BIG SKY, MONTANA

2026 Landowner Summit

When legacy, livelihood and responsibility intersect

Land has always been a store of value. What's changing are the questions around it: where returns come from, how risk shows up on a balance sheet and what it takes to keep a family business intact across generations. Those conversations framed the Private Bank’s fifth Landowner Summit 2026 in Big Sky, Montana, bringing together the business’s leaders and bankers alongside landowners and land managers

Across water, timber, wildfire, governance and energy infrastructure, the conversations framed land as an operating asset with multiple objectives that need to coexist. The Landowner Summit offered a close-up view of the questions clients are prioritizing and the advice being shared when legacy, livelihood and responsibility sit on the same map.

Descriptive audio

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PETER DOLAN: Landowner’s Summit, to me, is an opportunity for passionate landowners that have generational assets to get together and talk about all the things that they're doing right, things they're doing wrong, sharing best ideas, and really connecting with each other.

BRITT URBAND: Today, we're bringing landowners together from across the world to talk about best practice and a shared passion they have in land and stewardship of that land over generations.

BEN HESSE: One of the things that we do really well in the J.P. Morgan Global Private Bank is bring clients together for great interaction, great content, and form communities around really interesting themes. And I think the landowner summit over the last few years, both in Texas and now in Montana with this year, is another really terrific example of that.

JEFF BAILEY: We talked about water, which has always been a Texas problem, but now it's very much Rockies region challenge this year. And so water will continue to be our most precious asset. And it's something we're going to continue to talk about.

SARAH KAPNICK: We talked about land ownership and thinking about wildfire risk. Now wildfire risk is growing. We know this because of physics, but that means we can think through what to do about it in the context of land. And with that, the bank helps on thinking through those risks, thinking through them financially, thinking through insurance as part of the whole portfolio.

ELISA SHEVLIN RIZZO: When we talk with our multigenerational families about generational transitions and movement of assets, whether it's a family ranch or a family business down to the next generation, it often comes down to having a clear vision for the family, common purpose that is defined by the family, and forward-looking into the future.

JASON SCHILD: One of the common themes that we've been talking to clients about is how to monetize these assets, which are great family treasures, but by definition, oftentimes, illiquid assets. One of the strategies that we work with our families is to help them think through is leverage or borrowing against an illiquid asset, a tool that fits their situation to help them access liquidity.

GEOFF BARKER: We will have conversations across a range of topics. And when you think about how J.P. Morgan can support ranch-owning families, it's actually bigger than just the Private Bank. So sometimes within the Private Bank, we're helping them think through passing that asset across the generations and how to keep not only the asset in the family, but the family passionate about that asset. So there's an estate planning and governance function.

But sometimes, as we've heard today, landowners are thinking about infrastructure projects. We can bring balance sheet to the table, we can bring ideas to the table, and we can partner with those landowners to do interesting things with those assets, with that family holding.

[MUSIC PLAYING]

(SPEECH)

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(DESCRIPTION)

A white background with the J.P. Morgan Private Bank logo. Text: J.P.Morgan, PRIVATE BANK. A wood-and-stone lodge with large gabled windows and balconies set against a forested hillside. A television on a stand in a lodge lounge with tall windows. The screen reads J.P.Morgan Private Bank, Landowner Summit 2026, BIG SKY. A group of people stand together for a photo in a room with tall windows. A man in a dark blazer and light shirt speaks to a seated audience in a room with weathered wood walls. Peter Dolan, a man in a navy blazer and light shirt, stands outside a wood lodge with a patio. Text: Peter Dolan, MANAGING DIRECTOR, ROCKIES, J.P. MORGAN PRIVATE BANK.

(SPEECH)

PETER DOLAN: Planner summit, to me, is an opportunity for passionate landowners that have generational assets to get together and talk about all the things that they're doing right, things they're doing wrong, sharing best ideas, and really connecting with each other.

BRITT URBAND:

(DESCRIPTION)

Britt Urband, a blonde woman in a blue and cream patterned dress, stands on a lawn with trees and a forested mountain behind her. Text: Britt Urband, MARKET MANAGER, ROCKIES, J.P. MORGAN PRIVATE BANK.

(SPEECH)

Today, we're bringing landowners together from across the world to talk about best practice and a shared passion they have in land and stewardship of that land over generations.

BEN HESSE:

(DESCRIPTION)

Ben Hesse, a man in glasses and a tan checked blazer over a striped shirt, stands on a lawn with trees and mountains behind him. Text: Ben Hesse, CFO AND HEAD OF STRATEGY & BUSINESS DEVELOPMENT, J.P. MORGAN ASSET & WEALTH MANAGEMENT.

(SPEECH)

One of the things that we do really well in the J.P. Morgan Global Private Bank is bring clients together for great interaction, great content, and form communities around really interesting themes. And I think the landowner summit over the last few years, both in Texas and now in Montana with this year, is another really terrific example of that.

