland is hypocritical because he personally profits from a business model that accelerates the transfer of farmland from family farmers to investors. Through Peter Thiel's backing of Narya Capital, which invested in AcreTrader, Vance benefits financially when family farms fail. **Key Arguments:** 1. **Perverse Incentives**: AcreTrader's business model profits from farm distress - when tariffs, climate disasters, or economic conditions force farms to sell, the platform acquires more assets and generates more fees, regardless of whether farmers succeed. 2. **Sleight of Hand**: While Vance stepped back from running Narya in 2022, he still collects $500K-$1M in management fees and holds $601K-$1.265M in stakes through Narya-managed seed funds. The author views this as maintaining financial benefits while claiming clean hands. 3. **Broader Conflicts of Interest**: Beyond farmland, the article highlights that Vance holds: 1. Stakes in defense contractors that received Trump administration contracts shortly after inauguration 2. $250K-$500K in Bitcoin while the administration created crypto-friendly policies- A history of promoting ventures like AppHarvest that collapsed spectacularly 4. **The Irony**: Someone who built his brand on _Hillbilly Elegy_ and championing forgotten rural America is invested in mechanisms that transfer rural wealth to Wall Street and Silicon Valley investors. You read below for a deeper dive on Acretrader itself. ## Company Overview and Business Model AcreTrader is a farmland investment platform founded in 2018 by **Carter Malloy**, an Arkansas native who grew up on his family's farm in Stuttgart and later worked as a managing director at Stephens Inc., a major private investment bank. The company is headquartered in Fayetteville, Arkansas, and was built to address what Malloy saw as a massive inefficiency in the farmland market—a multi-trillion-dollar asset class with little transparency or accessible investment infrastructure.[americanfarmlandowner+2](https://www.americanfarmlandowner.com/post/investment-firm-proterra-acquires-farmland-investment-platform-acretrader)​ The platform operates by creating **limited liability companies (LLCs) for each farm property**, allowing accredited investors to purchase fractional shares starting at around $10,000-$20,000. AcreTrader generates revenue through multiple streams:[nanalyze+1](https://www.nanalyze.com/2020/07/how-to-invest-in-farmland-acretrader/)​ - A **0.75% annual administration fee** based on the farm's total value, deducted from farm income[nanalyze](https://www.nanalyze.com/2020/07/how-to-invest-in-farmland-acretrader/)​ - **Real estate commissions** (typically 2.5% of purchase and sale prices) when buying and selling properties[reddit+1](https://www.reddit.com/r/explainlikeimfive/comments/lff7qg/eli5_how_does_acre_trader_work/)​ - Management of over 140 farmland properties spanning 44,000 acres across 20 states as of August 2025[armoneyandpolitics+1](https://armoneyandpolitics.com/acretrader-proterra/)​ The company's model involves acquiring farmland, renting it to farmers (often through long-term leases), and eventually selling the property after 3-10 years. Investors receive income from two sources: annual cash rent (typically 3-5% yield) and land appreciation (historically 7-9% annually).[acretrader+1](https://acretrader.com/learn/agriculture-research/tariffs-impact-on-farmland-values-exploring-the-empirical-evidence)​ ## Ownership Structure and Major Acquisition In a significant development, **Proterra Investment Partners acquired AcreTrader in August 2025**. Financial terms of the acquisition were not disclosed, but the transaction represents a major consolidation in the farmland investment space.