At first glance, this firm offers exactly what a dividend investor is looking for: a 10-11% dollar yield backed by contractual option payments from homebuilders, a portfolio of over 143,000 lots in 30 U.S. states, zero option cancellations since inception, and gradually increasing diversification away from the founding client. Meanwhile, the business model is structurally simple: buy a parcel, do horizontal development, sell to a builder at a pre-agreed price through an option agreement, and collect monthly fees until the builder redeems the parcel. The result is a cash flow more reminiscent of a credit business than a traditional REIT.

But a closer look reveals that this company - the world's first publicly traded land-banking REIT, created by a spinoff from one of America's largest homebuilders in February 2025 - was structured from the start primarily for the benefit of the founding client, not the minority shareholders. A dual share class with 10 times the voting power of a non…