And they don’t even own a good chunk of it...parts are National Park, National Forest, etc.
I thought this story was going to be a tip on a horse race.
I don’t think the Appalachian Trail Conservancy owns any of it. Two national parks, a multitude of national forests, some state parks, and some easements across private lands. It’s administered by the National Park Service. The ATC functions more like a lobbying group and advocate for the trail. They take dues and donations from hikers/supporters and get federal grants, but it is not clear where the money goes or what programs it’s spent on.