[talkbusiness+2](https://talkbusiness.net/2025/08/acretrader-acquired-by-proterra-investment-partners/)​ **Proterra Investment Partners** is a Minneapolis-based alternative asset manager that **spun out from Cargill's Black River Asset Management subsidiary in January 2016**. The firm is led by Managing Partner **Rich Gammill** and manages over **$3.4 billion in assets** across the global food value chain. Proterra focuses on seven core investment verticals: Credit, Farmland, Growth Equity, Proterra Asia, Sustainable Agriculture, Asset-backed Strategies, and Real Estate.[linkedin+6](https://www.linkedin.com/company/proterra-investment-partners)​ Importantly, Proterra maintains deep institutional backing, having retained Cargill as an ongoing investor after the spinoff. The firm employs 66 professionals across four global offices in Minneapolis, Shanghai, Singapore, and Sydney.[startribune+2](https://www.startribune.com/cargill-reveals-spinoff-of-largest-black-river-unit-as-proterra-investment-partners/366423101)​ Following the acquisition, AcreTrader operates as part of Proterra under General Manager Rob Moore and Managing Director Drew Lipke, while Carter Malloy continues to lead **Acres.com** (the land data and mapping platform) as an independent company with over 60 employees.[americanfarmlandowner+2](https://www.americanfarmlandowner.com/post/investment-firm-proterra-acquires-farmland-investment-platform-acretrader)​ ## Early Investors and Funding History Before the Proterra acquisition, AcreTrader raised approximately **$82.5 million** in venture capital funding across multiple rounds:[clay](https://www.clay.com/dossier/acretrader-funding)​ **Seed Round (April 2020)**: $5 million led by RZC Investments **Series A (March 2021)**: $12 million led by **Jump Capital**, with participation from **Narya Capital**, Revolution's Rise of the Rest Seed Fund, and Revel Partners[agfundernews+1](https://agfundernews.com/acretrader-scores-12m-series-a-funding-for-its-farmland-investing-purchasing-platform)​ **Series B (January 2022)**: $40 million led by **Anthemis**[acretrader+1](https://acretrader.com/newsroom/acretrader-expands-series-b-round-over-60-million)​ **Series B Extension (March 2022)**: $20 million from **Drive Capital**[clay+1](https://www.clay.com/dossier/acretrader-funding)​ **Additional Venture Rounds (2022)**: $3.8 million and $1.7 million[clay](https://www.clay.com/dossier/acretrader-funding)​ Critically, **JD Vance's Narya Capital invested in AcreTrader's Series A round in 2021**. According to his 2022 Senate financial disclosure, Vance invested between $15,001 and $50,000 in AcreTrader through Narya Capital Fund I. While Vance left his managing partner role at Narya in December 2022, financial disclosures suggest he likely still maintains an investment stake through various Narya-related entities as of 2024-2025.[facebook+4](https://www.facebook.com/groups/americans4democracy/posts/24436106436089356/)​ ## How Farmland Investors Benefit from Farm Distress The current agricultural crisis creates significant opportunities for farmland investment platforms like AcreTrader and its new parent company Proterra. Here's how they could benefit from farms failing due to tariffs: ## The Current Farm Crisis American farmers are facing a severe financial crisis in 2025, characterized by: - **U.S. farm incomes projected to drop 15% in 2025**, the steepest decline since 2016[investigatemidwest+1](https://investigatemidwest.org/2025/10/28/us-farmers-face-44-billion-in-losses-as-costs-rise-and-markets-shrink/)​ - **Chapter 12 farm bankruptcies surged 56% in the 12 months ending June 2025** compared to the prior year, with the trend continuing upward[cnn+2](https://www.cnn.com/2025/10/05/business/farmer-bailout-trump-tariffs)​ - **Estimated $44 billion in net cash income losses** for 2025-26 crops, including $20 billion for corn, $10 billion for soybeans, and $8.5 billion for wheat[investigatemidwest](https://investigatemidwest.org/2025/10/28/us-farmers-face-44-billion-in-losses-as-costs-rise-and-markets-shrink/)​ - **China halted purchases of 2025 U.S. soybeans** until late October, costing farmers billions in lost sales[cnbc+3](https://www.cnbc.com/2025/09/16/trump-tariffs-impacting-american-farmers.html)​ ## Tariff Impacts Creating Distress The trade war has created a "perfect storm" for farmers through multiple mechanisms: **Export Market Collapse**: China, previously the top buyer of U.S. soybeans, imposed 10-15% retaliatory tariffs and shifted purchasing to Brazil and Argentina. At one point in 2025, China had purchased zero bushels of the 2025 soybean harvest compared to 250 million bushels at the same time the previous year.