JEFF BAILEY:

(DESCRIPTION)

Jeff Bailey, a man in a tan blazer and light shirt, stands on a lawn with trees and mountains behind him. Text: Jeff Bailey, MARKET TEAM LEAD, SAN ANTONIO, J.P. MORGAN PRIVATE BANK.

(SPEECH)

We talked about water, which has always been a Texas problem, but now it's very much Rockies region challenge this year. And so water will continue to be our most precious asset. And it's something we're going to continue to talk about.

SARAH KAPNICK:

(DESCRIPTION)

Dr. Sarah Kapnick, a woman in glasses and a cream blazer over a black top with a pearl necklace, stands on a lawn with trees and a wood lodge behind her. Text: Dr. Sarah Kapnick, GLOBAL HEAD OF CLIMATE ADVISORY, J.P. MORGAN COMMERCIAL & INVESTMENT BANK.

(SPEECH)

We talked about land ownership and thinking about wildfire risk. Now wildfire risk is growing. We know this because of physics, but that means we can think through what to do about it in the context of land. And with that, the bank helps on thinking through those risks, thinking through them financially, thinking through insurance as part of the whole portfolio.

ELISA SHEVLIN RIZZO:

(DESCRIPTION)

Elisa Shevlin Rizzo, a blonde woman in a light floral blouse, stands on a lawn with trees and a wood lodge behind her. Text: Elisa Shevlin Rizzo, HEAD OF FAMILY & FAMILY OFFICE ADVISORY, J.P. MORGAN PRIVATE BANK.

(SPEECH)

When we talk with our multigenerational families about generational transitions and movement of assets, whether it's a family ranch or a family business down to the next generation, it often comes down to having a clear vision for the family, common purpose that is defined by the family, and forward-looking into the future.

JASON SCHILD:

(DESCRIPTION)

Jason Schild, a man in a blue plaid blazer and light checked shirt, stands outside a wood lodge with a patio. Text: Jason Schild, MANAGING DIRECTOR, ROCKIES, J.P. MORGAN PRIVATE BANK.

(SPEECH)

One of the common themes that we've been talking to clients about is how to monetize these assets, which are great family treasures, but by definition, oftentimes, illiquid assets. One of the strategies that we work with our families is to help them think through is leverage or borrowing against an illiquid asset, a tool that fits their situation to help them access liquidity.

GEOFF BARKER:

(DESCRIPTION)

Geoff Barker, a man in glasses and a gray blazer over a light shirt, stands on a lawn with trees and mountains behind him. Text: Geoff Barker, VICE CHAIR, ROCKIES, J.P. MORGAN PRIVATE BANK.

(SPEECH)

We will have conversations across a range of topics. And when you think about how J.P. Morgan can support ranch-owning families, it's actually bigger than just the Private Bank. So sometimes within the Private Bank, we're helping them think through passing that asset across the generations and how to keep not only the asset in the family, but the family passionate about that asset. So there's an estate planning and governance function.

But

(DESCRIPTION)

A large wood-and-stone lodge with a tall gabled glass entrance, a curved walkway, lawn, and gardens in front.

(SPEECH)

sometimes, as we've heard today, landowners are thinking about infrastructure projects. We can bring balance sheet to the table, we can bring ideas to the table, and we can partner with those landowners to do interesting things with those assets, with that family holding.

[MUSIC PLAYING]

(DESCRIPTION)

The sun sets over forested mountains, past a deck railing and a draped table. Text: J.P.Morgan, PRIVATE BANK. J.P. Morgan Private Bank is not affiliated with the third parties and does not imply an endorsement by the firm referenced or that such trademark owner has authorized JPMorgan Chase Bank, N.A. to promote its products or services. References to "J.P. Morgan" are to JPM, its subsidiaries and affiliates worldwide. "J.P. Morgan Private Bank" is the brand name for the private banking business conducted by JPM. JPMorgan Chase Bank, N.A. and its affiliates (collectively "JPMCB") offer investment products, which may include bank-managed investment accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered through J.P. Morgan Securities LLC ("JPMS"), a member of FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMCB, JPMS and CIA are affiliated companies under the common control of JPM. Products not available in all states. Copyright 2026 JPMorgan Chase & Co. All rights reserved.

Conversations from the Summit

Key takeaways and moments from each discussion

Opening Remarks

Peter Dolan, Managing Director, J.P. Morgan Private Bank

Opening the Summit, Peter Dolan, Managing Director, J.P. Morgan Private Bank, noted: “Land can represent legacy, livelihood, and responsibility all at once. Today is about connecting through that shared experience.”

