At Terra Regenerative Capital, we began investing in regenerative agriculture in 2023, following two years of research and building on my business partner Calla Rose Ostrander’s decade of leadership in the field. Since then, we’ve made eight investments into businesses that accelerate the adoption of regenerative practices by connecting producers directly to markets—creating regional, resilient supply chains that reward farmers for caring for their land. We first met Cairnspring Mills Founder Kevin Morse three years ago, and what began as curiosity has grown into a trusted partnership. Together with Kevin, the Tiicham Conservation District, and local producers, we co-developed the Cairnspring Soil Health Program and a farmer working group advancing regenerative methods on the ground. Kevin has also participated in Terra’s leadership development initiative for two consecutive years, working with an executive coach to grow as a founder and leader. Cairnspring was created with a powerful mission: to regenerate farmland by paying farmers a price that reflects their stewardship, and to provide a viable alternative to the consolidated, chemically intensive grain system. After eight years of bootstrapping a boutique mill in Washington’s Skagit Valley, the company reached profitability—posting 9.0% EBITDA in 2024 and 41.0% gross margins in February 2025, their best month to date. Demand for their identity-preserved, regenerative flour is strong and growing. Customers like King Arthur, Grand Central Bakery, and Macrina Bakery, along with national distribution through Chef’s Warehouse, are expanding Cairnspring’s market reach. A new consumer-facing product line will bring their flour directly to homes across the country via grocery stores and online retail. We’ve watched this company scale with integrity—bringing on the right people at the right time, increasing efficiency, and deepening its financial and environmental impact in rural farming communities. Led by an outstanding team, Cairnspring is building a differentiated regenerative flour brand with proven demand and premium pricing. Their model improves soil health, rewards farmers, and creates market transparency. The new mill will expand capacity, accelerate impact, and position the company as a national leader in regenerative food. We believe in Cairnspring because we’ve seen what they can do—and we love eating pizza made with their flour.