<p dir="ltr">This study explores the net return and risk associated with different farmland leases, focusing on the tenant’s perspectives. The types of leases investigated include cash rent, crop-share, and eight flex leases. Utilizing data from a case farm in west-central Indiana and employing the @Risk simulation software, the study assesses the financial performance and risk exposure of each lease type. The study's objectives include evaluating net return and risk through simulation models. Hypotheses suggest crop-share leases exhibit lower tenant risk, cash rent leases present higher tenant risk, and flex leases more effectively distribute risk between tenants and landlords. Results indicate that, for risk-averse operators, crop-share leases prove advantageous, while cash rent leases offer higher net returns at the expense of increased risk. Flex leases provide a balanced alternative, mitigating risk while achieving higher net returns than a crop share lease. Stochastic dominance analysis supports the suitability of crop-share and specific flex leases for various risk preferences. Downside risk analysis emphasizes the importance of considering the lower tails of net return distributions. The crop-share lease consistently demonstrates more favorable downside risk characteristics, making it an appealing choice for risk-averse tenants.</p><p dir="ltr">In conclusion, the study contributes valuable insights into the complexities of farmland leasing, offering a nuanced understanding of the trade-offs between net return and risk for different lease types. The results provide practical guidance for tenants seeking leases aligned with their risk preferences and financial goals.</p>