[fillmorecountyjournal+3](https://fillmorecountyjournal.com/farmers-are-facing-a-crisis-of-uncertainty-reversing-the-tariffs-is-the-only-way-to-end-it/)​ **Rising Input Costs**: Tariffs increased fertilizer costs by $100 per ton (with 85% of U.S. potash coming from Canada subject to tariffs), while farm machinery and equipment costs rose 10%.[peoplescompany+2](https://peoplescompany.com/blog/how-government-policies-may-impact-midwest-farmland-values)​ **Squeezed Margins**: Most farmers are operating significantly below break-even, with some soybean producers projected to lose $84 per acre in 2025.[markets.chroniclejournal+1](http://markets.chroniclejournal.com/chroniclejournal/article/marketminute-2025-10-2-us-farm-sector-grapples-with-very-serious-financial-crisis-as-incomes-plunge-and-bankruptcies-soar)​ ## Acquisition Opportunities from Distress Investment firms like Proterra/AcreTrader are **positioned to capitalize on farm financial distress** in several ways: **1. Distressed Farm Acquisitions at Discounted Prices** When farmers face bankruptcy or need to liquidate assets, farmland investment platforms can acquire properties at below-market prices. As one analysis noted, "AcreTrader's model thrives on distressed sales; it buys land from (or alongside) farmers and resells shares to investors". The 2018-2019 trade war provides a precedent: while Iowa and Illinois cropland values were flat or down 4% during the tariff years (2018-2020), investors who acquired land during that "softer market" subsequently saw 31-34% appreciation as values recovered.[x+2](https://x.com/i/grok/share/RpTXKcmCERlJkZYCT6c8NRokc)​ **2. Sale-Leaseback Arrangements with Struggling Farmers** AcreTrader's model includes purchasing farms from farmers and leasing them back, allowing farmers to access capital while continuing operations. This is particularly attractive during financial stress: farmers can extract liquidity from their land equity without completely exiting farming. However, critics note this converts farmer-owners into tenant-farmers, with wealth leaving rural communities as investor returns.[acretrader+1](https://acretrader.com/learn/acretrader-101/five-ways-acretrader-helps-farmers)​ **3. Consolidation Acceleration** Farm financial stress accelerates consolidation, with 85% of farms and agribusinesses potentially experiencing mergers or acquisitions as high-cost producers exit. Larger, well-capitalized entities like Proterra can acquire multiple distressed properties and consolidate them into more efficient operations. This trend benefits institutional investors while reducing the number of independent family farms.[pestakeholder+3](https://pestakeholder.org/reports/betting-the-farm-private-equity-buyouts-in-us-agriculture/)​ **4. Counter-Cyclical Investment Timing** Farmland has historically provided stable, counter-cyclical returns. During the 2018-2019 tariffs, despite export losses exceeding $27 billion, farmer sentiment and incomes actually improved due to government bailouts, and farmland values ultimately continued their long-term appreciation trajectory. As Warren Buffett advises, "Be fearful when others are greedy and greedy when others are fearful"—distressed periods offer entry points at lower valuations before recovery.