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Porterville Ranch is a 110 acre citrus and pistachio property in Tulare County, California in a region known as the citrus belt of the San Joaquin Valley.

This is an opportunity to invest in an orchard with historically secure, dual-source water and diverse in-demand crop varieties.

The orchard’s 97 planted acres host several popular varieties of both citrus and tree nuts. There is an 18 acre block of Golden Hills pistachios in their 7th leaf, meaning they are approaching full maturity in the next two years. The offering sponsor intends to market these pistachios with the Wonderful Company, the world’s largest grower and processor of pistachios.

Citrus varieties include a block of tango mandarins approaching full maturity, a block of fully mature cara cara oranges, and a large block of lemons of various ages. Additionally, a small area that previously grew blood oranges will be redeveloped to Star Ruby grapefruit, a high producing and marketable variety.

This array of varieties offers important market diversification, especially given that pistachios are primarily exported, while citrus is consumed domestically.

Strong macroeconomic trends around pistachios, mandarins, and lemons—namely, constricted supply amongst consistent strong demand—set a favorable market context for Porterville Ranch’s products. These trends are discussed at length in the offering webinar.

The orchard enjoys a topography that is advantageous to lemon production. Freeze risk is one of the biggest threats to lemons. Porterville Ranch slopes upward to the south, with the lemon block sitting at the highest elevation, reducing freeze risk and providing the possibility of protected yields in years where freezes affect the lemon crop.

This property comes with historically secure private water rights. It sits in close proximity to Lake Success, which is fed by the Tule River. Pioneer Water Company, a private water ditch company, holds senior rights to 7.5% of Lake Success’s irrigation storage capacity. Porterville Ranch owns 80 shares in Pioneer Water Company and will lease an additional 60 shares. In addition, the property has access to surface water from the Lindmore Irrigation District, which provides irrigation flexibility. Historically, these surface water rights alone have covered the property's water needs. In addition, the property has one groundwater well to further supplement surface water supply. Finally, due to the property's surface water supply the property has the potential to bank groundwater credits in wet years.

In addition, a $135 million project is currently underway to expand the Lake Success Dam, increasing its capacity by 34%. The expansion, to be completed in 2028, is expected to increase Porterville Ranch’s water reliability due to increased storage capacity. This could be a source of potential upside upon exit from the investment.

The orchard will be managed by offering sponsor CMC Citrus, LLC, a family owned and operated farming business led by Matthew Fisher, John Fisher V, and John Fisher IV. The Fisher family has been growing citrus in California's Central Valley for 77 years, specializing in all the primary citrus varieties such as navel oranges, valencias, grapefruit, lemons and other specialty and mandarin varieties.

Matthew Fisher is a fourth-generation citrus grower and is involved in all aspects of his family's business as the CEO of CMC Farming. He currently sits on the board of the citrus industry trade organization, California Citrus Mutual, as well as the board of Sunkist Growers.

John Fisher V is the COO of CMC Farming, overseeing all operational aspects of the family’s farming business. John graduated from Fresno State in 2001 with a Bachelor of Science in Agricultural Business and a minor in Plant Science.

John Fisher IV is the Chairman of the family operation having stepped down in 2020 to allow his sons to assume their roles within the family business. As a third-generation grower, John Fisher IV has over 50 years of growing citrus in the San Joaquin Valley. John Fisher IV graduated from Fresno State in 1979 with a Bachelor of Science degree in Horticulture.

CMC will have an equity stake in this project, ensuring its incentives are aligned with investors’. In addition to a $100,000 co-investment, the offering structure employs a “Profits Interest.” This entitles the Managing Member (CMC) to earn a share in the future profits of the entity alongside investors by reducing its half portion of the asset management fees by 100% during the initial four (4) years of the investment period. This Profits Interest structure serves to align incentives, shows a meaningful vote of confidence from the Managing Member as to the potential future performance of the entity, and will enable CMC to continue to bring quality farm assets to investors while having skin in the game.