When I was working on farms ( 30 yrs ago ) most farmers were still on property they owned. During that time I saw the shift to corporate farms and I dont know that answer as I have found less labor intensive work.

Most of the corporate structures I saw were family or a combination of family and friends.

I think many farmers are pretty levered. Whether its mortgage on the land or loans for operating capital, to make a decent return on equity you've got to borrow.

I would agree with that perspective. I knew a few farmers that owned it all but those have passed on.