Resource Management and Monetization: Water & Timber

David Phelps, Owner, Circle C Ranches
Stephen Levesque, Managing Director of Forest Operations, Campbell Global
Geoff Barker, Vice Chair, J.P. Morgan Private Bank

Water strategy anchored the first session, with natural capital front and center: resources like the water supply, timber and soil that underpin long-term productivity and value. In much of the West, supply arrives in a short snowmelt runoff window, then fades, yet demand spans ranch operations, irrigation, municipal needs and commercial uses. “If you have reservoirs [on your land], then you have operational water,” said David Phelps, Circle C Ranches owner, describing how capturing runoff can turn a seasonal resource into a more reliable supply.

From there, attention moved to timber. Stephen Levesque, Campbell Global Managing Director of Forest Operations, described the traditional institutional investing case for timber as “steady yield, negative correlation to real estate and a hedge against inflation.” He said investor expectations for timber now include sustainability and additional revenue streams, including carbon credits generated through forest carbon offset projects.

Protecting Your Ranch: Wildfire Prevention and Insurance

David Torgerson, Founder, Executive Chairman, Wildfire Defense Group of Companies
Dr. Sarah Kapnick, Managing Director, Global Head of Climate Advisory, J.P. Morgan Commercial & Investment Bank

For landowners, knowing that wildfire risk is rising is not enough; they need insights to make earlier calls on planning, budgeting and preparedness. “It’s no longer a seasonal issue,” said Dr. Sarah Kapnick, CIB Global Head of Climate Advisory, pointing to longer fire windows and more intense fire behavior. “This knowledge is a valuable commodity, but only if we figure out how to wield it properly, to create value,” she said.

The conversation then moved to wildfire management, including insurance and response. Wildfire Defense Systems operates across more than 20 U.S. states and parts of Canada, deploying certified teams to protect insured properties when fires threaten. Founder and Executive Chairman David Torgerson said: “We have a 99% success rate that once we step foot on a property during a fire, the structure doesn’t burn,” he said. He pointed to the preparation that often determines a building's survivability: clearing fuel — such as brush — near structures and shutting everything down and sealing the building before embers arrive.

Keeping it in the Family: One Family's Journey Across Five Generations

John Heyneman Board Chair, Padlock Ranch Company
Jim Scott, Padlock Ranch
Elisa Shevlin Rizzo, Head of Family & Family Office Advisory, J.P. Morgan Private Bank

Padlock Ranch, a multi-generation family ranching enterprise spanning Montana and Wyoming, served as the case study for a session on family governance and succession. Moderated by Elisa Shevlin Rizzo, PB Head of Family and Family Office Advisory, the conversation focused on what must change as a family asset moves from one or two decision-makers to a much wider ownership base.

Rather than starting with legal structure, the family started by identifying the purpose of their property. “For the first time in 50 years, we did formal strategic planning and developed a ranch purpose statement,” said Jim Scott, who served on the ranch's board for decades before retiring in 2025. The family also considered what maintaining a legacy meant in practice, including financial excellence, stewardship of natural resources and strong support of the communities where they operate.

From there, the operating model followed. “We made a separation between ownership and management,” said John Heyneman, Padlock Ranch Board Chair, describing a structure meant to give management the ability to run the ranch while the family retains ownership and sets direction through the board. This discussion and model enabled the family to avoid a long-term risk that can quietly build in multi-owner assets: the risk of unengaged ownership.

From Acres to Amps: Land, Oil, Gas, and the Future of Data Centers

Grant van Rooyen, Founder and Chief Executive Officer, Tract Capital Management
Britt Urband, Managing Director, J.P. Morgan Private Bank

For landowners weighing new ways to monetize acreage, another session focused on what makes a site a viable location for a data center: power access, reliability and community support. Grant van Rooyen, Tract Capital Management Founder and CEO, described an industry where downtime can quickly become a commercial problem for operators and tenants, with enormous capital on the line once tenants move in. He put the scale in perspective: “It’s a $10 billion project to build and then they bring in $40 billion worth of GPUs.”

As development expands into new regions, trust and transparency with local stakeholders is important. Van Rooyen said community expectations have shifted, and projects move faster when developers engage earlier and explain the use case clearly.

From the Hill: A Conversation with Tim Sheehy

Tim Sheehy, United States Senator, Montana
Ben Hesse, Chief Financial Officer and Head of Strategy & Business Development, J.P. Morgan Asset & Wealth Management

The panel featured Senator Tim Sheehy, a former Navy SEAL and Montana entrepreneur, introduced as a land steward who built Bridger Aerospace to help protect communities and working lands from wildfire. In conversation, he traced his commitment to service to early life influences and military leadership, sharing a personal story about pushing through bureaucracy to secure safe equipment for his team. He then focused on the rising wildfire threat and argued for proactive mitigation—forest management, community hardening, and policy changes such as the Fix Our Forest Act—to reduce catastrophic risk for landowners and local economies. The discussion also touched on ranching and “food security as national security,” his optimism about AI and data centers as potential catalysts for rural development, and his broader geopolitical perspective on current tensions in the Middle East.

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