[acretrader](https://acretrader.com/learn/agriculture-research/tariffs-impact-on-farmland-values-exploring-the-empirical-evidence)​ **5. Government Support Programs** During farm crises, the government typically intervenes with bailout programs. In 2019, the Trump administration directed $28 billion in relief through the Commodity Credit Corporation. For 2025, the administration is considering a $10-14 billion bailout package. These support payments help stabilize farmland values and ensure tenant farmers can continue paying rent to landowners, protecting investor returns even as operating farmers struggle.[econofact+2](https://econofact.org/the-u-s-agricultural-sector-under-stress)​ **6. Rental Income Insulation** AcreTrader's business model collects rent in advance of the planting season, shifting risk to the farmer-tenant. Even if commodity prices fall, lease agreements often have fixed or minimum payments, providing investors with more stable returns than farmers themselves experience. Some farmland REITs have been able to re-rent farms "at the same price or in some cases, a little bit higher" even when farmers struggle to afford rents.[investigatemidwest+1](https://investigatemidwest.org/2024/07/24/as-investors-pay-top-dollar-for-land-farmers-are-often-priced-out/)​ ## Market Dynamics Favoring Investors Several structural factors ensure farmland investment platforms benefit even during agricultural downturns: **Finite Supply**: U.S. farmland acreage has declined nearly 20% since the mid-1960s, with 14 million acres lost between 2012-2017 alone. This scarcity supports long-term value appreciation regardless of short-term operational challenges.[caia](https://caia.org/blog/2024/03/15/farmland-during-recessions)​ **Food Demand Growth**: Global population growth to 10 billion by 2050 ensures continued demand for agricultural production.[caia](https://caia.org/blog/2024/03/15/farmland-during-recessions)​ **Investor Competition**: Investment firms increased farmland holdings by 231% from 2008-2023. Institutional capital can outbid struggling farmers for land, with farmland values up 37.2% nationwide since 2020 despite weak farm economics.[farmlandpartners+1](https://www.farmlandpartners.com/farmland-remains-resilient-in-tough-times/)​ **Low Correlation**: Farmland has historically low correlation with stocks and bonds, making it attractive for portfolio diversification during broader market volatility.[brevitas+1](https://brevitas.com/blog/farmland-vs-commercial-real-estate-the-steady-rise-of-ag-land)​ ## Proterra's Strategic Position Proterra's acquisition of AcreTrader significantly enhances its capability to benefit from farm distress: - **$3.4 billion in assets under management** provides substantial capital to acquire distressed properties[linkedin+1](https://www.linkedin.com/company/proterra-investment-partners)​ - **Decades of institutional farmland investment experience** through its Cargill heritage[globalaginvesting+1](https://globalaginvesting.com/cargill-launches-proterra-investment-partners-under-planned-three-way-split-of-black-river/)​ - **Global food value chain expertise** across farmland, credit, sustainable agriculture, and food processing[proterrapartners+1](https://www.proterrapartners.com/)​ - **Established relationships with major food companies** like Costco, Walmart, Target, and Michael Foods through existing portfolio companies[proterrapartners](https://www.proterrapartners.com/sustainable-agriculture)​ The firm's stated mission to "expand investor access to farmland investing" while providing farmers with "equity capital" positions it to acquire properties from financially stressed operators who need liquidity.[prnewswire+1](https://www.prnewswire.com/news-releases/proterra-acquires-farmland-investment-platform-acretrader-from-acrescom-transaction-accelerates-opportunities-for-both-investors-and-farmers-302526006.html)​ ## Ethical and Economic Concerns The concentration of farmland ownership in institutional hands raises significant concerns: **Wealth Extraction from Rural Communities**: Critics argue that when non-operating investors own farmland, rental income and appreciation returns flow out of rural areas rather than supporting local communities.[foodprint](https://foodprint.org/blog/the-trouble-with-farmland-investment/)​ **Consolidation Threatens Family Farms**: During the 2025 crisis, advocacy groups warned that "consolidation is just crazy" and "unprecedented," with corporate agribusinesses benefiting from distressed acquisitions while multi-generational family farms disappear.[landstewardshipproject](https://landstewardshipproject.org/farmers-to-ag-take-action-to-counteract-community-killing-consolidation/)​ **Power Imbalances**: Investment platforms can outbid operating farmers for land, pricing out the next generation. Analysis shows "areas with the largest increases in farmland prices have lost the most farmers".[investigatemidwest](https://investigatemidwest.org/2024/07/24/as-investors-pay-top-dollar-for-land-farmers-are-often-priced-out/)​ **Foreign Investment Concerns**: AcreTrader historically allowed non-citizen legal U.S. residents to invest, potentially enabling foreign capital (including from China) to acquire U.S. farmland—an ironic twist given trade war rhetoric.[defendthesenate+1](https://defendthesenate.org/wp-content/uploads/2020/08/OH-Research-221019.pdf)​ ## Conclusion AcreTrader, now owned by the $3.4 billion Proterra Investment Partners (which spun out from Cargill), operates a farmland investment platform that benefits from farm financial distress in multiple ways. The 2025 tariff-driven agricultural crisis—with farm bankruptcies up 56%, incomes down 15%, and estimated losses of $44 billion—creates acquisition opportunities at depressed valuations. The platform's business model of purchasing farmland and leasing it back to farmers, combined with institutional capital backing and established food industry relationships, positions it to capitalize on consolidation trends accelerated by trade war pressures. Early investor JD Vance's Narya Capital participated in the company's Series A funding, and Vance likely maintains ongoing financial interest through various Narya-related investment vehicles. While the platform claims to help farmers by providing access to capital, critics note it fundamentally converts farmer-owners into tenant-farmers while extracting wealth from rural communities to distant investors. The farmland investment thesis—finite supply, growing food demand, inflation hedge, counter-cyclical stability—ensures that even during severe operating farm distress, land values and investor returns can remain resilient or even increase, particularly for those with capital to acquire properties during crisis periods at discounted prices. *Sources:* 1. [https://www.americanfarmlandowner.com/post/investment-firm-proterra-acquires-farmland-investment-platform-acretrader](https://www.americanfarmlandowner.com/post/investment-firm-proterra-acquires-farmland-investment-platform-acretrader) 2. [https://www.nanalyze.com/2020/07/how-to-invest-in-farmland-acretrader/](https://www.nanalyze.com/2020/07/how-to-invest-in-farmland-acretrader/) 3. [https://armoneyandpolitics.com/betting-farm-carter-malloy/](https://armoneyandpolitics.com/betting-farm-carter-malloy/) 4. [https://www.reddit.com/r/explainlikeimfive/comments/lff7qg/eli5_how_does_acre_trader_work/](https://www.reddit.com/r/explainlikeimfive/comments/lff7qg/eli5_how_does_acre_trader_work/) 5. [https://passiveincomemd.com/blog/entrepreneurship/acretrader-review-my-investment-in-cash-flowing-farmland/](https://passiveincomemd.com/blog/entrepreneurship/acretrader-review-my-investment-in-cash-flowing-farmland/) 6. [https://armoneyandpolitics.com/acretrader-proterra/](https://armoneyandpolitics.com/acretrader-proterra/) 7. [https://acretrader.com/learn/agriculture-research/tariffs-impact-on-farmland-values-exploring-the-empirical-evidence](https://acretrader.com/learn/agriculture-research/tariffs-impact-on-farmland-values-exploring-the-empirical-evidence) 8. [https://talkbusiness.net/2025/08/acretrader-acquired-by-proterra-investment-partners/](https://talkbusiness.net/2025/08/acretrader-acquired-by-proterra-investment-partners/) 9. [https://www.linkedin.com/company/proterra-investment-partners](https://www.linkedin.com/company/proterra-investment-partners) 10. [https://www.prnewswire.com/news-releases/proterra-acquires-farmland-investment-platform-acretrader-from-acrescom-transaction-accelerates-opportunities-for-both-investors-and-farmers-302526006.html](https://www.prnewswire.com/news-releases/proterra-acquires-farmland-investment-platform-acretrader-from-acrescom-transaction-accelerates-opportunities-for-both-investors-and-farmers-302526006.html) 11. [https://www.proterrapartners.com](https://www.proterrapartners.com/) 12. [https://www.startribune.com/cargill-reveals-spinoff-of-largest-black-river-unit-as-proterra-investment-partners/366423101](https://www.startribune.com/cargill-reveals-spinoff-of-largest-black-river-unit-as-proterra-investment-partners/366423101) 13. 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[https://acretrader.com/newsroom/acretrader-expands-series-b-round-over-60-million](https://acretrader.com/newsroom/acretrader-expands-series-b-round-over-60-million) 19. [https://www.facebook.com/groups/americans4democracy/posts/24436106436089356/](https://www.facebook.com/groups/americans4democracy/posts/24436106436089356/) 20. [https://defendthesenate.org/wp-content/uploads/2020/08/OH-Research-221019.pdf](https://defendthesenate.org/wp-content/uploads/2020/08/OH-Research-221019.pdf) 21. [https://www.snopes.com/news/2024/10/08/jd-vance-acretrader/](https://www.snopes.com/news/2024/10/08/jd-vance-acretrader/) 22. [https://x.com/i/grok/share/rVnEq1k9g4PnyPGGoG5Zse1gL](https://x.com/i/grok/share/rVnEq1k9g4PnyPGGoG5Zse1gL) 23. [https://www.businessinsider.com/startups-jd-vance-invested-in-venture-capital-narya-peter-thiel-2024-11](https://www.businessinsider.com/startups-jd-vance-invested-in-venture-capital-narya-peter-thiel-2024-11) 24. [https://investigatemidwest.org/2025/10/28/us-farmers-face-44-billion-in-losses-as-costs-rise-and-markets-shrink/](https://investigatemidwest.org/2025/10/28/us-farmers-face-44-billion-in-losses-as-costs-rise-and-markets-shrink/) 25. [http://markets.chroniclejournal.com/chroniclejournal/article/marketminute-2025-10-2-us-farm-sector-grapples-with-very-serious-financial-crisis-as-incomes-plunge-and-bankruptcies-soar](http://markets.chroniclejournal.com/chroniclejournal/article/marketminute-2025-10-2-us-farm-sector-grapples-with-very-serious-financial-crisis-as-incomes-plunge-and-bankruptcies-soar) 26. [https://www.cnn.com/2025/10/05/business/farmer-bailout-trump-tariffs](https://www.cnn.com/2025/10/05/business/farmer-bailout-trump-tariffs) 27. [https://www.npr.org/2025/10/16/nx-s1-5575115/farmers-trump-trade-war-china](https://www.npr.org/2025/10/16/nx-s1-5575115/farmers-trump-trade-war-china) 28. [https://www.americanfarmlandowner.com/post/farm-bankruptcies-rise-2025](https://www.americanfarmlandowner.com/post/farm-bankruptcies-rise-2025) 29. [https://www.cnbc.com/2025/09/16/trump-tariffs-impacting-american-farmers.html](https://www.cnbc.com/2025/09/16/trump-tariffs-impacting-american-farmers.html) 30. [https://fillmorecountyjournal.com/farmers-are-facing-a-crisis-of-uncertainty-reversing-the-tariffs-is-the-only-way-to-end-it/](https://fillmorecountyjournal.com/farmers-are-facing-a-crisis-of-uncertainty-reversing-the-tariffs-is-the-only-way-to-end-it/) 31. [https://peoplescompany.com/blog/how-government-policies-may-impact-midwest-farmland-values](https://peoplescompany.com/blog/how-government-policies-may-impact-midwest-farmland-values) 32. [https://agamerica.com/blog/farm-tariffs/](https://agamerica.com/blog/farm-tariffs/) 33. [https://x.com/i/grok/share/RpTXKcmCERlJkZYCT6c8NRokc](https://x.com/i/grok/share/RpTXKcmCERlJkZYCT6c8NRokc) 34. 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